by. Henry Meier
WARNING: The following blog is predicated on the assumption andor delusion that Congress has both the ability and inclination to not just talk about the nation’s challenges but to do something about them
Good morning-Yesterday was a busy day in the public policy arena. Here is a quick review of some of the highlights
Credit Union Reg Relief Testimony DouglasA Fecher, CEO of Wright-PattCredit Union, delivered testimony on behalf of CUNAbefore a House Financial Services Sub Committee. The testimony highlighted an increasingly long list of needed reforms-ranging from putting the brakes on the Justice Department’s “Operation Choke Point” before it chokes off legitimate business activity, to forcing NCUAto scale back some of its proposed RBC asset weighting. CUNA estimates that, since 2008, credit unions have been subjected to 180 regulatory changes from 15 different agencies. The testimony is available here: http://financialservices.house.gov/uploadedfiles/hhrg-113-ba15-wstate-dfecher-20140715.pdf
Warren is must see T.V.Even though I disagree with about 90 percent of what she has to say, Elizabeth Warren, the Birth-Mother of the CFPBand the current Senator from Massachusetts is good for America if only because she is one of the few politicians willing to publiclysay how little is being done to prevent Too-Big-To-Fail banks from failing again at taxpayer expense. In this increasingly exasperated exchange with Fed Chairman YellenWarren points out that so called“living wills,” which are intended to provide for blueprints for the orderly liquidation of the Behemoth banks, aren’t worth the paper they areprinted on if the Fed doesn’t force institutions to make the changes necessary to allow for orderly liquidation. Yellen suggests that the Fed role in the process is merely advisory. http://www.huffingtonpost.com/2014/07/15/too-big-to-fail_n_5588558.html
