WASHINGTON — Consolidating some of the financial regulatory functions under the Treasury Department would decrease state input into the policymaking process and circumvent the intent of Congress, NASCUS and two other organizations representing state financial regulators wrote President Bush.
At issue is a proposal in the Treasury Department's recently-issued Blueprint for financial regulation to give greater regulatory oversight to the President's Working Group on Financial Markets, which is part of the department.
NASCUS Chairman George Reynolds and his counterparts from organizations representing bank and thrift institution regulators said the proposal would diminish the authority of the Federal Financial Institutions Examination Council, an interagency organization, which includes representatives from state regulatory agencies.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
