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Posts Tagged ‘financial institutions’

House Committee Examining Dodd-Frank

May 16th, 2012 Comments off

The Manufactured Housing Association for Regulatory Reform (MHARR) says the House Financial Services Committee (FSC) is holding a hearing today to examine the Dodd-Frank Act’s definition of non-bank financial institutions as “systemically important”, a euphemism for “Too Big to Fail”, meaning the government will protect it from collapse. The Financial Stability Oversight Committee (FSOC), a regulating committee created by Dodd-Frank, will discuss whether the designation gives these firms a competitive edge, and how the ruling might affect the economy. Subcommittee Chairman Shelley Moore Capito says, “There’s no question that we need to have the necessary safeguards in place to avoid another financial collapse, however we must ensure that new rules do not greatly inhibit economic growth.” MHProNews.com has learned FSC Chairman Spencer Bachus says, “Bailouts must end—period.”

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House Determined to Rein in CFPB

February 8th, 2012 Comments off

HousingWire tells MHProNews.com a House of Representatives subcommittee will hold hearings on three bills that could impact the Consumer Financial Protection Bureau (CFPB). Although the bill the Republican-controlled House passed in July 2011 to replace the director with a five-member commission will not likely pass in the Democrat-controlled Senate, the House subcommittee will consider the following: H.R. 1355 would move funding for the CFPB from the Federal Reserve to the Treasury Department where it will be subject to congressional financial oversight; H.R. 2081 would remove the CFPB director from the Federal Deposit Insurance Corporation (FDIC); and H.R. 3871 would prevent the CFPB from disclosing privileged information received from financial institutions. “The reforms we seek are common sense measures that will ensure the bureau fulfills its consumer protection mission while being accountable for its actions and use of resources,” said House Financial Services Committee Chair Rep. Spencer Bachus, R-Ala.

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