Matz Joins Regulators for Obama’s Dodd-Frank Update
NCUA Chairman Debbie Matz will visit the White House on Monday for a meeting with President Barack Obama and other independent financial regulators, according to Obama’s official schedule.
Regulators will provide Obama with updates regarding the implementation of the Dodd-Frank Act during a closed-door afternoon meeting scheduled to begin at 2:15 p.m. in the Roosevelt Room.
The meeting will also include Treasury Secretary Jack Lew, Comptroller of the Currency Thomas Curry, Consumer Financial Protection Bureau Director Richard Cordray, Federal Housing Finance Agency Acting Director Edward DeMarco, Commodity Futures Trading Commission Chairman Gary Gensler, Securities and Exchange Commission Chairman Mary Jo White and FDIC Chairman Martin Gruenberg.
To date, fewer than half of all Dodd-Frank rules have been finalized. The SEC and CFTC were the subject of a July 30 Senate Banking Committee hearing that focused on the failure of the two agencies to meet Dodd-Frank deadlines to finalize rules on derivatives and the so-called Volker rule, which would force banks to separate their consumer loan and trading businesses.
Complicating the Volker rule implementation is a push for an update to the Glass-Steagall Act which has been led by Sen. Elizabeth Warren (D-Mass.).
Obama may also discuss with regulators his recently revealed plan to reform the secondary mortgage market and wind down Fannie Mae and Freddie Mac.