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New consumer financial agency to rely on crowdsourcing

October 26, 2010 FROM NEXTGOV arrow Elizabeth Warren, the architect of the new Bureau of Consumer Financial Protection, spelled out a sweeping new strategy Tuesday to use the latest in "crowd-sourcing" technology to collect tips from millions of consumers about deceptive new financial practices, from misleading mortgages and improper "gotcha'' fees on credit cards to outright ...

SEC stretched thin by new rules

October 19, 2010 Securities and Exchange Chairman Mary Schapiro said Tuesday the cost of implementing scores of rules under the Dodd-Frank overhaul of financial regulation has forced her to shift money and people from other pressing tasks. In an address to the National Association of Corporate Directors, Schapiro said that her agency has ...

Some names to lead Consumer Bureau start to circulate

July 15, 2010 The Obama administration will have numerous tasks to ramp up once the Senate clears a conference report on the financial services overhaul, which could come as early as Thursday. At the top of the list is who to appoint as director of a new Bureau of Consumer Financial Protection, the ...

Senator stands firm on consumer protection bureau

April 30, 2010 Senate Banking Chairman Christopher Dodd, D-Conn., Friday vigorously defended a proposed Bureau of Consumer Financial Protection contained in his measure to revamp the nation's financial regulatory system, the biggest sticking point in picking up additional Republican votes to clear passage. Dodd gave a full-throated defense of the bureau against attacks ...

Treasury chief: Federal role in housing agencies will change

March 23, 2010 Treasury Secretary Timothy Geithner testified on Tuesday that the federal government would play a different, though still important, role in the nation's housing finance system as Congress begins to revamp Fannie Mae and Freddie Mac. But Republicans protested his failure to offer any details on how to unwind the two ...

Lawmaker pitches Consumer Financial Protection Agency counteroffer

March 1, 2010 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 ...

House chairman sees wholesale overhaul of GSEs

January 22, 2010 Fannie Mae and Freddie Mac should be abolished in their public-private structure and their future would lie within an overhaul of the nation's housing finance system, House Financial Services Chairman Barney Frank, D-Mass., announced on Friday. In comments at a hearing on executive compensation at financial firms, Frank repeated his ...

Professor launches fight to save consumer protection agency

January 19, 2010 The chief proponent of a proposed Consumer Financial Protection Agency is ramping up efforts to save the proposal as Senate Banking Committee Chairman Christopher Dodd, D-Conn., considers slashing its reach. Harvard University law professor Elizabeth Warren said Tuesday wrapping the agency into part of another department such as Treasury would ...

Industry resists proposal for single banking regulator

January 5, 2010 As Senate Banking Committee Chairman Christopher Dodd, D-Conn., tries to cobble together consensus to revamp the nation's financial regulatory system, he faces significant industry opposition over his proposal to consolidate the duties of four agencies into one national banking regulator, making it likely his idea will be scaled down when ...

House passes massive financial regulatory overhaul

December 11, 2009 The House on Friday passed the biggest overhaul of the nation's financial regulatory system since the Great Depression, after beating back an attempt to strike from the bill a new consumer protection agency to guard against abusive and unfair home mortgages, credit cards and auto loans. The chamber voted 223-202 ...