Senate Banking Committee hearing on the State of the U.S. Banking System
May 12, 2020
The Senate Banking Committee held a remote oversight hearing on Tuesday, May 12, 2020, on the state of the banking system. Below please find prepared testimony from the following:
- The Honorable Randal K. Quarles, Vice Chairman For Supervision, Board of Governors of the Federal Reserve System
- The Honorable Joseph Otting, Comptroller, Office of the Comptroller of the Currency
- The Honorable Jelena McWilliams, Chairman, Federal Deposit Insurance Corporation
- The Honorable Rodney E. Hood, Chairman, National Credit Union Administration
Revamp of the Community Reinvestment Act (CRA) was a key topic with several Senators calling for Comptroller Joseph Otting to return to testify in the near future. Otting said concerns over bank lending to lower income communities should “accelerate” their reform plan. Fed Vice Chair Randal Quarles noted that the Fed hopes to get the Main Street Lending and municipal facilities up and running in the next few weeks, but did not commit to a timeline. When asked about including non-bank lenders in the MSLP Quarles said it was being considered.
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