Financial reform this week: House Republicans push bill to curb CFPB power

Introduction

Lobbyists for a range of business interests are trying to dilute, delay or derail regulations required by the financial reform law. Here’s a look at Congressional hearings, rulemaking deadlines and other Dodd-Frank law events scheduled this week.

Monday, May 2

Derivatives — The Securities and Exchange Commission and the Commodity Futures Trading Commission begin a two-day joint public meeting to update their schedules for derivatives rules required by the Dodd-Frank law.

Bachus — Republican Spencer Bachus, chairman of the House Financial Services Committee, speaks at the Independent Community Bankers of America policy meeting in Washington.

Escrow accounts– Deadline for public comments on the Federal Reserve’s proposal to require a longer period of time for escrow accounts linked to mortgages for expensive homes.

Credit ratings– Deadline for public comments on the National Credit Union Administration’s proposal to remove references to credit ratings.

Tuesday, May 3

Capital formation – A House Financial Services subcommittee drafts legislation that would exempt private equity fund advisers from registering with the SEC, and eliminate the Dodd-Frank law’s margin requirements for major derivatives dealers and investment funds.

Wells Fargo – Wells Fargo & Co. holds its annual shareholders meeting in San Francisco.

Wednesday, May 4

Geithner –Treasury Secretary Tim Geithner speaks at the Investment Company Institute’s annual meeting of fund managers in Washington.

CFPB leadership – A House Financial Services subcommittee drafts legislation that would replace the director of the Consumer Financial Protection Bureau with a five-member commission; would allow a simple majority rather than a two-thirds majority of the Financial Stability Oversight Council to overrule any CFPB actions; and would postpone the transfer of functions to the CFPB if it does not have a director in place by July 21.

Thursday, May 5

CFPB mortgage data – Deadline for public comments on the Consumer Financial Protection Bureau’s plan to collect data as it develops a model form for disclosures about residential mortgage loans that are required under the Truth in Lending Act.

Friday, May 6

SEC chairman – Securities and Exchange Commission Chairman Mary Schapiro speaks at the Investment Company Institute’s annual meeting for fund managers in Washington.

Goldman Sachs – Goldman Sachs Inc. holds its annual shareholders meeting in Jersey City, NJ.

Timelines, summaries, other information

These federal agency sites help consumers watch the evolving regulations or provide other useful information about the Dodd-Frank law:

• Commodity Futures Trading Commission summary of rulemaking areas
• Consumer Financial Protection Bureau correspondence with Congress
• Federal Deposit Insurance Corp. timeline
• Federal Housing Finance Agency rulemaking notices
• Federal Reserve timeline and recent developments
• Financial Stability Oversight Council initiatives and documents
• National Credit Union Administration proposed rules
• Securities and Exchange Commission timeline
• Special Inspector General for TARP reports
• Treasury Department’s management of 2008 bailout
• 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act