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News Now

Washington
Inside Washington (10/25/2010)
* WASHINGTON (10/26/10)--Lawmakers, as well as bankers, are debating the limits on Elizabeth Warren’s authority as the administration official selected to launch the Consumer Financial Protection Bureau. President Obama appointed Warren as assistant to the president and special advisor to U.S. Treasury Secretary Timothy Geithner as a way to avoid the Senate confirmation battle likely to occur if she were named agency director (American Banker Oct. 25). Bankers and some lawmakers claim that since Warren is not a director, she only has the power to hire and is denied the ability to draft rules or proposals. But consumer advocates say bankers are "splitting hairs" and that Warren's influence is likely to be widely felt, even if the rules she helps draft cannot be issued until a permanent director is appointed. The Dodd-Frank law empowered the Treasury Department to create the agency, but only specifically mentioned hiring staff… * WASHINGTON (10/21/10)--Elizabeth Warren told reporters she expects to spend much of her time traveling outside Washington, D.C. to meet with representatives from financial institutions of all types to gather input on the role of the Consumer Financial Protection Bureau. The bureau recently established a 30,000-square-foot office in Washington, but Warren told reporters the agency is likely to outgrow that location as it hires 1,000 employees in its first year (American Banker Oct. 25). To date, Warren has met with large-bank executives, community bankers, private-equity investors with a major stake in financial services and technology firms… * ALEXANDRIA, Va. (10/26/10)—The NCUA on Monday amended its calendar for the month of November, moving the closed portion of their November monthly meeting to Wednesday, Nov. 17 at 10:00 AM E.T. The open portion of the meeting will take place on the following day at 9:00 AM E.T…


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