Senate Banking Committee

CARES Act

As Congress weighs new stimulus, senators spar over old one's demise

Tuesday's hearing on the CARES Act was dominated by bickering over Treasury's decision to shut down the Fed's emergency lending facilities, drowning out pleas from some lawmakers for more aid.

By Neil Haggerty

December 1

"I find it implausible that any member of this committee believes that in voting for the CARES Act you were authorizing me to invest $500 billion to make loans in perpetuity,” said Treasury Secretary Steven Mnuchin, left. But Fed Chair Jerome Powell said the central bank would have maintained the programs if Treasury had not requested their termination.

Election 2020

The Senate may not flip but Banking Committee is poised for shake-up

If the GOP can hold its majority in the chamber, Sen. Pat Toomey, R-Pa., will likely become the panel's chairman. His ardent support for free-market principles could set up partisan clashes with Democrats over pandemic relief, money laundering rules and more.

By Neil Haggerty

November 16

Observers caught a glimpse of the stark ideological differences between Sen. Sherrod Brown, D-Ohio, and Sen. Pat Toomey, R-Pa., who could soon chair the Senate Banking Committee, during a hearing with Fed Chairman Jerome Powell.

Election 2020

Election 2020: What GOP holding Senate would mean for financial services

Legislation favorable to the industry would be unlikely to pass in a divided Congress, but the biggest benefit for banks and credit unions of Republicans' retaining control of the chamber would be defending against the disruption of a Democratic blue wave.

By Neil Haggerty

September 14

A GOP victory in the Senate and a Democratic victory in the House would mean another two years of a divided Congress and low odds of legislative progress on financial services legislation.

Mortgages

Sens. Warren, Schatz press Wells Fargo on forbearance practices

Democrats Elizabeth Warren of Massachusetts and Brian Schatz of Hawaii have sent a letter to CEO Charlie Scharf demanding a response to news reports that the bank has been placing borrowers into forbearance plans without their consent.

By Neil Haggerty

July 30

Trump administration

Senate confirms Wade as FHA commissioner

The housing agency's prior permanent chief, Brian Montgomery, left the position after he was tapped to become deputy HUD secretary.

By Hannah Lang

July 28

Dana Wade served as the acting FHA commissioner from July 2017 until June 2018. She then worked as the general deputy assistant secretary in HUD’s Office of Housing before joining the Office of Management and Budget.

CARES Act

What happens to struggling homeowners when CARES Act relief ends?

Some lawmakers fear that when forbearance plans and enhanced unemployment coverage expire, the consequences for mortgage borrowers still affected by the pandemic will be severe.

By Hannah Lang

June 9

“It's obviously going to be very important for us to monitor the situation, see how much recovery is going on, and obviously we are not going to sit idly by and watch millions of Americans suffer for something that's not their fault,” said HUD Secretary Ben Carson.

Election 2020

6 key Senate races for bankers to watch

Several Senate Banking Committee members from both parties are facing tough reelection challenges in a year when control of the entire chamber — and the banking policy agenda — may be up for grabs.

By Neil Haggerty

May 29

Senate Majority Leader Mitch McConnell, a Republican from Kentucky, right, talks to Senate Minority Leader Chuck Schumer, a Democrat from New York.

Trump administration

Will Congress's coronavirus response watchdog have any teeth?

Financial institutions could testify before the bipartisan commission overseeing the unprecedented economic aid for industries hit by the COVID-19 pandemic. But without subpoena authority, the panel’s impact may be limited.

By Neil Haggerty

April 22

Rep. French Hill, R-Ark., commission member, said decisions involving banks could be scrutinized. “To the extent they delegate some of that responsibility to the commercial banking or investments banking sectors, those decisions and that analysis will be reviewed in sort of the ordinary course of reviewing those transactions.”

Regulatory relief

Coronavirus stimulus package: What do banks need to know?

The $2 trillion deal passed by the Senate late Wednesday would aim to put banks and consumers alike on stronger financial footing as they weather the coronavirus pandemic.

By Neil Haggerty

March 25

Policymakers agreed early Wednesday morning on a roughly $2 trillion package as Congress prepares to vote on the biggest aid package for businesses since the 2008 bank bailout in the midst of the financial crisis.

Credit reporting

Dems' bid to pause negative credit reporting gets pushback from industry

Congressional Democrats want forceful action to prevent damage to millions of Americans' credit scores during the COVID-19 pandemic. But the credit bureaus argue that the tools needed to protect consumers are already in place.

By Kevin Wack

March 23