Randal Quarles, President Donald Trump’s nominee to serve as the Federal Reserve’s vice chairman of supervision, is expected to tell the Senate Banking Committee today that “some refinements” are needed to post-crisis financial regulations. Quarles will testify at the confirmation hearing alongside Joseph Otting, Trump’s pick to lead the Office of the Comptroller of the Currency.
The House voted 231-190 to block the Consumer Financial Protection Bureau’s recently finalized rule prohibiting financial institutions from requiring consumers to sign contracts that make out-of-court arbitration mandatory in a legal dispute. The Senate is considering a similar measure, which uses the Congressional Review Act to block executive branch regulations.
The House Rules Committee advanced a resolution that would block the Consumer Financial Protection Bureau’s rule on mandatory arbitration clauses in consumer financial services contracts, setting the measure up for a vote today on the House floor. The Senate has not voted on a similar resolution.
Deutsche Bank AG and JPMorgan Chase & Co. agreed to pay a combined $148 million to settle private litigation in the United States that accused them of conspiring to alter the yen Libor and Euroyen Tibor benchmark interest rates. The settlements — $77 million for Deutsche Bank and $71 million for JPMorgan — require a judge’s approval.
President Donald Trump is considering withdrawing his nomination of former Rep. Scott Garrett (R-N.J.) to serve as chairman of the Export-Import Bank because of significant opposition from industry groups. Treasury Secretary Steven Mnuchin has recommended that Trump find a replacement nominee.
The Securities and Exchange Commission plans to award a record $61 million to whistle-blowers who helped make the case that advisers at JPMorgan Chase & Co. failed to disclose conflicts of interests in the sales of products to wealthy clients.
Joseph Otting, President Donald Trump’s nominee to lead the Office of the Comptroller of the Currency, is scheduled to testify before the Senate Banking Committee next week for his confirmation hearing. Randal Quarles, Trump’s pick to serve as the Federal Reserve’s vice chair for supervision, is also slated to testify at the July 27 hearing.
The White House said President Donald Trump plans to nominate Hester Maria Peirce, a former Senate aide who’s now director of the Financial Markets Working Group at George Mason University’s Mercatus Center, as a member of the Securities and Exchange Commission. Former President Barack Obama nominated Peirce, but she was not confirmed by the Senate.
The Office of the U.S. Trade Representative released its policy objectives for the renegotiation of the North American Free Trade Agreement with Canada and Mexico. The Trump administration’s top goal is to reduce the U.S. trade deficit by improving market access for American-made products in both countries, according to the document.
Wells Fargo & Co. plans to “get a little bit smaller” in the wake of its cross-selling scandal, said Chief Financial Officer John Shrewsberry. Business units that could be on the chopping block, he said, include “smaller things” valued in the hundreds of millions of dollars.