[{"_1":2,"_123":-5,"_124":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75,87,99,111],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":72,"_74":72},"mediaId",6328251,"mediaKeyId","2321362-354785fbb2ad1476aa207579d09d1f95","parentId",2321362,"title","Senators press Powell on CFPB pause and whether private actors accessed Treasury payment systems","audioSeconds",1250,"startMs",1361000,"endMs",2611000,"viewUrl","/Search/View?dp=1&key=2321362-354785fbb2ad1476aa207579d09d1f95&start=1361&end=2611","thumbnailUrl","https://assets.pipeline.soar.com/2321362-354785fbb2ad1476aa207579d09d1f95/thumbnail_1361000.jpg","articleUrl","/articles/6328251/Senators-press-Powell-on-CFPB-pause-and-whether-private-actors-accessed-Treasury-payment-systems","mediaUrl","https://secure.pipeline.soar.com/6328251-ff5c2d8715f15e2d00e79c42f77b56ad/orig.mp4?Expires=1771130785&Signature=OuPmB2rySjRP87SfSt9Y52GlA3eaWZ9ZvAwsr~HZPy5G~dTRyM-zmCv5wuSwaeaO22IxmdjvIGvHR4SwaHu4LnID3uv8XzFyx3QWmM~~EbuC5T15B897~EX05kjWfxDpBudfzIaUxhDn97bYZheaG62fh8DH~hnXmE0lyhT8riZnzHgK02LIb0Kz1trxd6Okuo0v6qoy~B~oYoNa3DK9dUS-9YqHgVbKitScogsjCHeCxOeY~FpJL4LO1Su13Rd4~pRO6BT~5yHpa--ukcQpa0FIqEAqnD1-9SCCa0fGO7V-o-rVr7kxnsVSmUepnK0yINztiq9wXc7JlMSmH2r9-w__&Key-Pair-Id=KUT5TJCACFTXG","author","U.S. Senate Committee on Banking, Housing, and Urban Affairs","date","2025-02-11T00:00:00Z","article","Senators pressed Federal Reserve Chair Jerome H. Powell on operational risks created by recent actions at the Consumer Financial Protection Bureau and on media reports that private actors sought access to Treasury payment systems.

Sen. Elizabeth Warren, the committee's ranking member, warned that recent actions at the CFPB had effectively \"shut down the CFPB\" and left no federal examiner for the $18 trillion consumer lending market. She said that canceled CFPB exams and probes would remove \"cops on the beat\" checking for illegal foreclosures, repossessions and junk fees. Multiple senators raised similar concerns about consumer protections if the CFPB ceased normal operations.

Powell explained the Treasury‑Fed operational division: agencies authorize spending and Treasury sends payment instructions upstream to the Fed, which acts as fiscal agent and executes payments. \"We make no judgments whatsoever. Those are all made upstream from us. And we are, in fact, the fiscal agent of, of the Treasury,\" he said. He told senators he believed the Treasury payment system is safe today and that the Fed is committed to the system's integrity and resilience.

When asked whether any other federal regulator was performing consumer compliance examinations for the largest banks during the CFPB pause, Powell answered succinctly: \"I can say no other federal regulator.\" That exchange underscored senators' concern about an enforcement gap for very large banks.

Several senators asked Powell to notify the committee if he became aware of any attempt by private parties to access Fed or Treasury systems. Powell committed to notify the committee of any such attempt. \"Yes,\" he answered when asked to report to both majority and minority staff immediately if he becomes aware of any attempt to \"pierce the Fed's independence or to access its protected systems.\"","mediaType","Video","parentTitle","Full Committee Hearing: The Semiannual Monetary Policy Report to the Congress ","oneSentenceSummary","Senators questioned Federal Reserve Chair Jerome H. Powell about a temporary stand‑down at the Consumer Financial Protection Bureau and media reports about private attempts to access Treasury payment systems; Powell said the Fed executes payments as Treasury's fiscal agent and committed to notify the committee if it learns of any access attempts.","taxTitle","Banking, Housing, and Urban Affairs: Senate Committee, Standing Committees - House & Senate, Congressional Hearings Compilation, Legislative, Federal","taxId",1988,"location","","headline","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":78,"_43":79,"_45":80,"_47":81,"_49":82,"_51":83,"_53":84,"_55":56,"_57":58,"_59":85,"_61":62,"_63":64,"_65":86,"_67":68,"_69":70,"_71":72,"_73":72,"_74":72},6328254,"Powell tells Senate Fed remains focused on dual mandate as inflation eases",453,1749000,2202000,"/Search/View?dp=1&key=2321362-354785fbb2ad1476aa207579d09d1f95&start=1749&end=2202","https://assets.pipeline.soar.com/2321362-354785fbb2ad1476aa207579d09d1f95/thumbnail_1749000.jpg","/articles/6328254/Powell-tells-Senate-Fed-remains-focused-on-dual-mandate-as-inflation-eases","https://secure.pipeline.soar.com/6328254-ed88443797e168ee340fcf362450371e/orig.mp4?Expires=1771130785&Signature=TiF6WmhQDZ4OVsBNpQ-5gKDr9468KfxBtJ69bvC22pazrOBO6svzU33~GI8sjcFj-xb7WWSsj0diyA7JWcgxJ3VJIP1ISASxOB1M3Wu5lj1cx8DkNpeTkm-xRu0gr0gZkPitPCYkVyuS3cb97ORolyy3~am-ApDN7T9fhaVrZc0jA73GZelD0-MUL-XCELLVY~62btA4zBaP1iLwzxDhCYSCrkcaaj2zAkKzUxXBJ7-cfD5u6-sQXT6mHSiNqL8EXx0PycsSOZxhUpAnKFYnu5U1amazxL9fR3ahWz9v~fRFaf76bEvtzgskK4ttEAlwEssn5ekFN~a5wD0fuB3Zeg__&Key-Pair-Id=KUT5TJCACFTXG","Federal Reserve Chair Jerome H. Powell told the Senate Banking, Housing, and Urban Affairs Committee that the Fed remains focused on its dual mandate of maximum employment and stable prices and that recent data show progress toward those goals.

Powell said the economy \"is strong overall and has made significant progress toward our goals over the past 2 years,\" noting that \"inflation has moved much closer to our 2% longer run goal though it remains somewhat elevated.\" He described labor market cooling from an overheated state while remaining solid.

The Fed chair reviewed recent indicators: gross domestic product growth, a moderation in payroll gains and unemployment around 4% in January, and 12‑month personal consumption expenditures inflation of 2.6% (2.8% core PCE excluding food and energy). He told senators the FOMC reduced the policy rate by a full percentage point since last September and has continued reducing security holdings.

Powell said policymakers must balance risks on both sides of the mandate: \"If the economy remains strong and inflation does not continue to move sustainably toward 2%, we can maintain policy restraint for longer. If the labor market were to weaken unexpectedly or inflation were to fall more quickly than anticipated, we can ease policy accordingly.\" He also said the Fed will conclude a periodic review of its strategy and communications by late summer.

Committee members asked about the timing of future rate cuts, long‑term interest rates and mortgage costs, and the Fed's role in a range of structural issues from housing supply to payments infrastructure. Powell reiterated that short‑term policy is set by the FOMC and that long rates and mortgage rates are influenced by broader market factors.

Powell closed by emphasizing the Fed's accountability to Congress and its public mission: \"We remain committed to supporting maximum employment, bringing inflation sustainably to our 2% goal, and keeping longer term inflation expectations well anchored.\"","Federal Reserve Chair Jerome H. Powell told the Senate Banking Committee the Fed is focused on achieving maximum employment and stable prices, saying inflation has moved closer to the 2% goal and the committee will be deliberate about future policy changes.",{"_33":88,"_35":36,"_37":38,"_39":89,"_41":90,"_43":91,"_45":92,"_47":93,"_49":94,"_51":95,"_53":96,"_55":56,"_57":58,"_59":97,"_61":62,"_63":64,"_65":98,"_67":68,"_69":70,"_71":72,"_73":72,"_74":72},6328238,"Senators press Powell on housing affordability, insurance costs and climate risks to mortgages",306,5868000,6174000,"/Search/View?dp=1&key=2321362-354785fbb2ad1476aa207579d09d1f95&start=5868&end=6174","https://assets.pipeline.soar.com/2321362-354785fbb2ad1476aa207579d09d1f95/thumbnail_5868000.jpg","/articles/6328238/Senators-press-Powell-on-housing-affordability-insurance-costs-and-climate-risks-to-mortgages","https://secure.pipeline.soar.com/6328238-a7cb1ba8e4808ecce50a259209fa6eba/orig.mp4?Expires=1771130785&Signature=H5JVPkvGmG0nWCjp-IzsUMK4hIPeV5XbQi8lk9~WstGpzqio5mst27zKiBQd3SZGUwYpIan0PBsOHOlbYJUOn-ORq4yptsy1yptSxdPHSLf9aIr8p2aA3KlXdizYr3uHp5VsQKB0kiTa4PCjiustTgm2DDn00uvIh86w1QS5MrsJjlI-NEbLbScEhEvznp8rHWtp5-hlo75EyrDMJB7PRq9Y0Gnq2dgL8GZ-9lHPONOVUE4WexkqLjvXQLm9Yy0tBBkvU4UJO174ugTI-XssCBExrcGDNOcT6VvWckGggdhm~c~XdpqJP0Dgc4itFQHyst15Kfqy4349Hi6JPF~sOw__&Key-Pair-Id=KUT5TJCACFTXG","Senators asked Federal Reserve Chair Jerome H. Powell about the interaction between housing affordability, rising home‑insurance costs and climate risks and the consequences for financial stability.

Sen. Tina Smith pressed Powell on dramatic increases in homeowners insurance in some states — \"families, seniors are struggling to manage a nearly 40% increase in home insurance rates\" in Minnesota, she said — and cited research estimating large drops in property values if climate risks are unpriced. Powell responded that the Fed does not regulate insurance companies but observed that both banks and insurers are \"pulling out of areas, coastal areas and things like that, or areas where there are a lot of fires.\" He warned that could lead to regions where \"you can't get a mortgage\" or where banks will not have branches or ATMs.

Powell said those developments would not necessarily be a purely financial stability problem today but could have substantial economic consequences for homeowners, renters and state and local governments that may intervene to maintain insurance availability. Senators from both parties raised housing supply and affordability as central to long‑term policy work and asked for Fed research to inform those debates.

Senators also discussed mortgage rate drivers, noting that long‑term rates reflect term premium and broader market forces beyond the Fed's short‑term policy rate.•","Senators raised concerns about rising housing costs, higher home‑insurance rates and the long‑run financial stability effects of climate‑related losses; Powell said the Fed sees risks where insurance and banks may withdraw from high‑risk areas and that those trends could reduce homeownership and market liquidity.",{"_33":100,"_35":36,"_37":38,"_39":101,"_41":102,"_43":103,"_45":104,"_47":105,"_49":106,"_51":107,"_53":108,"_55":56,"_57":58,"_59":109,"_61":62,"_63":64,"_65":110,"_67":68,"_69":70,"_71":72,"_73":72,"_74":72},6328243,"Senators press Fed on SVB failures, accountability and Basel III; Powell cites process changes",1400,1018000,2418000,"/Search/View?dp=1&key=2321362-354785fbb2ad1476aa207579d09d1f95&start=1018&end=2418","https://assets.pipeline.soar.com/2321362-354785fbb2ad1476aa207579d09d1f95/thumbnail_1018000.jpg","/articles/6328243/Senators-press-Fed-on-SVB-failures-accountability-and-Basel-III-Powell-cites-process-changes","https://secure.pipeline.soar.com/6328243-9f50bebf5811345f47471143d7d13db3/orig.mp4?Expires=1771130785&Signature=LsY9yPrC0xTJXKmg3UQ4rYCp2MyceR5a7UYvj2Sj-jpQU224wllY-musZ~KgkzUprdFAsNfXNbojO8Pa4ceBp6JPt3B4KEDsm7l11BGgsRrUyvzzAS2exUY1G-W8OyPdrSlrTU2pKQxRKTFwxY8XJT6-M6pUb83kMstFSSl3ah7Yg-Ul8~yGHQRP1T9-EEjm6ZXEXwkH3J82VwQO3vrQdtTBEUrBDy5xJ1jDZ6g5GObiQ8uRzZ9imL4vlfXFnfnUaKXIHIhaTpxc6Y1yuWtbLHbOZ94QeiytPBZ3SkFoUsJrBo-8Se4yaEoR3xUuoAhwTUYUFRvkvR0l25Svfh3dcA__&Key-Pair-Id=KUT5TJCACFTXG","Senators questioned Federal Reserve Chair Jerome H. Powell about supervisory shortcomings tied to the failure of Silicon Valley Bank (SVB), the broader question of accountability for supervisors, and ongoing Basel III and stress‑test rulemaking.

Several senators pressed why no Fed supervisors had been disciplined after SVB's collapse. Senator Tim Scott said the regulators had \"30 MRAs and MRIAs that never had timely action at SVB\" and asked why no one faced consequences. Powell said the events at SVB were not primarily malfeasance but the result of a failed playbook and insufficient focus on basic banking risks: \"a lot of focus on process and on governance and controls and not enough focus on basic bread and butter banking, credit risk, liquidity risk, interest rate risk.\" He added supervisors have taken substantial steps and that lessons were learned.

On Basel III, senators urged caution that any new capital rules not put U.S. banks at a competitive disadvantage. Powell said the Fed remains committed to completing the Basel III endgame in coordination with the OCC and FDIC once leadership there is in place and that the goal is a compliant, internationally consistent approach. On stress testing, senators criticized proposals they said would hand more modeling information to large banks; Powell said the agency is updating practices and seeking resilience in light of administrative‑law developments.

Powell described concrete internal changes: revising supervisory focus, learning from the bank run at SVB, and smoothing stress‑test volatility by averaging results and increasing transparency on models and scenarios. Senators said oversight and potential personnel accountability will remain areas of committee scrutiny.","Lawmakers pressed the Fed over supervision shortcomings tied to Silicon Valley Bank's collapse, asked about staff accountability and raised concerns about Basel III capital rules and planned stress‑test changes. Jerome Powell said supervisors have revised the 'playbook' and that the Fed will work with other agencies to finalize Basel III endgame.",{"_33":112,"_35":36,"_37":38,"_39":113,"_41":114,"_43":115,"_45":116,"_47":117,"_49":118,"_51":119,"_53":120,"_55":56,"_57":58,"_59":121,"_61":62,"_63":64,"_65":122,"_67":68,"_69":70,"_71":72,"_73":72,"_74":72},6328247,"Senators press Fed on 'debanking' and Powell agrees to review supervisory guidance",46,2151000,2197000,"/Search/View?dp=1&key=2321362-354785fbb2ad1476aa207579d09d1f95&start=2151&end=2197","https://assets.pipeline.soar.com/2321362-354785fbb2ad1476aa207579d09d1f95/thumbnail_2151000.jpg","/articles/6328247/Senators-press-Fed-on-debanking-and-Powell-agrees-to-review-supervisory-guidance","https://secure.pipeline.soar.com/6328247-0ce77ad1a614c1b01ae35d02856132d0/orig.mp4?Expires=1771130785&Signature=BnqCUz-8vwMevNK1vQj1ahPZabhsuqlvfAXi7qzoLXaFD~Xp7su0cqneX31laEbti2sF3ieQ2ODigNJDJ0NuBKQY~5332PwLTCcMjod7O45xyHKxdxD1bvxLzDCcIvcDBH5sL~w12-4tWfM-wFK5WOGbJTUFooy-gLtWPuBOQsxAIsEmb7taKsbZuvPJ5WYUYpfM1VS1KEeWZ1VTRKbISQGYR~WOz2HnlKH8CjDGQT2UxTAc4grMuPDekJTkQh4H29CXZtTQIg-66IHBLqHYhplVt-C8951CbgnBlFJ7W6kxawo2rJ89gX90E6Cdfm1HlvgTS~PUbK4g7V9Le7ar1Q__&Key-Pair-Id=KUT5TJCACFTXG","Senators from both parties told Federal Reserve Chair Jerome H. Powell that reports of banks terminating relationships with lawful businesses and customers for reputational reasons — often described in the hearing as \"debanking\" — are a bipartisan concern.

Sen. Tim Scott, the committee chairman, asked Powell to \"commit to working with this committee to end debanking, including working with the new vice chair of supervision once appointed to revise the federal reserve supervision manuals to remove reputational risk as a tool.\" Powell agreed: \"I'm happy to make that commitment. Thank you, sir.\" Later he added that the issue \"needs a fresh look\" and said the Fed was removing the concept from the manual used for account access and master accounts.

Senators described anecdotal reports from banks and community leaders that reputational risk concerns had been used to encourage banks to cut services to digital‑asset firms, political figures and others. Powell said the Fed does not intentionally seek those outcomes but acknowledged regulators should examine how supervisory language affects banks' behavior.

Senators signaled they will continue oversight, including inviting bank CEOs to appear, and pressed the Fed for clearer accountability and transparent supervisory practices to ensure lawful businesses have access to banking services.","Committee members raised repeated concerns about banks cutting services to lawful customers for reputational and political reasons. Fed Chair Jerome H. Powell said he would take a fresh look and committed to working with the committee on the issue.","actionData","errors"]

Article not found

Senators press Powell on CFPB pause and whether private actors accessed Treasury payment systems

Powell tells Senate Fed remains focused on dual mandate as inflation eases

Senators press Powell on housing affordability, insurance costs and climate risks to mortgages

Senators press Fed on SVB failures, accountability and Basel III; Powell cites process changes

Senators press Fed on 'debanking' and Powell agrees to review supervisory guidance