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Inside Washington (09/26/2011)
* WASHINGTON (9/27/11)--Consumer Financial Protection Bureau (CFPB) Assistant Director of Credit Unions and Community Banks Elizabeth Vale last week met with the Ohio Credit Union League and other Ohio credit union representatives as part of the Credit Union National Association’s 2011 Hike the Hill.
Ohio credit union representatives meet with the CFPB’s Elizabeth Vale (lower center, left). (Ohio Credit Union League photo)
The Ohio league reported that the main topics of discussion included financial education, compliance, and non-regulated competition, as well as the general role of the CFPB in financial markets (eLumination Newsletter Sept. 21). Potential CFPB leader Richard Cordray, who is a former Ohio attorney general, also met with the Ohio-based group. Cordray said the CFPB would continue its dialogue with credit unions and would work with them to write more practical regulations. The CFPB was also covered during a meeting with Sen. Rob Portman (R). The Ohio group also urged several other members of Congress to back lifting the member business lending cap… * WASHINGTON (9/27/11)--Standard & Poor’s positive 2007 rating of collateralized debt offerings that arguably contributed to the financial crisis could result in legal action by the Securities and Exchange Commission, the New York Times reported. The legal actions could include civil money penalties, fee disgorgements, or other actions, the Times added. Official action has not been taken, but the SEC last week delivered a Wells notice, which warns of potential enforcement actions…


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