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April 22, 2013

April 11, 2013 – Senate Banking Financial Institutions Subcommittee hearing entitled "Outsourcing Accountability? Examining the Role of Independent Consultants."

Subcommittee Chairman Sherrod Brown called this hearing to examine the guidelines for financial regulatory agencies’ use of independent contractors. Of specific interest was the Federal Reserve’s and the FDIC’s use of consultants leading to the $3.6 billion settlement the FDIC entered into with those financial institutions admitting to the use of illegal activities the foreclosures of some 1.4 million homeowners.

The intent of the hearing soon turned to the settlement process. Since the consultants who testified had acted properly in the course of its’ work on the study  of how many cases were improperly handled, their panel were not asked difficult questions by the few Senators who attended the hearing. The panel with representatives of the FED and the FDIC were asked more specific question about how the settlements were achieved.

The Chairman suggested the Subcommittee would continue into how regulators hire consultants in cases were they regulators either retain consultant directly or charge financial institutions for consulting services as required by the regulators.

Congressional Activities

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