Financial Institutions and Consumer Protection

The Senate Subcommittee on Financial Institutions and Consumer Protection is one of six specialized panels within the Senate Committee on Banking, Housing, and Urban Affairs. As a subcommittee, it conducts initial hearings and reviews legislation before matters move to the full committee, which has the authority to report bills to the Senate floor. This subcommittee handles a focused slice of banking oversight that complements the broader work of its parent committee.

The subcommittee's jurisdiction covers the core infrastructure of the nation's banking system. It oversees banks, savings associations, credit unions, and other financial institutions, including deposit insurance programs. The panel also reviews regulatory activities of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation (FDIC), and the National Credit Union Administration. Additionally, it has jurisdiction over the Federal Home Loan Bank System, e-commerce related to financial services, and the Consumer Financial Protection Bureau.

The subcommittee is chaired by Senator Thomas Tillis (R-NC), with Senator Catherine Cortez Masto (D-NV) serving as Ranking Member. The 17-member panel includes both Republicans and Democrats. In December 2025, the subcommittee held a hearing titled "Ensuring Fair Access to Banking: Policy Levers and Legislative Solutions," which examined allegations that banks have unfairly closed accounts for certain people and industries. This hearing reflected the subcommittee's role in overseeing whether financial regulators are exercising their supervisory powers fairly and transparently.