National News

Obama administration proposes regulatory reforms

The proposal, released June 17, would create a new Financial Services Oversight Committee, comprised of the five principal federal financial regulators and chaired by the Treasury Department. The proposal also calls for two new agencies: the Consumer Financial Protection Agency, “dedicated to consumer protection in credit, savings and payments markets,” and the National Bank Supervisor, “a single agency with separate status in Treasury with responsibility for federally chartered depository institutions.” The Federal Reserve and FDIC would continue to supervise and regulate state-chartered banks. The plan . . .

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