Baring Her Fangs
Elizabeth Warren is ready to rumble.
Appearing on "The Daily Show" last week, the de facto head of the Consumer Financial Protection Bureau railed against legislation to delay, defund or "defang" the new agency.
The show's host, Jon Stewart called it "Round Two," but Warren's description evoked a brawl straight out of "West Side Story."
"The fight isn't over," Warren said. "The fight moved from Main Street to the dark alleys. Now the game is, let's just see if we can stick a knife in the ribs of this consumer agency."
Republicans have introduced four bills that would, among other things, replace the CFPB director with a five-member board, give other regulators more power to overrule the consumer bureau and delay implementation of its powers until a Senate-confirmed leader is in place.
Republicans have also said that the bureau should have to go through the appropriations process. But even banks have an easier time getting their hands on government money, Stewart joked.
At the top of the show, he lampooned a measure that would require World Trade Center survivors to prove they're not on the terrorist watch list before receiving federal health benefits under the 9/11 First Responders law.
"You want billions in bank bailout money? You get that without having to be cross-checked against the terrorist watch list," he said. "The only thing they want to know in that case is did you start the financial meltdown in the first place, because if you did, here's your [expletive] money."
Saloon Salvo
Even while not in Washington, Sen. Jon Tester, D-Mont., is continuing to push for his bill to delay a rule that would limit interchange fees on debit cards.
In an op-ed in Montana Tavern Times, the newsletter of the Montana Tavern Association, Tester responded to local attack ads by saying his measure is designed to protect Montana community banks and credit unions.
"I had serious concerns about its unintended consequences for Montana and other rural states," Tester wrote. "The proposed swipe fee limit is below the cost of doing business, which means Montana's community banks and local credit unions won't be able to cover the costs of offering debit cards. Local banks may have to start charging fees, limiting purchases, getting rid of free checking or stop offering debit cards altogether. And if Montana's small banks can't afford to offer debit cards, they won't be able to compete against big national banks — and they could dry up."
Tester has introduced a bill that would delay the interchange rule by two years while regulators study the issue. The interchange rule was added to the Dodd-Frank Act by an amendment from Sen. Dick Durbin, D-Ill. Tester has been lobbying to gain the 60 needed votes for his measure and a vehicle to attach it when Congress returns from recess.
Legal Teamwork
Patton Boggs LLP and Collingwood Group LLC have formed a joint group to advise clients.
Through the teaming arrangement, the groups will leverage their resources to help clients deal with legal and operational hurdles. They also will collaborate on client-focused written material, events and media outreach. The firms will remain independent of each other.
Patton Boggs' mortgage banking group, led by partners Richard Andreano, John Socknat and Michael Waldron, will lead the teaming arrangement on behalf of the firm. Their Collingwood Group counterparts are Joe Murin, former president and CEO of Ginnie Mae, and Brian Montgomery, former assistant secretary for housing and former federal housing commissioner.
New Titles
Credit Suisse is reshuffling its staff. The bank moved Mary Whalen to managing director/senior adviser, to focus on regulatory and legislative issues. Whalen previously worked as co-head of public policy for the Americas. She joined the bank in 2001 from the law firm Williams & Jensen.
Joe Seidel moved from co-head of the Americas public policy office, a post he had held since 2009, to head of the office. He joined the bank from Williams & Jensen in 2001. Previously he worked on Capitol Hill for 10 years and was Republican general counsel to the House Banking Committee. Mike Williams will become deputy head of the group. Williams joined Credit Suisse in 2007 from the Bond Market Association, where he was senior vice president. He served as special assistant to the president during the Clinton administration.
