* WASHINGTON (3/14/11)--The House Financial Services subcommittee on financial institutions and consumer credit announced a March 16 oversight hearing of the Consumer Financial Protection Bureau (CFPB), at which Assistant to the President and Advisor to the Treasury Secretary Elizabeth Warren will testify. Rep. Shelley Moore Capito (R-W.V.), the subcommittee chairman, said she intends the hearing to be “the start of a robust discussion of how the (CFPB) will be implemented and what powers it should have in regulating consumer credit.” The chairman noted that some House members, herself included, have reservations about the bureau and “unintended consequences it could have on consumer choice in financial products" … * WASHINGTON (3/14/11)--During the Credit Union National Association
(CUNA) Governmental Affairs Conference in Washington, Feb. 27-March 3, about 100 North Carolina credit union advocates shared their perspectives on interchange, member business lending and supplemental capital with the state’s congressional delegation. Sen. Kay Hagan (D), who recently wrote the Federal Reserve about delaying interchange fee rule implementation, addressed North Carolina credit union representatives at a reception. Hagan expressed a strong commitment to helping small businesses in North Carolina gain access to capital to create jobs. Hagan’s appearance also gave the group an opportunity to thank the senator for the letter she wrote with Sen. Michael Bennet (D-Colo.) to Federal Reserve Board Chairman Ben Bernanke on the proposed interchange rules. The group also heard from Celia Sims, a key member of Sen. Richard Burr’s (R) legislative team in Washington. Sims highlighted the senator’s commitment to reigning in federal spending. Sims said Sen. Burr is aware that Bernanke had expressed concerns about the small issuer exemption in the board’s draft rules. Sims said that Burr supported the Fed board “getting it right.” The North Carolina credit union advocates later fanned out and met with members of Congress. The primary focus of their discussions with legislators was interchange and member business lending ... * WASHINGTON (3/14/11)--David Rainer, chairman, president/CEO of California United Bank, Encino, Calif., has been appointed to the board of directors of the Federal Reserve’s Los Angeles branch. Rainer, who has served as the head of California United Bank since its inception in 2005, joins six other directors, who meet monthly to discuss economic trends across their respective industries. Their input is compiled and shared directly with the Federal Reserve board of governors for consideration when making monetary policy decisions ...