Archive for May, 2010
Senate Bill 3217, ‘‘Restoring American Financial Stability Act of 2010″ promotes financial stability, ends ‘too big to fail’ and proposes increased protection of taxpayers by ending bailouts and promotes consumer protection from unfair financial services practices. This bill allows for the creation of the “Bureau of Consumer Financial Protection”, which will take the power from the Federal Reserve Board, FDIC, FTC, NCUA, OCC, OTS, and HUD.
The House Bill 4173, “the Wall Street Reform and Consumer Protection Act of 2009, (Dec 11, 2009) promotes reform in terms of consumer protection, regulatory reform and demands federal oversight in insurance and derivatives markets. This bill calls for the creation of the Consumer Financial Protection Agency.
A “conference committee” will work to “reconcile the differences”. In order for it to pass, both the House and the Senate must a) agree on a compromise version b)approve the conference committee’s report c)receive approval from the President.
MBS ProClose hosted a booth at the Annual NJ Mortgage Bankers Conference on March 17, 2010. Given the holiday, we weren’t about to let it the day go by without testing the attendees’ knowledge about St. Paddy’s day, including the thoughtful question, “Who is more Irish, Fannie Mae or Freddie Mac?”