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Inside Washington (07/21/2009)
* WASHINGTON (7/22/09)--Financial industry lobbyists are pushing to limit the powers of a proposed consumer protection agency. The House Financial Services Committee is scheduled to vote on the agency next week. In the meantime, industry representatives are working to convince policymakers that the agency should not be able to examine or enforce rules against financial institutions. Preemption of state consumer protection laws and shielding lenders from legal liability are also concerns (American Banker July 21). Rep. Mel Watt (D-N.C.), a cosponsor of the consumer protection plan, said the House Financial Services Committee will need to determine how to divide consumer protection powers among regulators, decide how rules would be enforced, determine the costs, and how to resolve conflicts. Rep. Barney Frank (D-Mass.), the chair of the House Financial Services Committee, has said he wants to pass the bill by the end of next week ... * WASHINGTON (7/22/09)--The House Financial Services oversight and investigations subcommittee Chairman Dennis Moore (D-Kan.) announced that the subcommittee will meet today for a hearing, “TARP Oversight: Warrant Repurchases and Protecting Taxpayers.” The hearing will focus on the ongoing administration and oversight of the Troubled Asset Relief Program (TARP) and examine issues surrounding the warrant repurchasing process under TARP to ensure taxpayer money is protected. Witnesses include: Herbert Allison, assistant secretary for financial stability, U.S. Treasury; Neil Barofsky, special inspector general for TARP; Elizabeth Warren, chair, Congressional Oversight Panel; and Thomas J. McCool, director of the Center for Economics at the Government Accountability Office ... * WASHINGTON (7/22/09)--Speaking before the Michigan Credit Union League's 75th annual convention, National Credit Union Administration (NCUA) Chair Michael Fryzel said that the NCUA would continue as an independent regulator and added that an independent insurance fund for credit unions would remain. As reported in the Michigan Monitor (July 20), Fryzel said that the NCUA is trying to stay ahead of the Obama administration's consumer protection plans by creating its own consumer protections. Fryzel also outlined the ongoing corporate credit union situation. He commended credit unions for handling their issues without taking federal bailout money...


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