McWilliams on oversight by financial regulators

In her testimony before the Senate Committee on Banking, Housing, Urban Affairs, FDIC Chairman Jelena McWilliams reported how the FDIC is working to ensure its regulated institutions are serving their communities and how its regulatory and supervisory efforts are strengthening the agency's oversight of depository institutions of all sizes. She discussed the financial needs of communities; minority depository institutions; streamlining the de novo application process; CRA; small-dollar lending; appraisal thresholds; regulatory efforts to strengthen the financial system; appropriately tailoring regulatory efforts; EGRRCPA; the Volcker Rule; the advance notice of proposed rulemaking on brokered deposits; community bank leverage ratios; stress tests; resolution planning; the role of guidance; supervisory efforts to ensure safety, soundness, and consumer protection; risk monitoring; leveraged lending; cyber threats; transparency; BSA/AML compliance' CAMELS ratings; reducing community bank examination burden; leveraging technology; modernizing the FDIC; and maintaining a diverse workforce.