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Regulatory Reform Effort Creeps Ahead as Senators Dodd, Shelby Trade Proposals

March 2, 2010 in Banking Report · Leave a Comment 

Senate Banking Committee Chairman Dodd and ranking Republican Richard Shelby have traded competing proposals on consumer protection in a complex legislative contest on how to revamp U.S. financial services regulation. According to a summary, Dodd’s proposal calls for a consumer protection unit within the Treasury, instead of a stand-alone Consumer Financial Protection Agency. Shelby’s plan would create a new Consumer Protection Division inside the Federal Deposit Insurance Corporation, according to his summary….

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