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Inside Washington (03/12/2009)
* WASHINGTON (3/13/09)--Senate Banking Committee Chairman Christopher Dodd (D-Conn.) and Credit
Click to view larger image Sen. Christopher Dodd (right) and CUNA President/CEO Dan Mica, at a Consumer Federation of America luncheon Thursday. (CUNA photo)
Union National Association (CUNA) President/CEO Dan Mica (right) attend a Consumer Federation of America luncheon March 12. Dodd was CFA's keynote speaker and was seated next to Mica prior to his remarks. Mica serves on the CFA board, where CUNA is a charter member. In his comments, Dodd emphasized that his legislative priorities include allowing cramdowns in mortgage bankruptcy, an issue he said the Senate will try to pass in the next few weeks. He added that he and other key Senators will continue working with CUNA to see if it's possible to find common ground with credit unions on the issue. Turning to Mica, Dodd also referenced his appearance at CUNA's Governmental Affairs Conference last month and acknowledged the good work done for consumers by the 140 credit unions in his home state of Connecticut and those throughout the nation ... * WASHINGTON (3/13/09)—Saundra Braunstein, the Federal Reserve Board’s director of consumer and community affairs, said she favors legislation to overhaul mortgage lending rules. However, she said a bill needs to include legal shields for lenders/ Testifying before a House Financial Services subcommittee this week, Braunstein said a bill should protect mortgage lenders from litigation if they comply with certain standards. (American Banker March 12)… * WASHINGTON (3/13/09)—At a press conference this week, U.S. Treasury Secretary Timothy Geithner aligned himself with key lawmakers and said the Federal Reserve Board would be the right agency to be granted the expanded role of systemic risk regulator. Geithner said regulatory reform should, in part, ensure that major institutions, posing the greatest potential risk to the stability of the system, fall under stronger oversight. It should include, he added, carefully designed constraints on leverage. (American Banker March 12) In a separate story, American Banker reported that while House Financial Services Committee Chairman Barney Frank backs a fast-paced legislative agenda that includes creation of the systemic risk regulator, his counterpart, Chairman Chris Dodd (D-Conn.) of the Senate Banking Committee, appears to be backing a slower approach…


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