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Congress this week Consumer protection discussions
WASHINGTON (7/14/09)--Debate on President Barack Obama’s proposed Consumer Financial Protection Agency will continue this week with Assistant Treasury Secretary for Financial Institutions Michael Barr testifying before the Senate Banking Committee during a Tuesday hearing. State government officials, industry insiders, and public policy advocates will testify during the hearing, and the Credit Union National Administration is considering submitting a prepared statement for the hearing. The Senate Banking Committee will also address foreclosure prevention during the week, with Treasury Assistant Secretary for Financial Stability Herbert Allison scheduled to testify. The House Financial Services committee will discuss regulatory reforms in more general terms later in the week, with separate hearings for banking insiders, community and consumer advocates and a hearing to discuss “industry perspectives” set for Wednesday, Thursday, and Friday, respectively. The House will also debate the contents of its Financial Services and General Government Appropriations bill. As currently written, the bill would allow the National Credit Union Administration's Central Liquidity Facility to maintain its maximum amount of $40 billion through the 2010 fiscal year and would increase funding for the U.S. Treasury Department's Community Development Financial Institutions fund and the Small Business Administration's business loan account.
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