Bankers associations urge Congress for independent review of recent agency rulemakings

The OBA, alongside the American Bankers Association and the 51 other state bankers associations, urged leaders of the U.S. House and Senate in a joint letter Monday to set an independent review of recent banking agency rulemakings to assess their appropriateness in addressing risks within the banking sector.

Congressional investigations into the causes of last year’s banking crisis remain incomplete, specifically regarding the appropriateness of the regulators’ post-failure actions and rulemakings, the associations said. The associations noted that Sens. Jon Tester (D-Mont.) and Thom Tillis (R-N.C.) have called for an independent review, as has Federal Reserve Governor Michelle Bowman.