Financial Regulatory Forum

Senior US senator favors bank super-cop idea -aide

U.S. Senator Christopher Dodd (D-CT) speaks in front of his close friend Senator Edward Kennedy's casket during a "Celebration of Life Memorial Service" for Kennedy at the John F. Kennedy Library and Presidential  Museum in Boston, Massachusetts August 28, 2009. Kennedy died late Tuesday after a battle with cancer. REUTERS/Brian Snyder    (UNITED STATES POLITICS OBITUARY)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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Consumer protection bill seen in US House-sources

U.S. Representative Barney Frank (D-MA), Chairman of the House Financial Services Committee, responds to reporters' questions during the Reuters Global Financial Regulation Summit in Washington, April 28, 2009.  REUTERS/Jonathan Ernst (UNITED STATES POLITICS BUSINESS HEADSHOT)   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…)

Dodd banking panel choice in U.S. seen as negative for banks

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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FDIC chief warns against single U.S. bank regulator

Federal Deposit and Insurance Corporation (FDIC) Chairman Sheila Bair addresses the HOPE Global Financial Literacy Summit at a community center in Washington June 17, 2009.  REUTERS/Jonathan Ernst  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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US’s Geithner- will work with Congress, but regulatory overhaul essential

Treasury Secretary Timothy GeithnerWASHINGTON, 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…)

U.S. FDIC wants limits on consumer finance agency authority

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…)

Democrats vow fight with banks over U.S. consumer protections

U.S. Representative Barney Frank (R) 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…)

Delays drag as Obama financial reforms advance

U.S. President Barack Obama 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…)

Rep Frank: US financial consumer agency needs work

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…)

Obama sees battle in Congress over consumer protections

U.S. President Barack ObamaWASHINGTON, 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…)

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