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1 1 (July 2, 2024)

handle is hein.crs/govepiq0001 and id is 1 raw text is: Bills Affecting Bank Regulators in the 118th Congress July 2, 2024 This insight discusses legislation that has been reported or ordered reported by the House Committee on Financial Services and the Senate Committee on Banking, Housing, and Urban Affairs that would alter the authority or congressional oversight of the federal bank regulators-the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve (Fed). It does not include bills that would affect the Fed's nonregulatory roles, such as bills to prohibit it from issuing a central bank digital currency, nor does it include all bills that require the regulators to issue studies or reports. For legislation that would affect banks, see CRS Insight IN12376, Banking Legislation in the 118th Congress. House Financial Services Committee H.R. 1109 as reported would amend the Bank Service Company Act (12 U.S.C. 1861 et seq.) to require federal bank regulators to coordinate with state regulators on the regulation and supervision of bank service companies-third parties that banks partner with to facilitate banking operations. For more, see CRS In Focus IF10935, Technology Service Providers for Banks. H.R. 3556 as amended would require the bank regulators and the Treasury Department to provide documentation to the committees ofjurisdiction when resolving a failing bank under the systemic risk exception to least cost resolution or when creating an emergency bank debt guarantee program. (The systemic risk exception was used in the resolution of Silicon Valley Bank and Signature Bank in 2023. The emergency bank debt guarantee authority has not been used since enactment in 2010.) It would require the Fed to provide the committees confidential information and records on its lending and open market transactions. It would require the Fed's vice chair for supervision to have experience in banking and would provide the other Fed governors with more input on bank regulation vis-a-vis the vice chair. It would also require the bank regulators to report to-and testify before-the committees regarding aggregated supervision data and provide a confidential report identifying specific banks with less than satisfactory ratings and active enforcement actions. Currently, little supervisory data are available to the public or Congress. For more information, see CRS In Focus IF12454, Bank Failures and Congressional Oversight. Congressional Research Service https://crsreports.congress.gov IN12387 CRS INSIGHT Prepared for Members and Committees of Congress

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