Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Obama admin delivers consumer protection plan
WASHINGTON (7/1/09)--The Obama administration on Tuesday revealed its full plan for a proposed Consumer Financial Protection Agency by delivering 152 pages of draft legislation to Congress. In a statement, President Obama said the planned agency would ban “the most unfair practices,” and added that “enforcement” would “be the rule, not the exception.” The legislation, as currently constructed, would transfer all consumer financial protection functions and authorities of the National Credit Union Administration (NCUA) to the proposed new agency. More generally, House Financial Services Committee Chair Rep. Barney Frank (D-Mass.) has repeatedly indicated that the NCUA would maintain its full independence under any resulting regulatory regime. In a Tuesday statement that followed the administration’s release, Frank said that while he welcomed the Obama administration’s legislative blueprint for the agency, “the committee will, of course, exercise its own judgment on the specifics.” The House Financial Services Committee began its discussion of the proposed Consumer Financial Protection Agency last week, and the committee is scheduled to continue the discussion once it has returned from the Independence Day district work period. Frank previously has said that the committee would begin marking up related legislation in July, and Tuesday added that his group would “draft and approve a bill in committee before the August recess.” Frank has indicated that while the final regulatory reform legislation would take the form of one all-encompassing bill, each piece of that legislation will be discussed and marked up separately by his committee.


RSS print
News Now LiveWire
#FreeGasFriday courtesy of @tvfcu, TN #creditunions http://t.co/wDRFYJVlpz
18 hours ago
If you were unable to watch or attend @cuna 's @thehill Hill forum on Wed., you can now watch the archived version: http://t.co/FhUnp7HbU8
19 hours ago
Time is running out. If you haven't taken the #NewsNow readership survey, please click here now: http://t.co/4Gp6C2Wa4o
19 hours ago
African financial inclusion possible with mobile money: @IMFNews study http://t.co/0V5DTQToxY
20 hours ago
Louise Herring's birthday is Saturday. 105 years later, her legacy lives on through her kids http://t.co/oMqGADmo0d http://t.co/T3NmS9NqEY
21 hours ago