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
A recent report from @TransUnion says consumers born 1981 or later made up 27% of total auto-loan originations in 2014, up 16% from 2009.
5 hours ago
.@CUNA says new House bill is "further evidence" of lawmakers' interest in how @TheNCUA uses its funds from CUs. See News Now Monday.
1 day ago
.@MECreditUnions announces winner of @YoungFreeME #SoundOff contest. @Sassquatch_Band will play Old Port Festival in June @PDD_Downtown
1 hour ago
House Financial Services Com. to hold March 3 hearing to receive the semi-annual report of @CFPB Director Richard Cordray.
1 hour ago
Rep. Jeff Miller (R-Fla.) re-introduced bill to ease veterans' access to loans for #smallbusiness purposes from a #creditunion (HR 1133)
3 hours ago