Shelby’s counter offer
March 2, 2010 | federal legislation, industry | Comments (0)From today’s Government Executive:
Senate Banking Committee ranking member Richard Shelby, R-Ala., has made a counteroffer to a proposed Consumer Financial Protection Agency, calling for a new consumer protection division within the FDIC and with rules subject to approval by the agency’s board.
The Shelby proposal would create a presidentially appointed director with a five-year term, with the authority to write consumer protection rules. It also would have supervision over all state-regulated depository institutions and some large state-chartered nondepository mortgage issuers. But the director would have to report to the FDIC chairman, and all rules would have to be approved by the FDIC board, which has the Comptroller of the Currency and the head of the Office of Thrift Supervision as two of its five members.
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