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.
Financial Regulatory Forum
By Tim Ahmann
By 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…)
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.
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…)