Top officials meet on new consumer protection agency; staff at 7 agencies may be transferred
By APThursday, July 29, 2010
US officials discuss new consumer agency
WASHINGTON — High-level government officials have met to discuss the new consumer protection agency established by the financial overhaul law, and employees at seven federal agencies are being told they may be transferred to work at it.
Treasury Secretary Timothy Geithner met Thursday with heads of agencies including Federal Reserve Chairman Ben Bernanke; Sheila Bair, head of the Federal Deposit Insurance Corp.; and Housing and Urban Development Secretary Shaun Donovan. They agreed to work closely in the transition period, Treasury spokesman Andrew Williams said. Geithner is the temporary director until a new head of the agency is named.
The independent consumer protection agency, to be located within the Fed, will have the power to write and enforce new rules for mortgages, credit cards, bank fees and other consumer finance.
