WASHINGTON -- The top Treasury Department official on credit unions said today that the proposed agency to regulate consumer financial products will give credit unions a more stable regulatory environment in which to operate.
Senate Banking Committee Chairman Christopher Dodd (D-Conn.) admitted last Friday that he and the Republicans are "at an impasse," on legislation to revamp how financial services firms are regulated, but vowed to move forward in drafting a bill.
Credit unions are hoping that President Obama's latest endorsement of a new agency to regulate consumer products won't be enough to push it through the Senate
To forecast what lies ahead in 2010, one has to consider the enormous legislative and regulatory challenges of 2009.
Congress has placed financial service providers on the defensive during the past four years. But with an election scheduled for this year, the political pressures will be even greater.
The impending retirement of Senate Banking Committee Chairman Christopher Dodd (D-Conn.) could make it easier for that panel to reach a consensus on regulatory restructuring, according to lobbyists for the credit union movement.
I'm going beg just a bit of patience for one last bit of your holiday spirit, inspired after reading Shari Storm's Motherhood Is the New MBA,