Talk:Consumer Financial Protection Agency

From Riski

• From the Washington Post Friday, June 12, 2009 Christopher J. Dodd (D-Conn.), chairman of the Senate Banking Committee, yesterday announced his support for the creation of a new agency with broad authority to protect consumers of financial products such as mortgage loans and credit cards.

• June 29 (Bloomberg) -- New York and other states can enforce their fair-lending laws against federally chartered banks including JPMorgan Chase & Co. and Wells Fargo & Co., the U.S. Supreme Court ruled.

The 5-4 ruling rejected arguments that federal law gives the U.S. Office of the Comptroller of the Currency exclusive power to scrutinize those banks. At the same time, the court said Eliot Spitzer, then attorney general of New York, lacked authority to threaten units of JPMorgan, Wells Fargo and HSBC Holdings Plc with a subpoena if they didn’t supply information about their real estate lending practices.

The ruling is largely a victory for consumer and civil rights groups and the current New York attorney general, Andrew Cuomo. It’s a setback for the banking industry, which urged the high court to stop the New York investigation.

“We’re disappointed that the Supreme Court has decided to question the OCC’s role as the exclusive regulator for national banks,” Edward L. Yingling, president and chief executive officer of the American Bankers Association, said in a statement"

• Report on the FDIC "Small Dollar Lending" Pilot Program, June 2009

• The levy rates are used to calculate annual levies from the financial services sector to fund the operational costs of the Australian Prudential Regulation Authority (APRA), and certain market integrity and consumer protection functions undertaken by the Australian Securities and Investments Commission (ASIC) and the Australian Taxation Office (ATO) in relation to APRA-regulated institutions.

In 2009-10, APRA will collect $119.8 million to fund its own levy-related activities and to cover the relevant costs of ASIC and the ATO. This compares to the levy requirement of $107.9 million last year. The additional funding reflects ongoing increase in supervisory activities by the regulators to address the effects of the global financial crisis.

• Interchange Fees and Payment Card Networks Federal Reserve Board, May 13, 2009