Financial Regulatory Forum

Fed says it should keep consumer protection role

July 16, 2009

A man walks in front of the U.S. Federal Reserve building in Washington   By Tim Ahmann
   WASHINGTON, July 16 (Reuters) – The Federal Reserve on Thursday pushed back against a White House plan to give some of its consumer protection powers to a new agency, arguing there was a “compelling case” for the central bank to keep them. 

U.S. financial consumers need new watchdog – Obama team

July 14, 2009

U.S. Senators Christopher Dodd (l) and Richard ShelbyBy Kevin Drawbaugh and David Lawder
WASHINGTON, July 14 (Reuters) – The U.S. government’s fragmented system for protecting financial consumers is “designed to fail” and must be replaced by a single, powerful new agency, a senior U.S. Treasury official said on Tuesday. (more…)

New US consumer agency won’t cause bank fee hikes

July 14, 2009

   WASHINGTON, July 13 (Reuters) – Banks will not have to pay higher supervisory fees if the Obama administration’s proposed new Consumer Financial Protection Agency gets off the ground and they will not have to seek the regulator’s pre-approval for “plain-vanilla” products, an administration official said on Monday.

U.S. lawmakers question Obama plan for consumer watchdog

July 8, 2009

U.S. Representative John Dingell (D-MI)    By Diane Bartz
   WASHINGTON, July 8 (Reuters) – President Barack Obama’s plan to create a single agency, the Consumer Financial Protection Agency (CFPA), to protect consumers dealing with the financial services industry got a skeptical reception in a House hearing on Wednesday.   Democratic lawmakers questioned some elements of the proposal on the grounds that it took jurisdiction away from the Federal Trade Commission, which it oversees, while Republicans expressed concern about the expense of creating a new federal agency and the regulations it might impose. (more…)