Powell on the Hill Federal Reserve Chair Jay Powell testified at semiannual hearings on Capitol Hill this week. Earlier in the week, BPI published a list of six questions for Chair Powell. Here are some highlights. Five Key Things 1. A Better ‘M’ for CAMELS The bank examination process has recently elicited scrutiny for its …

WASHINGTON, D.C. – Leading financial groups that represent banks and credit unions of all sizes today sent letters Senate Banking Committee Chair Tim Scott (R-S.C.) and House Financial Services Committee Chair French Hill (R-Ark.) in support of their respective Congressional Review Act resolutions to invalidate the Consumer Financial Protection Bureau’s (CFPB) overdraft rule. As outlined …

BPI posed six questions to Federal Reserve Chair Jerome Powell ahead of his semiannual monetary policy report to Congress. Several of these questions were addressed in his testimony. Below, we highlight Powell’s responses along with other notable exchanges. 1. Are the U.S. banking agencies still considering a reproposal of the Basel Endgame proposal? What is the …

Recent events have highlighted the subjectivity, opacity and power of the bank examination process.[1] The heart of that process is the CAMELS rating regime – the 45-year-old system for rating banks that has no statutory or regulatory origin and has never been meaningfully reviewed since its adoption. While the CAMELS system has six components,[2] the …