WASHINGTON, Oct 20 (Reuters) – Two major bank industry groups said on Tuesday they oppose a congressional proposal to consolidate federal banking supervision into one regulator. The American Bankers Association and the Independent Community Bankers of America jointly sent a letter to lawmakers saying that maintaining multiple federal regulators provides a helpful range of regulatory perspectives and is a healthy check against any one regulator neglecting its duties.
Obama administration noncommital on housing tax credit extension
WASHINGTON, Oct 20 (Reuters) – President Barack Obama’s top housing adviser expressed doubts on Tuesday that the United States could afford to extend a popular tax credit for first-time homebuyers beyond its expiration next month.
Banks under fire in US Congress, Dodd targets fees
By Kevin Drawbaugh
WASHINGTON, Oct 19 (Reuters) – Banks could not charge overdraft fees on cash-machine and debit-card transactions unless customers have opted in to an overdraft protection program, under a bill introduced in the U.S. Senate on Monday. (more…)
US Fed must be tougher on harsh overdraft fees – Sen Schumer
WASHINGTON, Oct 16 (Reuters) – The Federal Reserve needs to take a tougher approach to cracking down on excessive bank overdraft fees, U.S. Senator Charles Schumer warned on Friday.
Saying that the central bank’s move to crack down on the fees doesn’t go far enough, Schumer, a Democrat, warned that Congress will act if the Fed fails to take a firmer line.
Bank of America pledges halt on card rate hikes
WASHINGTON, Oct 6 (Reuters) – Bank of America said it will not change the terms on consumer credit card accounts ahead of reform legislation slated to go into effect early next year, according to a letter released by a lawmaker on Tuesday.
Senior US senator favors bank super-cop idea -aide
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.
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.
US Sen Dodd to remain banking panel chairman – aide
WASHINGTON, Sept 9 (Reuters) – U.S. Senator Christopher Dodd will remain chairman of the Senate Banking Committee and not take over the health committee after the death of his friend, Senator Edward Kennedy, a Senate aide said on Wednesday.
By staying at banking, Dodd will prevent potential further delays in an already bogged-down push by Democrats to tighten regulation of banks and capital markets in response to the 2008-2009 financial crisis, the worst in decades.
US Treasury warns on credit ratings regulation
WASHINGTON, Aug 5 (Reuters) – The Obama administration is resisting calls to get involved with ensuring that credit ratings are reliable and said on Wednesday this would force investors to rely even more on the ratings. (more…)
US Senate bill would let FDIC wind down big banks
WASHINGTON, July 30 (Reuters) – Two U.S. senators introduced legislation on Thursday that would give the Federal Deposit Insurance Corp the power to wind down bank holding companies, calling it an interim step until Congress approves broad financial regulatory reforms.
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