Legislative Activity

Lawmakers to Continue Debate on TRIA

As mentioned in previous coverage, Congress will continue to debate reauthorization of the Terrorism Risk Insurance Act (TRIA), which is set to expire at year’s end. While the substance and timing of such legislation remains uncertain, various lawmakers are continuing to push for a short-term (6 to 12 month) extension.

House Republicans to Re-Elect Hensarling as Chair of Financial Services

This week, the House Republican Steering Committee is set to select committee chairs for the 114th Congress, including the Chairman of the Financial Services Committee. While Representative Frank Lucas (R-OK) had previously announced plans to challenge current Chairman Jeb Hensarling (R-TX) to lead the committee, he recently announced he would not do so.  As such, Representative Hensarling, who is now unopposed for the chairmanship, is set to be reappointed.

This Week’s Hearings:

  • Tuesday, November 18: The House Financial Services Subcommittee on Housing and Insurance will hold a hearing titled “The Impact of International Regulatory Standards on the Competitiveness of U.S. Insurers, Part II.”
  • Wednesday, November 19: The House Financial Services Subcommittee on Housing and Insurance will hold a hearing titled “Opportunities for a Private and Competitive Sustainable Flood Insurance Market.”
  • Wednesday, November 19: The Senate Banking Committee will hold a hearing titled “The Federal Housing Finance Agency: Balancing Stability, Growth, and Affordability in the Mortgage Market.”
  • Thursday and Friday, November 20-21: The Senate Homeland Security and Governmental Affairs Permanent Subcommittee on Investigations will hold a hearing titled “Wall Street Bank Involvement with Physical Commodities.”
  • Friday, November 21: The Senate Banking Subcommittee on Financial Institutions and Consumer Protection will hold a hearing titled “Improving Financial Institution Supervision: Examining and Addressing Regulatory Capture.”

Regulatory Activity

SEC to Consider Reg SCI, Hold Forum on Small Business Capital Formation

On Wednesday, November 19, the Securities and Exchange Commission (SEC) will hold a meeting to consider whether to adopt Regulation Systems Compliance and Integrity (Regulation SCI) under the Securities Exchange Act of 1934 (Exchange Act) and conforming amendments to Regulation Alternative Trading System (ATS) under the Exchange Act. Additionally, on Thursday, November 20, the SEC will host its 2014 Government-Business Forum on Small Business Capital Formation, which will provide a platform to highlight perceived unnecessary impediments to small business capital formation and address whether they can be eliminated or reduced.

FDIC, OCC to Hold Meetings

On Tuesday, November 18, the Office of the Comptroller of the Currency (OCC) will hold a meeting of the Mutual Savings Association Advisory Committee on the regulatory changes or other steps the OCC can take to ensure the continued health and viability of mutual savings associations. That same day, the Federal Deposit Insurance Corporation’s (FDIC) Board of Directors will meet in open session to adopt a final rule on revisions to the Deposit Insurance Assessment System. Additionally, on Thursday, November 20, the FDIC will hold a meeting of the Advisory Committee on Community Banking to discuss current issues affecting community banking.