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Bill Huizenga’s (R- die Degalines to Wate: T )thelargest: banks resubmit their “living will’ resolution plans in May 2017, alwaysa Ml) package of Fed reforms (the FORM Act), and to renew 2 Pa - F ie ; % ‘ source of contention for critics of “too big to fail’; 2) the the panel’s aggressive oversight of the CFPB, the FSOC T ism Risk | ‘Aet (TRIA) expires at the end of and other bodies established by Dodd-Frank. Republicans SLOT enh em euran een p as 2017, forcing yet another ideological dispute over have also been critical of moves by global regulatory hatha’ the federal backstow Broataih Should bé bodies to set capital and liquidity rules for “systemically WOEHOEL P Prog ‘i s : renewed. important” banks and insurance companies. Wells Fargo Scandal. Lawmakersin both the House and Senate are certain to resume their investigations of Wells Fargo in the wake of revelationsthat the bank’s employees created as many as 2 million accounts without customers’ consent. Hensarling and other Republicans want to use the scandal to raise questions about the performance of the CFPB and the Office of the Comptroller of the Currency (OCC), while Ranking Member Waters has vowed to offer a bill breaking up Wells Fargo into smaller companies. On the Senate side, Ranking Member Brown has used the scandal to focus on mandatory arbitration provisions in financial contracts, and will likely propose legislation prohibiting such clauses, though Sen. Crapo is unlikely to support him. In an editorial piece in October, Camden Fine, president of the Independent Community Bankers of America (ICBA), wrote that he “fully expected” that Wells Fargo’s new policy of notifying customers whenever a new account is created in their name, along with “far more stringent policies, will ultimately become mandatory as policymakersrespond to the scandal with additional regulatory burdens on banks of all sizes.” EY 22 | Election 2016 HOUSE_OVERSIGHT_022394
February 9, 2026 at 12:02 AM
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Financial Services | - 2 During the four previous years of Hensarling’s Oversight of Regulators. As they have in previous years, chairmanship, most of the committee’s major bills died the banking committees in 2017 will devote considerable quietly in the Senate, such as efforts to repeal much of time to overseeing rules issued by financial regulators. Dodd-Frank (the CHOICE Act), impose substantial reforms These will include the still-unfinished interagency rules for upon the Fed, restructure the CFPB and strip the FSOC of clawing back incentive compensation drafted by the SEC, various powers. That may change now that the House, the Fed, the FDIC and other agencies; the CFPB’s Senate and White House will operate with greater controversial new rules for prepaid cards, payday lenders coordination, though the threat of the Senate filibuster and mandatory arbitration clauses; the global Financial limits what Republicans can achieve. Hensarling notably Stability Board’s forthcoming regulations for capital held has enjoyed a longtime friendship with Vice President- by large insurers; and the international Basel Committee’s elect Mike Pence, which will give him a powerful ally in the rules for bank capital, which are expected to be issued by White House as the new administration plots its strategy the end of this year. The Banking Committee must also for financial regulation and nominates key appointees for schedule hearings for high-level Treasury nominees, as the regulatory agencies. Hensarling agrees with Senators well as nominees for key vacancies at the SEC, CFTC, the Crapo and Brown on the importance of capital for big Federal Reserve and the Ex-Im Bank, which were never banks, but he wantsto reward banks with relief from filled in the current Congress because of lingering much of Dodd-Frank’s supervisory regime if they agree to disputes with the Obama administration. a higher leverage ratio. Hensarling can be expected to 7 . . reintroduce his CHOICE Act and Rep.
February 9, 2026 at 12:02 AM