Obama Wants Big Banks To Fund New Regulator

Law360, New York (August 14, 2009, 4:14 PM EDT) -- The Obama administration is reportedly proposing to fund the Consumer Financial Protection Agency through fees, appropriations and other transfers from the largest banks and other financial firms, easing the burden on community banks.

Financial firms with assets over $10 billion that are not directly federally supervised will pay more for “prudential and consumer supervision,” but community banks' costs of supervision will not increase, a U.S. Department of the Treasury official told Reuters on Friday.

The White House in June released a blueprint proposing that the CFPA...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.