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Banks Say Watchdog Idea Bites

Posted by: RateAPY Bank Rates News
September 18th, 2009

Banks and other businesses are gearing up to fight President Obama’s proposed Consumer Financial Protection Agency, a watchdog that would oversee mortgages and other consumer loans and monitor compliance with consumer-protection laws. The U.S. Chamber of Commerce announced last week it’s launching a multi-million dollar campaign to derail the plan. The campaign will begin with an inside-the-beltway push with print and online advertising, and then expand to television and radio advertising and grassroots mobilization throughout the country, the chamber says. The American Bankers Association has been on record opposing the idea since it was introduced. In June testimony before the House Financial Services Committee, American Bankers Association president and CEO Edward L. Yingling said separating the regulation of an institution from the regulation of its products was a mistake and would lead to conflicts, duplication and inconsistent rules.

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