Today, the Senate Banking Committee is holding a hearing with the @USOCC, @FDIC, @federalreserve and @TheNCUA. You can watch live here, or follow this thread for videos.https://www.banking.senate.gov/hearings/05/12/2020/oversight-of-financial-regulators …
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@SenSherrodBrown to Quarles@federalreserve: "US companies are laying off thousands of workers while continue to pay millions in dividends to Wall St investors. Isn't it true the Fed continues to allow them to spend their money on dividends to shareholders?"pic.twitter.com/3DL2W9XuuwShow this thread -
@SenSherrodBrown refers back to the last crisis, "most banks & execs haven't faced any consequences. Will you commit to imposing tough penalties & bringing strong enforcement actions against any financial institution, & their executives, during this crisis?"pic.twitter.com/gRuuC3XYDJShow this thread -
@SenToomey notes he assumes the Treasury may take losses in the Special Purpose Vehicles. Quarles agrees, says the "Treasury equity is there to ensure that cushion exists" in the 13(3) facilities.pic.twitter.com/ArJdQISXPMShow this thread -
@SenToomey asks for non-bank lenders to be eligible for the Main Street lending facility. Quarles said "it is something we are looking at."pic.twitter.com/37N86oPUJIShow this thread -
@SenatorMenendez asks about ensuring that Fair Lending laws are followed as banks facilitate the PPP loans, & whether guidance has been issued (no).pic.twitter.com/PGuaVULyj9Show this thread -
@ChrisVanHollen: "Lenders are using this pandemic to further exploit cash-strapped individuals. That's why@SenSherrodBrown & I introduced legislation to give ALL consumers the same protections we provide for military families, capping interest at 36% nationally"#CapRatesNowpic.twitter.com/T8WO7ulnWHShow this thread
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