Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Congress will resume reg reform debate after July 4 break
WASHINGTON (6/29/09)--Following the Independence Day district work period, Congress is expected to resume its work on financial regulatory restructuring with House Financial Services Committee hearings on the role of the Federal Reserve, derivatives, and general testimony from financiers and leading academics tentatively scheduled for the coming weeks. The committee has not yet published witness lists for these hearings. The committee began discussion of the regulatory reforms this past week, with Troubled Asset Relief Program oversight panel chair Elizabeth Warren saying that the creation of the proposed consumer financial protection agency would undeniably "help fix the broken credit market." During the hearing, Warren spoke in favor of so-called "plain vanilla" financial products and disclosures that could ultimately result in cheaper compliance costs for lenders and fewer oversight responsibilities for regulators. It is widely reported that U.S. Treasury Secretary Timothy Geithner could soon release further details on a proposed consumer protection agency. Congress also held hearings on integrating improvements to financial literacy and education into the larger financial regulatory reform package during the week. House Financial Services chair Rep. Barney Frank (D-Mass.) last week said that the committee would continue to discuss consumer protections following the district work period, adding that related legislation should be marked up in late July. While Frank said that the final regulatory reform legislation would take the form of one all-encompassing bill, each piece of that legislation will be discussed and marked up separately by his committee.


RSS





print
News Now LiveWire
Consumer spending is slumping #Market #Economy http://t.co/RI4HS68IuJ
14 hours ago
April is #NationalFinancialLiteracyMonth & @TheNCUA Chair Matz urges #creditunions to help members learn to manage/protect their finances.
16 hours ago
Fed. FI regulators' statmnts on compromised credentials/destructive malware #cybersecurity http://t.co/f4uTBDm1PU http://t.co/zP5Iw6VxZc
18 hours ago
Home prices rising faster than wages: @RealtyTrac #NewsNow #Market http://t.co/wa74mnw3Cu
19 hours ago
.@Nussle dropped by the @ACUMuseum recently. Read about his visit http://t.co/bYe8RRgYLP
20 hours ago