Tags: US | Consumer | Agency | Banks | Bair

Consumer Agency Touted as Help for Community Banks

Monday, 01 Mar 2010 03:10 PM

 

The head of the Federal Deposit Insurance Corp. is pitching again for a new agency for consumer financial protection, now a key sticking point in Senate talks in legislation to overhaul the finance system.

FDIC Chairman Sheila Bair said Monday a new agency was needed and she believes it "would help community banks, not hurt them."

The banking industry overall opposes creation of a new agency, which would enforce rules and police the fine print of credit cards, mortgages and other financial transactions. Bair said she was hopeful a bipartisan agreement can be reached in Congress on the issue.

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