The Senate Banking Financial Institutions Subcommittee today heard from federal regulators and the community bankers who do not love them so much. The FRB, OCC, and FDIC outlined various improvements in the wake of the Dodd-Frank Act, with the OCC defending Basel III and all of the agencies arguing for enhanced stress tests. Chairman Brown (D-OH) was harshly critical of the banking agencies for sins past, present and – perhaps – future, arguing that the heat should be put on big banks even as relief is provided for community institutions. Sen. Brown joined most of the other senators at the session to criticize the downpayment requirements in the pending risk retention rule (see FSM Report MORTGAGE100). This report summarizes the hearing.
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