UFSC President Visits White House to Hear Obama Speak

October 12, 2009

UFSC Members:

I am pleased to announce that our President, Ditu Kasuyi visited the White House on the historical day when President Obama won the Nobel Peace Prize. Why was Ditu at the White House? He was there representing UFSC at the invitation of the Deputy Associate Director of the Offices of Intergovernmental Affairs & Public Engagement. Ditu witnessed President Obama make remarks about the need for regulatory reform & consumer protection. 

As you know, UFSC is not a lobbying body; however, we are strong advocates for financial literacy education and Awareness. Ditu attended the event to learn more about the proposed reform. It is very important that each of us obtain knowledge about the proposed reform so that we can have informed conversations in our workplaces and so that we can answer questions from the community on the issue.  Below you will find information to assist you in increasing your knowledge and I encourage you to share the information with other members.  Please leverage www.aba.com and www.cbabanet.org for regulatory reform information that impacts our industry.

Information from the CBA (Consumer Bankers Association) - CBA Bank Alert: The House Financial Services Committee will kick off its consideration of financial regulatory reform legislation on Wednesday, October 14, 2009.  The markup* for the Consumer Financial Protection Agency bill and the Expedited CARD Act bill is scheduled to begin after the House Financial Services Committee considers an over-the-counter derivatives bill.  

The Committee will consider the following bills starting on Wednesday, October 14, 2009: 

• The October 2, 2009 Discussion Draft of the Over-the-Counter
  Derivatives Markets Act of 2009; 

   

• The September 25, 2009 Discussion Draft of the Consumer
  Financial Protection Agency Act of 2009 (to be reported as H.R. 3126); 

   

• H.R. 3763, to amend the Fair Credit Reporting Act to provide for an exclusion from Red Flag Guidelines for certain businesses; and 

   

• H.R. 3639, Expedited CARD Reform for Consumers Act of 2009

   

The CFPA bill is expected to be approved in the Committee as well as on the House floor.  The CFPA bill will be added to other regulatory reform provisions, including over-the-counter derivatives and systemic risk on the House floor. The Senate will move through a similar process with a vote on a comprehensive regulatory reform bill in the Senate Banking Committee and then a vote on the bill on the Senate floor.  Although we do expect the CFPA bill to pass in the House, it is unclear what consumer protection language will be included in the Senate version regulatory reform bill.  Negotiations are still ongoing with lead Senators of the Senate Banking Committee, Chris Dodd (D-CT) and Richard Shelby (R-AL), and we will continue to keep you updated with what we know. 

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*A markup is when the committee with jurisdiction over an issue votes on final passage of a bill.  Typically, there are amendments and other changes to the bill that will occur during the markup before the vote on final passage of the bill.  If the bill is approved in the committee with jurisdiction, the bill then moves to the House/Senate floor for a vote.  

Submitted by,

Adrienne Whitaker
UFSC International Vice President