Skip to main content

New Faces Set for House and Senate Banking Committees During 113th Congress

NationalMortgageProfessional.com
Dec 07, 2012

The House Financial Services Committee will have new leaders during the next Congress, as Rep. Jeb Hensarling (R-TX) was officially elected Chairman of the Committee by the House Republican caucus and Rep. Maxine Waters (D-CA) has been elected Ranking Member of the Committee. Both Representatives had been the presumed choices for Chair and Ranking Member of the Committee and will assume their new roles in January, during the 113th Congress. Rep. Hensarling currently serves as vice chairman of the committee and will succeed Rep. Spencer Bachus (R-AL), as Bachus was term limited. Looking ahead, it is likely that GSE reform will be Rep. Hensarling’s top priority. He’s introduced legislation that would wind down Fannie Mae and Freddie Mac, the two government-sponsored enterprises, in the last three Congresses and he recently affirmed this position. Rep. Waters will succeed outgoing ranking member Rep. Barney Frank (D-MA), who is retiring. Housing reform is also high on her list. "I am grateful for the opportunity over the next Congress to work on the key issues facing our financial system,” said Rep. Waters. “Housing finance reform, in particular, will be crucial to ensuring the long-term success and stability of our economy." Sen. Mike Crapo of Idaho is expected to succeed Sen. Richard Shelby (R-AL) as Ranking Member. Sen. Tim Johnson (D-SD) will likely remain Chairman of the Committee. Wall Street watch dog and freshman Sen. Elizabeth Warren (D-MA), as well as Sen. Joe Manchin (D-WV), are rumored to have secured seats on the Senate Banking Committee. Warren’s actions on the Committee are sure to draw significant amounts of attention from both the media and members of the banking industry.
The New URLA – What’s the Big Deal?

Lenders will need to update their technology stack to comply with the redesigned URLA.

Regulation and Compliance
Jun 14, 2021
Texas State Legislators Looks To Protect Reverse Mortgage Borrowers

A Texas House Bill has been introduced to prevent false, misleading or deceptive advertising by reverse mortgage lenders.

Reverse
Jun 02, 2021
Could Prudential Standards for Nonbank Mortgage Servicers be Eased?

From The Desk Of The “Om-Bobs-Man”

Regulation and Compliance
May 31, 2021
Get Ready to Duck and Cover

After years of hands-off attitude by regulators, a new wave of mortgage enforcement is building. Expect a tsunami.

Regulation and Compliance
May 13, 2021