FEDERAL GOVERNMENT RELATIONS
House panel passes 3 industry-backed bills
The House Financial Services Committee voted to advance bills to ban trigger leads, change threshold requirements for small bank holding companies and support small financial institutions.
The committee voted to advance:
- The Homebuyers Privacy Protection Act (H.R. 2808), introduced by Reps. John Rose, R-Tenn., and Ritchie Torres, D-N.Y., which would amend the Fair Credit Reporting Act to prohibit a credit reporting agency from selling “trigger leads” when a consumer applies for a residential mortgage.
- The Small Bank Holding Company Relief Act (H.R. 2835), introduced by Rep. Byron Donalds, R-Fla., would raise the asset threshold to qualify as a Small Bank Holding Company from $3 billion to $25 billion.
- The Advancing the Mentor-Protégé Program for Small Financial Institutions Act (HR 3709), introduced by Rep. Joyce Beatty, D-Ohio, which would codify a Treasury Financial Agent program that pairs minority depository institutions, rural community banks and other small financial institutions with large banks and credit unions to provide resources, training and technical assistance.
Bowman sworn in as Fed vice chair for supervision
Federal Reserve Governor Michelle Bowman formally began her term as the third Fed vice chair for supervision Monday. A former state bank supervisor and community bank executive, Bowman has been a Fed governor since 2018.
OCC’s Hood affirms support for federal preemption
Acting Comptroller of the Currency Rodney Hood strongly affirmed the Office of the Comptroller of the Currency’s continued support for federal preemption of state laws for national banks and federal thrifts, defending preemption as both lawful and pro-competition.