Financial Services Week Ahead March 23-27

US House of Representatives:


House Financial Services Committee:



Tuesday, March 24, 2015 10:00 AM in HVC-210 Capitol Visitor Center


Hearing entitled “Examining the SEC’s Agenda, Operations, and FY 2016 Budget Request”  Full Committee 


Witness List

  • The Honorable Mary Jo White, Chair, U.S. Securities and Exchange Commission


Comments: Members of the FSC will question the FSC chair on the DOL’s fiduciary rule, Jobs act implementation, SIFI FSOC designations, Dodd-Frank rules, and enforcement issues.  In addition, there will be questions surrounding the SEC request for 15% budget increase.




Tuesday, March 24, 2015 2:00 PM in HVC-210 Capitol Visitor Center 


Hearing entitled “The Federal Deposit Insurance Corporation’s Role in Operation Choke Point” 

Oversight and Investigations 


Witness List

  • The Honorable Martin J. Gruenberg, Chairman, Federal Deposit Insurance Corporation

Comments:  FSC continues its investigations of FDIC’s controversial efforts to cut off certain type of “high risk” merchants from the banking/payments system.  Expect members to question the FDIC’s chair on his involvement with the FDIC examiners on the targeted industries.




Wednesday, March 25, 2015 9:00 AM in HVC-210 Capitol Visitors Center. Full Committee 

Markup of the Following Financial Services Bill:


The Committee on Financial Services will meet in open session at 9:00 a.m. on Wednesday, March 25, 2015, and subsequent days if necessary, to consider, in an order to be determined by the Chairman, the following measures:

  • H.R. 299, the Capital Access for Small Community Financial Institutions Act of 2015
  • H.R. 601, the Eliminate Privacy Notice Confusion Act
  • H.R. 650, the Preserving Access to Manufactured Housing Act of 2015
  • H.R. 685, the Mortgage Choice Act of 2015
  • H.R. 1195, the Bureau of Consumer Financial Protection Advisory Boards Act
  • H.R. 1259, the Helping Expand Lending Practices in Rural Communities Act
  • H.R. 1265, the Bureau Advisory Commission Transparency Act
  • H.R. 1367, to amend the Expedited Funds Availability Act to clarify the application of that Act to American Samoa and the Northern Mariana Islands
  • H.R. 1408, the Mortgage Servicing Asset Capital Requirements Act of 2015
  • H.R. 1480, the SAFE Act Confidentiality and Privilege Enhancement Act
  • H.R. ____, the Community Institution Mortgage Relief Act of 2015
  • Resolution to establish the Task Force to Investigate Terrorism Financing




Fairly non controversial technical financial services bills with bipartisan support.  Expect a quick mark up and bills to be referred to the House floor for consideration after the congressional district  work period.




House Judiciary Committee:


Wednesday, March 25, 2015 at 10:00 am in 2141 Rayburn HOB.  Subcommittee on Courts, Intellectual Property, and the Internet.


Hearing Entitled “ Patent Reform: Protecting American Innovators and Job Creators from Abusive Patent Litigation.


Witnesses: TBA



Comments: Similar to last year’s legislation to combat and reform patent trolls excessive litigation.




House Energy and Commerce: 


Wednesday, March 25, 2015 at 12:00 pm in 2123 Rayburn HOB. Subcommittee on Commerce, Manufacturing, and Trade


Mark of H.R._, Data Security and Breach Notification Act of 2015



Comments: The markup of the Data Security and Breach Notification Act of 2015 addresses the growing problem of identity theft and payment fraud by requiring covered entities to implement reasonable security measures for the type of personal information that criminals use for identity theft and payment fraud and to notify individuals in the case of a breach of security for such personal information. The markup bill would establish a single Federal regime enforced by the FTC and subject to civil penalties.




House Appropriations Committee:


Tuesday, March 24, 2015 10:00 AM in 2358-A Rayburn. Subcommittee for Transportation, Housing, and Related Agencies.



Witness List

  • The Honorable Julian Castro, Secretary, Housing and Urban Development


Comments:  The 2016 hud budget request is for $49.3 billion, representing a $4 billion, or 8.7 percent, increase over current levels.  Possible questions on FHA and other housing programs as well.




US Senate:


Senate Banking Committee:


Tuesday, March 24, 2015 at 10:00 am in 538 Dirksen


Examining the Regulatory Regime for Regional Banks

The witnesses will be Mr. Oliver I. Ireland, Partner, Morrison and Foerster; Mr. Deron Smithy, Executive Vice President and Treasurer, Regions Financial Corporation; and Mr. Simon Johnson, Ronald A. Kurtz Professor of Entrepreneurship, MIT Sloan School of Management.


Comments:  Following up on last week’s regulators hearing for regional banks regulatory relief, stakeholders will testify this time.  Expect questions on the SIFI threshold designations, recent stress test, Dodd Frank regulations, and areas of regulatory relief for regional banks.




Tuesday, March 24, 2015 at 2:30 p.m. in 538 Dirksen



Capital Formation and Reducing Small Business Burdens


The witnesses will be: Mr. Thomas Quaadman, Vice President, U.S. Chamber of Commerce Center for Capital Markets Competitiveness; Mr. William Spell, President, Spell Capital Partners; and Mr. Marcus Stanley, Policy Director, Americans for Financial Reform.


Comments:  Hearing to examine new legislation to allow to reduce  barriers for capital formation.  Expect the Senate Banking committee members to question the SEC recent actions on crowd funding implementation




Wednesday, March 25, 2015 at 2:30 p.m. in 538 Dirksen


FSOC Accountability: Nonbank Designations

The witness on Panel I will be The Honorable Jacob J. Lew, Secretary, United States Department of the Treasury.


The witnesses on Panel II will be: Dr. Douglas Holtz-Eakin, President of the American Action Forum; Mr. Gary Hughes, Executive Vice President & General Counsel of the American Council of Life Insurers (ACLI); Mr. Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, Inc.; and Mr. Paul Schott Stevens, President and CEO of the Investment Company Institute (ICI).



Comments: Senate Banking Committee efforts to examine FSOC’s controversial Nonbank SIFI designations, particularly on insurance companies and asset management firms.  Expect members to push for more transparency at FSOC.


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