X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON-The House Financial Services Committee held a hearing last week on the financial critical infrastructure protection, while the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises was slated after press time for a hearing on abusive products sold to members of the military. Since Sept. 11, when the financial markets had to be shut down for several days after the terrorist attacks, the government and private sector are working to help ensure that doesn’t happen again. “Our nation is home to the greatest financial system in the world,” House Financial Services Committee Chairman Mike Oxley (R-Ohio) said. “We must continually evaluate protections that have been achieved and what more can be done to avoid systemic threats.” Testimony during the hearing came from witnesses in government as well as representatives from the New York Stock Exchange, banks and others. The Capital Markets subcommittee was scheduled to have a hearing last Thursday, entitled “G.I. Finances: Protecting Those Who Protect Us.” It was called to focus on allegedly abusive practices in the sales of financial products, such as insurance, to military personnel. “Congress has the highest obligation to make sure that the very best of our citizens – America’s men and women in uniform – are receiving the best and most honest financial advice,” subcommittee Chairman Richard Baker (R-La.) said. “The very idea of trying to peddle to them products that would be objectionable to the civilian population is really almost too offensive for words.”

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.