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Bernanke Expresses Concerns about Consumer Agency to Mazuma CU CEO

The proposed agency to regulate consumer financial products will result in a duplication of efforts because financial institutions would be examined by the agency and their existing regulator, Federal Reserve Chairman Ben S. Bernanke said.

By Claude R. Marx | Updated on July 26, 2009

The proposed agency to regulate consumer financial products will result in a duplication of efforts because financial institutions would be examined by the agency and their existing regulator, Federal Reserve Chairman Ben S. Bernanke said in response to a question from Mazuma Credit Union President/CEO Rob Givens.

Bernanke, who made his comments during a town hall meeting being aired this week on PBS’ Newshour, declined to take a position on the wisdom of the new agency and said he “can understand the motivation for creating such an agency.”

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