Consumer Financial Protection Agency
On October 20, 2009, the House Financial Services Committee voted to give the federal government the power to block states from regulating large national banks in some circumstances. The compromise offered by Rep. Melvin Watt (D-NC) and Dennis Moore (D-KS) and approved by voice vote, grants the office of the comptroller of the currency the power to override state action only if it found that the state law in question “significantly” interferes with federal regulatory policies.
On October 22, 2009, the House Financial Services Committee passed by a vote of 39-29 a bill that would create the Consumer Financial Protection Agency. A summary of the bill can be read here. Early returns on the outcome of the preliminary legislative battle have been revealed in preparation for the debate in the months ahead.
Anti-Money Laundering
Some investors defrauded by Bernard Madoff added KPMG, JP Morgan Chase and The Bank of New York Mellon Corporation as co-defendants to a civil lawsuit filed in New York State Supreme Court on October 20, 2009. Additional details (via a Reuters article filed with the New York Times) can be viewed here.
