Financial Regulatory Forum

By Kevin Drawbaugh
WASHINGTON, Sept 20 (Reuters) – The U.S. Senate’s top legislator on financial regulation favors reducing the number of bank supervisory agencies more sharply than the Obama administration proposes, said a senior Senate aide on Sunday.

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   By Kevin Drawbaugh and Rachelle Younglai
   WASHINGTON,Sept 15 (Reuters) – The Obama administration’s proposal to create a federal watchdog for financial consumers was under discussion in the U.S. House of Representatives on Tuesday, with legislation seen emerging soon. (more…)

By Kevin Drawbaugh
WASHINGTON, Sept 9 (Reuters) – A decision by U.S. Senator Christopher Dodd to stay chairman of the Senate Banking Committee would increase chances for consumer-oriented reforms that would restrict banks, according to a research report on Wednesday, with a Dodd announcement expected soon.

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Sept 1 (Reuters) – A single regulator for all U.S. banks is not the solution to streamline the financial regulatory system, Federal Deposit Insurance Corp Chairman Sheila Bair wrote in an opinion column in the New York Times.
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WASHINGTON, July 24 (Reuters) – U.S. Treasury Secretary Timothy Geithner said on Friday he was willing to work with lawmakers on shaping an overhaul of financial regulations but insisted major changes are necessary. The financial crisis of the past two years show the financial system “failed in its most basic responsibility” to supply credit and protect consumers and that cannot happen again, he said in prepared testimony for delivery to the U.S. House of Representatives Financial Services Committee. (more…)

WASHINGTON, July 24 (Reuters) – The Federal Deposit Insurance Corp on Friday argued for limits on a new agency to protect consumers from risky financial products and warned against stripping consumer protection duties from bank regulators. (more…)

By Kevin Drawbaugh
WASHINGTON, July 22 (Reuters) – Congressional Democrats pledged on Wednesday to engage the banking industry in a summer-long debate over the Obama administration’s call for the creation of a U.S. Consumer Financial Protection Agency. (more…)

By Kevin Drawbaugh
WASHINGTON, July 21 (Reuters) – The Obama administration’s plan to form a new Consumer Financial Protection Agency, a central part of its bold regulatory reform agenda, sailed onto the shoals of congressional delay. (more…)

WASHINGTON, July 21 (Reuters) – The Obama administration’s proposal to form a U.S. Consumer Financial Protection Agency needs more work, Representative Barney Frank, chairman of the House Financial Services Committee, said on Tuesday. (more…)

WASHINGTON, July 21 (Reuters) – President Barack Obama said regulatory reform will be a “major battle” in Congress, where the financial industry has some powerful backers.   “Part of what really gets me frustrated is when I hear that some of the banks are resisting the idea of a consumer finance protection agency that we’ve put forward,” he said in an interview with NBC’s “Today” show that aired on Tuesday. (more…)