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The Committee On Banking, Housing, and Urban Affairs will meet in open session, to conduct a hearing on “Holding Executives Accountable After Recent Bank Failures.” The witnesses will be: Ms. Da Lin, Assistant Professor of Law, University of Richmond School of Law; Mr. Thomas Quaadman, Executive Vice President, Center for Capital Market Competitiveness, U.S. Chamber of Commerce; and Professor Heidi Mandanis Schooner, Professor of Law, Columbus School of Law, The Catholic University of America.

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LEARN MORE ABOUT: Bank Failures

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On March 17, 2021, the Senate Committee on Banking, Housing, and Urban Affairs held a hearing on recent bank failures and accountability. The hearing was called in the wake of several high-profile bank failures that have occurred over the past year, including the collapse of Wirecard and Greensill Capital.

During the hearing, committee members heard testimony from several witnesses, including experts in banking, finance, and regulation. The witnesses provided insights into the causes of recent bank failures and suggested ways that the banking industry could increase accountability and prevent future collapses.

One of the key themes that emerged from the hearing was the need for improved regulation and oversight of the banking industry. Several witnesses pointed to the failures of regulatory bodies like the Financial Conduct Authority (FCA) in the UK and the BaFin in Germany, which were responsible for overseeing Wirecard and Greensill Capital, respectively.

Some witnesses argued that regulators should be given more resources and stronger enforcement powers to ensure that banks are operating in a safe and sound manner. Others suggested that the banking industry needs to adopt more rigorous risk management practices and enhance transparency to reduce the likelihood of bank failures.

Another issue that was discussed during the hearing was the role of auditors in detecting and reporting financial irregularities. In the case of Wirecard, for example, the company’s auditor, Ernst & Young, failed to identify the fraud that ultimately led to the company’s collapse.

Several witnesses suggested that auditors should be subject to greater scrutiny and accountability, and that they should face more severe penalties for failing to identify financial misconduct. Others argued that auditors should only be retained by the regulatory authorities, rather than by the banks themselves, to reduce conflicts of interest.

Overall, the Senate Committee on Banking, Housing, and Urban Affairs hearing on recent bank failures and accountability underscored the need for greater transparency, stronger regulation, and enhanced oversight in the banking industry. If these recommendations are implemented, it is hoped that the industry will become more stable and resilient, and that future bank failures will be avoided.