I spent. [background noises] the committee will come to order. Without objection the chair is authorized to declare a racist of the committee at any time by this hearing is entitled semi annual report of the bureau of financial protection. Without objection all members will have five legislative days within which to submit extraneous materials to the chair or inclusion in the record. I now recognize myself for four minutes to give an Opening Statement. Thank you director for being here today. As the director you wear a lot of hats. You are a member of the federal Deposit Insurance Corporation and the Financial Stability oversight consult. This committee spent a lot of time understanding how regulators reacted to the failures of Silicon Valley macon signature bank. Given both the fcic have equal rolls in the failures i am looking forward to hear about your involvement in the decisionmaking process. As we said the fdics chair grunberg and pfister bar testified before this committee there
I spent. [background noises] the committee will come to order. Without objection the chair is authorized to declare a racist of the committee at any time by this hearing is entitled semi annual report of the bureau of financial protection. Without objection all members will have five legislative days within which to submit extraneous materials to the chair or inclusion in the record. I now recognize myself for four minutes to give an Opening Statement. Thank you director for being here today. As the director you wear a lot of hats. You are a member of the federal Deposit Insurance Corporation and the Financial Stability oversight consult. This committee spent a lot of time understanding how regulators reacted to the failures of Silicon Valley macon signature bank. Given both the fcic have equal rolls in the failures i am looking forward to hear about your involvement in the decisionmaking process. As we said the fdics chair grunberg and pfister bar testified before this committee there
This hearing is just under four hours. I spent. [background noises] the committee will come to order. Without objection the chair is authorized to declare a racist of the committee at any time by this hearing is entitled semi annual report of the bureau of financial protection. Without objection all members will have five legislative days within which to submit extraneous materials to the chair or inclusion in the record. I now recognize myself for four minutes to give an Opening Statement. Thank you director for being here today. As the director you wear a lot of hats. You are a member of the federal Deposit Insurance Corporation and the Financial Stability oversight consult. This committee spent a lot of time understanding how regulators reacted to the failures of Silicon Valley macon signature bank. Given both the fcic have equal rolls in the failures i am looking forward to hear about your involvement in the decisionmaking process. As we said the fdics chair grunberg and pfister ba
[applause] thank you, sabrina. Thank you all for being here. As you know, recently there has been a lot more interest in the role banks play in global economies and communities, particularly when it comes to very big mergers. The failure of the silicate valley bank, generated a lot of talk and those of you who have been Community Groups on the front line, and crc on others, have been asking some tough questions about what we are doing to make sure banks are serving the community. More recently, there has been some announcement of big proposed mergers between credit card giants. In february, the Banking Industry sued the regulators regarding Community Reinvestment act. So i thought i would spend a little time today talking about how we should think about why banks serve communities and neighborhoods. I think a lot of people want to believe that banks are serving the underserved because it is charitable. So im going to first discuss some of the history about banking law and that terms co
[applause] thank you, sabrina. Thank you all for being here. As you know, recently there has been a lot more interest in the role banks play in global economies and communities, particularly when it comes to very big mergers. The failure of the silicate valley bank, generated a lot of talk and those of you who have been Community Groups on the front line, and crc on others, have been asking some tough questions about what we are doing to make sure banks are serving the community. More recently, there has been some announcement of big proposed mergers between credit card giants. In february, the Banking Industry sued the regulators regarding Community Reinvestment act. So i thought i would spend a little time today talking about how we should think about why banks serve communities and neighborhoods. I think a lot of people want to believe that banks are serving the underserved because it is charitable. So im going to first discuss some of the history about banking law and that terms co