Although the banking agencies today tried to make as little news as possible in their appearance before the House Financial Services Committee, Members made it hard for them to leave the witness table without providing important insight into regulatory policy as a new agency line-up takes shape. In this report, we assess key issues, spearheaded by Chairwoman Waters’ (D-CA) opening statement announcing that House action revoking the OCC’s true-lender rule will, as we forecast, proceed as quickly as possible. The chairwoman was also harshly critical of efforts she believes under way at the Fed to weaken bank-merger review, citing Gov. Brainard’s objection to the PNC/BBVA merger as a problematic case in point.

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