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September 21, 2009 - As the House and Senate address financial regulatory reform, NASCUS continues to promote the preservation of dual chartering and state authority in federal regulatory reform efforts.
House and Senate financial committee leaders, as well as the President, are focused on achieving regulatory reforms that will stem the financial crisis and prevent a recurrence of past events. NASCUS believes that a dual regulatory system, charter choice and state authority should remain in U.S. financial services. As the House debates the creation of a Consumer Financial Protection Agency (CFPA), NASCUS is working with Congressional leaders to ensure a possible federal consumer protection entity partners with the states, who are the first line of defense for consumers.
“NASCUS continues to stress to Congressional and regulatory policymakers that the U.S. financial services system is strengthened by the working relationship between state and federal regulators,” said NASCUS President and CEO Mary Martha Fortney. “As regulatory and consumer protection reforms are considered, NASCUS will continue to promote the interests of state regulators and the institutions they supervise.”
Fortney also added that NASCUS will emphasize the importance of ensuring state regulatory authorities are involved in the exercise of powers granted to the CFPA.
In addition to regulatory reform and consumer protection legislation, NASCUS is monitoring other bills regarding the Community Reinvestment Act (CRA) and member business lending, among others.
To view a tentative schedule of House Financial Services Committee hearings, click here. For more information about regulatory reform efforts, follow this link.
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