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House tries to shackle sway of new consumer agency

As the new Consumer Financial Protection Bureau officially opened its doors Thursday, the House was considering legislation that could restrict its authority to act against abuses of the financial system. Republican sponsors of the bill say they are simply trying to promote transparency and accountability in the agency that was created a year ago as… Continue Reading House tries to shackle sway of new consumer agency

Bankers less optimistic about economy

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U.S. Financial Services leaders are tempering expectations for the U.S. economy, based on the latest business optimism index from Grant Thornton. While 61 percent of the banking leaders surveyed believed the economy will improve in the next six months, that’s down from 72 percent three months earlier. At the same time, 8 percent believe the… Continue Reading Bankers less optimistic about economy

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Banks biting back

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Proposed debit card regulations have pitted the nation’s financial institutions against retailers — but consumers could be the ones caught in the middle. At issue is more than $12 billion in annual debit card processing fees, money that merchants pay to banks to process debit card transactions. The regulations, part of the Dodd-Frank legislation that… Continue Reading Banks biting back

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Foreclosure rescue plan tripped up by red tape

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Out-of-work homeowners facing foreclosure in Colorado were supposed to receive more than $40 million in help from the federal government by the end of 2010. Instead, the Housing and Urban Development department’s Emergency Homeowner Loan Program has been delayed at least until April 1, and questions remain about how the funds will be administered and… Continue Reading Foreclosure rescue plan tripped up by red tape

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State to assume oversight of advisers

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The burden of regulating mid-size investment advisers will shift from federal to state agencies this year, a time when state budgets have been slashed and resources are limited. The Dodd-Frank financial reform act mandates this regulatory shift for midsize investment advisers, or those who have between $25 million and $100 million in assets under management.… Continue Reading State to assume oversight of advisers

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