Skip to main content

GOP Warns Yellen on Rulemaking With Fed Board Vacancies

Phil Hall
Feb 24, 2017
What is Janet Yellen doing after concluding her historic four-year term as the first woman to chair the Federal Reserve?

Republican leaders in Congress are calling on Federal Reserve Chairwoman Janet Yellen to hold off implementing new rules until President Trump fills the vacancy for the central bank’s vice chairman for supervision.
 
According to a Bloomberg report, Rep. Jeb Hensarling (R-TX), chairman of the House Financial Services Committee, and 33 other Republicans on that committee sent a letter to Yellen warning that any rules enacted while the vacancy remains would face the prospect of being reversed.
 
“We will work with our colleagues to ensure that Congress scrutinizes the Federal Reserve’s actions—and, if appropriate, overturns them," the letter stated, adding that "absent an emergency," all rulemaking should be on hold.
 
President Trump needs to fill three vacancies on the seven-person Fed board. The position cited in the GOP’s letter was created in 2010 as part of the Dodd-Frank Act but has yet to be filled. A Fed spokesperson acknowledged receiving the letter but had no further comment.
Published
Feb 24, 2017
CFPB Names 4 To Key Senior Positions

The appointees include two who helped create the bureau and two who served on the CFPB staff during the Obama administration.

Regulation and Compliance
Oct 14, 2021
FHFA Raises Enterprises' Multifamily Loan Purchase Caps

The Federal Housing Finance Agency (FHFA) said the 2022 multifamily loan purchase caps will be $78 billion for each Enterprise, for a combined total of $156 billion to support the multifamily market.

Regulation and Compliance
Oct 13, 2021
CFPB Hits AAG With Complaint For Deceptive Marketing Of Reverse Mortgages

The Consumer Financial Protection Bureau filed a complaint and proposed consent order, which alleges that American Advisors Group (AAG) used inflated and deceptive home estimates to attract reverse mortgage consumers.

Regulation and Compliance
Oct 12, 2021
Waterstone Mortgage Names VP Of Compliance

Waterstone Mortgage Corporation named Kris Barros as the company's vice president of compliance.

Community
Oct 08, 2021
Battling The ‘Giant Purple Snorklewacker’

The confirmation of Rohit Chopra as CFPB director has the mortgage industry anxious, but former MBA CEO David Stevens offers some advice: follow the rules.

Regulation and Compliance
Oct 08, 2021
The Compliance Contradiction

Staunch compliance stances often lead to contradictory actions.

Regulation and Compliance
Oct 06, 2021