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News Now

Washington
This week in Congress Could reg reform picture become clearer
WASHINGTON (9/22/09)--Some elements of the House plan for financial regulatory reform could become clearer following a series of House Financial Services hearings scheduled for this week. The House will reopen debate on Wednesday, with Credit Union National Association Chief Economist Bill Hampel testifying on the impact of regulatory reform on credit unions before the House Small Business Committee on Wednesday afternoon. Treasury Secretary Timothy Geithner will address Chairman Rep. Barney Frank's (D-Mass.) House Financial Services Committee earlier in the day, presenting his views on the Administration's proposals for financial regulatory reform. The Committee will also hear from Federal regulators during a separate hearing later that afternoon. Further House hearings on regulatory restructuring are expected during October. However, the Senate has not announced a schedule for discussion of regulatory reform proposals. One item that could be on the Senate agenda this week is overdraft protection, as Senate Banking Committee Chairman Chris Dodd (D-Conn.) may introduce a bill that would require financial institutions to seek permission before they can enroll their accountholders in an overdraft protection program this week. A similar bill, introduced by Rep. Carolyn Maloney (D-N.Y.), is in the House, and Barney Frank recently told The Washington Post that the new Consumer Financial Protection Agency, if approved, could itself create new overdraft rules.


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