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Washington
Inside Washington (05/19/2011)
* WASHINGTON (5/20/11)--Sen. Bob Corker (R-Tenn.) and Senate Banking Committee Republicans sent a letter to that panel’s chairman urging hearings and a speedy markup on legislation to establish an new governance structure for the Bureau of Consumer Financial Protection (CFPB). Similar legislation has been making its way through the House. The letter to Chairman Tim Johnson (D-S.D.) The senators back legislation that would broaden CFPB leadership from a single director to a multi-member board. The change, proponents argue, would bring more accountability to the new consumer agency. “As the financial regulatory reform bill (that created the CFPB) was being debated, the creation of a consumer bureau with no accountability and a director who answered to no one was a key issue that began to derail negotiations,” wrote Corker. “While we all believed consumer protections needed to be strengthened, whether Republicans or Democrats are in charge, no one person should have the power the director of the bureau is currently given,” the joint letter said… * WASHINGTON (5/20/11)--For the second time, global regulators will assess how effectively banks put in place international guidelines on pay and bonuses. The Financial Stability Board (FSB), which establishes international policies and standards in finance, completed its first peer review in March 2010, but concluded that some key issues were unresolved and effective implementation was incomplete. Group of 20 (G20) country leaders advised all countries and international financial institutions to implement the FSB principles and standards by the year-end 2010. The 2011 assessment will survey a sample of major firms directly, according to the FSB, and also ask for feedback on gaps in regulatory and supervisory oversight; progress and potential challenges faced by firms in implementing the principles and standards; and how market practices have evolved in recent years. The FSB principles for sound compensation practices and their implementation standards were endorsed by the G20 leaders at two summits in 2009 …


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