Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Franks work continues on financial reform
WASHINGTON (3/6/09)--House Financial Services Committee Chairman Barney Frank (D-Mass.) announced Thursday that he will continue to work on financial reform and regulatory restructuring, and move legislation to the House floor that would curtail abusive mortgage lending practices, and reform credit card and overdraft practices. Frank’s committee also will meet to examine creating a systemic risk regulator, enhancing the effectiveness and scope of prudential standards, streamlining front-line regulation, and strengthening consumer and investor protection. A March 20 hearing has been scheduled to examine if federal and state law enforcement agencies have all they need to pursue financial institutions and individuals that commit fraud, abuse their positions and violate the law. “While we will continue to work with the Obama Administration on stabilization, it is now essential that we continue work on our reform agenda and address the need for financial regulatory restructuring to diminish systemic risk and enhance market integrity,” Frank said in a release. The mortgage legislation would reform the mortgage origination process and ban predatory lending, similar to a 2007 effort that passed the House, but later failed in the Senate. Rep. Carolyn Maloney (D-N.Y.) has re-introduced legislation to abolish unfair and deceptive credit card industry practices by protecting cardholders from interest rate increases, misleading terms, excessive fees, and subprime cards for those who cannot afford them. Maloney re-introduced the legislation with Sens. Charles Schumer (D-N.Y.) and Mark Udall (D-Colo.)


RSS print
News Now LiveWire
.@BelvoirFederal revamped the checking acct. it offers to active duty military members and achieved 23% growth on the product in 1 mo.
13 hours ago
.@FinancialCmte markup of Reg D Study Act set for Tuesday. CUNA will submit support letter. http://t.co/cDWkZ0Q0x1
17 hours ago
The 54th Western CUNA Management School graduated 89 students on July 25.
17 hours ago
.@CUNA Bank Secrecy Act training to reach 38 Mich. state examiners #NewsNow http://t.co/7HDPgwih8G
19 hours ago
St. Louis treasurer taps #creditunion to serve unbanked #NewsNow http://t.co/lWtcezJOej
7 25 ago