Feeling the love
November 17, 2010 | alternatives, federal legislation | Comments (0)The White House and Chamber of Commerce want to kiss and make up. From the Huffington Post:
The two parties have collaborated on some major items, notably the bank bailout and the stimulus package. And while the head-butting has been more noticeable and severe — from Valerie Jarrett calling the business lobby’s “free enterprise” campaign “regrettable” to the Chamber spending millions of dollars attacking Democrats in the 2010 cycle — it’s always been coupled with formal efforts at rapprochement.
The new bank regulator
November 17, 2010 | CFPB, federal legislation | Comments (0)Here’s the guy who will be regulating banks over at the CFPB:
Massachusetts Commissioner of Banks Steven Antonakes is accepting a new job at the U.S. Treasury.
Treasury officials said Tuesday that Antonakes will join the agency’s Consumer Financial Protection Bureau team charged with building a consumer supervision program for the nation’s largest depository institutions.
In his new job, Antonakes will oversee the nation’s largest banks and credit unions to make sure they are complying with federal consumer protection laws.
Antonakes has served as Massachusetts commissioner of banks since 2003.
Seeking sympathy
November 14, 2010 | alternatives, federal legislation | Comments (0)Banks are relieved about the GOP takeover of the House. From the story:
Already, the GOP has a lengthy, bank-friendly to-do list.
The coming term should bring scores of oversight hearings into the implementation of new rules governing financial institutions. There will be scuffles over control of a new consumer financial protection agency. And lawmakers will debate how to restructure the quasi-governmental mortgage agencies Fannie Mae and Freddie Mac – which retain a major role in the current housing crisis.
All are issues that Bank of America, Wells Fargo and other large banking institutions will pay close attention to.
Reality check
November 12, 2010 | CFPB, federal legislation | Comments (0)This blogger at Barron’s seems to have a grasp on how the Republican House takeover will impact Dodd-Frank:
Expect the Republicans to use a House majority to pursue repeal of financial reform legislation, writes FBR Capital analyst Edward Mills, just don’t expect them to deliver wholesale repeal of the measures passed this summer.
More panic
November 12, 2010 | Financial Reform Bill - CFPB, federal legislation | Comments (0)Over something that is unlikely to happen. The Nation has a story with this headline: GOP’s Plan to Dismantle Wall Street Reform:
In the end, though, the House financial services committee will see a major rightward shift with either Bachus or Royce as chairman. Rep. Jeb Hensarling (R-Texas), a free marketeer who said the consumer bureau “assaults the liberties of the consumer,” is poised to take over the financial institutions and consumer credit subcommittee, while libertarian Rep. Ron Paul (R-Texas), who wants to abolish the Federal Reserve, will likely take over the domestic monetary policy and technology subcommittee. And if that didn’t spell trouble for Dodd-Frank, the House GOP’s pledge to defund the financial reform bill makes plenty clear where Republicans stand on financial issues.
Let’s see, the Dems only control the Senate and White House so obviously there are no obstacles to dismantling financial reform. These people need to relax.
Relentless
November 12, 2010 | Elizabeth Warren, federal legislation, industry critics | Comments (0)Let’s give some of our critics props for energy and relentlessness, if nothing else. They are now at work trying influence the CFPB.
Tea-leaf reading for eight months
November 10, 2010 | CFPB Nomination, Financial Reform Bill - CFPB, federal legislation | Comments (1)I’m reminded by this article, that the CFPB probably won’t start issuing rules until after July 21, 2011, its official starting date. That means the Payday Pundit will indulge in speculation, gossip and tea-leaf reading for another eight months. I’m in pain.
CFPB’s top three goals
November 10, 2010 | Elizabeth Warren, Financial Reform Bill - CFPB, federal legislation | Comments (1)From the story:
Warren laid out the top three priorities of the new bureau: Make it easier for families to see the costs and risks of mortgages they are considering. Cut down on the fine print of credit card agreements. And using technology to tap into the experience of millions of consumers so the bureau can develop a rapid response to problems.
Sounds good to the Pundit.
Way
November 10, 2010 | CFPB Nomination, Elizabeth Warren, Financial Reform Bill - CFPB, federal legislation | Comments (1)This HuffPo columnist says “no way” to Melissa Bean as CFPB head. The Payday Pundit says “she’s a Democrat from Chicago who’s friends with the President of the United States.”
More Washington chatter
November 10, 2010 | Elizabeth Warren, federal legislation | Comments (1)From The Hill:
With the balance of power shifting in Washington, the head of the new consumer protection bureau is already fending off detractors about the agency’s role.
Elizabeth Warren, tapped by President Obama to head the Consumer Financial Protection Bureau, is arguing that stagnant wages and rising core expenses have pushed many families “over the edge financially” and that the new agency can eliminate “fine print” that has plagued the consumer credit system.
She expressed surprise about a push to dismantle the agency before it’s up and running.
