Stacy Kaper

The House Financial Services Committee is scheduled Wednesday to begin debating the first two pieces of regulatory reform, and its vote will set a crucial marker before the chamber's final negotiations.

President Obama takes on the "Butcher/Baker" argument against the CFPA; Treasury Secretary Tim Geithner's got game?; the MBA beefs up its lobbying shop.

Although the House Financial Services Committee finally held its first discussion Thursday on whether to restrict bank interchange fees, the hearing served chiefly to dispel the idea that the panel was eager to legislate on the issue.

WASHINGTON — Regulators from the Commodity Futures Trading Commission and Securities and Exchange Commission urged House Democrats Wednesday to strengthen a bill designed to better regulate derivatives, arguing it was too weak and had several flaws.

IMGCAP(1)]

With lawmakers threatening to speed up implementation of recent credit card reforms, Bank of America Corp. announced Tuesday that it would stop repricing its customers.

WASHINGTON — As bankers continue to oppose a bill to create a consumer financial protection agency, lawmakers are turning up the pressure by targeting specific reforms in areas like credit cards, interchange fees and overdraft programs.

Chris Dodd calls in big guns to help with campaign; Ron Paul finds a new venue at which to castigate the Fed; 7-Eleven delivers huge petition to stop interchange fees ...

WASHINGTON — Rep. Mel Watt, a potentially key ally in bankers' efforts to minimize the scope of a proposed consumer protection agency, blew up at industry representatives during a House Financial Services Committee hearing Wednesday, arguing that they were standing in the way while he tries to improve the bill.

Senate Banking Committee Chairman Chris Dodd made a concerted push Tuesday to create a single prudential regulator despite opposition from his counterpart in the House and community bankers.

WASHINGTON — Seeking to temper growing momentum around an effort to audit the Federal Reserve Board, House Financial Services Committee Chairman Barney Frank appeared Friday to be pushing a compromise that would require the central bank to disclose more information about its operations, but only after sufficient time passed to prevent spooking the markets.

WASHINGTON — The credit card industry sharply protested a new bill from House Financial Services Committee Chairman Barney Frank Thursday, arguing that moving up the compliance deadline for new restrictions on card practices would be "extremely difficult, if not impossible" to meet.

Lawmakers praised announcements by JPMorgan Chase & Co., Bank of America Corp. and Wells Fargo & Co. that they would ease overdraft-fee programs, but said it would not stop efforts to enact restrictions into law.

After months of holding the line on the Obama administration's plan to reform financial services oversight, Treasury Secretary Tim Geithner showed a willingness to compromise Wednesday, agreeing to relax some consumer protections.

While acknowledging differences in their approach to regulatory reform, House Financial Services Committee Chairman Barney Frank and Senate Banking Committee Chairman Chris Dodd said Tuesday that they are making significant progress on the legislation.

IMGCAP(1)]

The House overwhelmingly approved legislation, 253 to 171, Thursday that would kill the Federal Family Education Loan Program, which lets banks and other lenders offer student loans at discounted rates in exchange for government subsidies.

A drive to restrict overdraft fees is rapidly gaining momentum on Capitol Hill, potentially threatening a revenue stream that has become crucially important to many institutions during the financial crisis.

WASHINGTON — The drive to revamp the regulatory system could breathe new life into a long-simmering effort to modernize the Community Reinvestment Act.

Sen. Chris Dodd's decision to stay as chairman of the Banking Committee while also continuing to play a lead role on the administration's No. 1 priority — health-care reform — left observers predicting Wednesday that enacting financial regulatory reform will be further delayed.