There's great debate about the creation of a consumer financial protection agency and today it was front and center on Capitol Hill.
Edward Yingling, American Bankers Associationof CEO & President testified before the Senate Banking Committee and reiterated its opposition to the planned creation of a new consumer regulatory body for financial services that would operate separately from prudential regulatory agencies.
Mr. Yingling spoke to Maria exclusively right after his meeting.
And the big question is why should the industry have a problem with this consumer protection agency?
Mr. Yingling told that Maria one of the problems would be that it would "Subject banks to conflicting regulations." The concern is the mortgage brokers involved in state level.
Are they going to examine these new rules?
When Maria asked about what about the consumer, slapped with more fees, Yingling answered there's currently no funding mechanism to accomplish that. He doesn't see how this entity gets funded if there isn't an increase. And Economics tell us, those fees ultimately get passed on to the consumer.
Who needs more fees?
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