
WASHINGTON — Leading Republicans on the House Financial Services Committee released a flurry of letters to key bank regulators asking for them to rescind or alter rulemaking from the Biden administration.
Lawmakers, led by Rep. French Hill, the chairman of the House Financial Services Committee, wrote to the heads of several financial regulators — including the Treasury Department, Federal Deposit Insurance Corp., Federal Reserve, Office of the Comptroller of the Currency and Consumer Financial Protection Bureau — with a laundry list of bank regulations they would like to see rolled back or done away with under the Trump administration.
For all the prudential regulators, the lawmakers asked that they roll back the revamped Community Reinvestment Act, a 1977 anti-redlining law that bank regulators updated the
For the Fed, the lawmakers also asked that the central bank "go back to the drawing board" on Basel III endgame standards, and delay a
To acting CFPB Director Russell Vought — whose leadership at the CFPB is the subject of a federal court case that has resulted in a
Both of those rules are the
Other rules from the CFPB should be withdrawn, the Republican lawmakers said, especially those done in the lame-duck period between the 2024 elections and Trump's inauguration. Those rules include several to do with consumer reporting from credit agencies, including one that
Another letter to the acting FDIC head Travis Hill asked that the agency roll back or significantly modify rules that would reinstate a 2012 rule on resolution plans for banks with more than $100 billion in assets, to rewrite recordkeeping standards for bank deposits received from nonbank third parties and the
"These actions have motivated further bank consolidation, reduced banks' ability to innovate, and undermined banks' efforts to serve new and existing customers," the lawmakers said. "The result is fewer banking products and services available for American families, farmers, and small businesses."
The FDIC's policy and guidances on
to impose new legally binding requirements for financial institutions," the lawmakers said.
To Treasury Secretary Scott Bessent, the Republican representatives asked that as head of the Financial Stability Oversight Council, Bessent reconsider the ability of the body to