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Inside Washington (09/21/2010)
* WASHINGTON (9/22/10)--On July 21, federal banking regulators will no longer have the power to write consumer protection rules, said American Banker (Sept. 21). The transfer date, which was announced Monday, means that the powers will move from the regulators to a new Consumer Financial Protection Bureau created under the Dodd-Frank Act. The bureau will have rule-writing authority for the Truth in Lending Act, Home Mortgage Disclosure Act, Real Estate Settlement Procedures Act and the Home Ownership and Equity Protection Act. Elizabeth Warren has been tapped to serve as an assistant to President Barack Obama and special assistant to Treasury Secretary Timothy Geithner to create the bureau ... * WASHINGTON (9/22/10)--Republicans will reopen the Wall Street reform law and overhaul a newly created consumer protection bureau if they regain control of Congress after the November elections, said Sen. Richard Shelby (R-Ala.) on Monday (Reuters Sept. 21). The reform bill is “sweeping” and it’s “incumbent upon us to revisit it,” he said. The bill will place new restrictions on Wall Street. Lawmakers have already tried to change the bill, which was signed in July. Shelby said the proposed consumer agency bothers him the most. He said he doesn’t think the agency will be good for business or the financial sector. Sheila Bair, chairman of the Federal Deposit Insurance Corp. (FDIC), said banks already face enough regulatory scrutiny, and she warned against revisiting the law ...


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