After months of bipartisan bashing of the Federal Reserve's actions during the recession, a major proposal discussed by Senate Banking Committee members would give the Fed more power to regulate consumer financial products.
In the wake of unanimous opposition from Republicans to creating a Consumer Financial Protection Agency, Committee Chairman Christopher Dodd (D-Conn.) and Sen. Robert Corker (R-Tenn.) were floating a compromise proposal to beef up the Fed's consumer regulatory powers.
Several key Democrats were lukewarm to the idea, and lobbyists for CUNA and NAFCU said the impact on credit unions' regulatory burden is unclear.
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