Senator Dodd seems to be considering dropping his committee's plans to create a standalone Consumer Financial Protection Agency. But the focus will continue on strengthening regulations.

TBA Chairman-Elect Jeff Austin III to testify this morning at Subcommittee on Financial Institutions and Consumer Credit hearing TBA's Chairman-Elect Jeff Austin III, vice chairman of Austin Bank, Jacksonville, will be testifying before Congress today at 9 a.m. (central) on "The Condition of Financial Institutions: Examining the Failure and Seizure of an American Bank." Bankers can watch a live webcast of this Subcommittee on Financial Institutions and Consumer Credit hearing by clicking here or here. Austin is in Washington, D.C., along with TBA President Eric Sandberg, TBA General Counsel John Heasley and the following bankers: Julie Cripe, Manny Galindo, Mark Long and Mary Ward. They have spent the week meeting with members of the Texas delegation, as well as Sen. Richard Shelby, ranking member on the Senate Banking Committee. They are armed with a letter signed by 526 bankers opposing the Consumer Financial Protection Agency. The letter is being hand-delivered to Sens. Kay Bailey Hutchison and John Cornyn. It appears we are already making inroads in the Senate, as Senate Banking Committee Chairman Chris Dodd has indicated he may drop plans to create a stand-alone Consumer Financial Protection Agency, and, instead, focus on strengthening existing regulators.

Texas Bankers Association| 203 W 10th St. | Austin, TX 78701 phone: 512-472-8388| fax: 512-473-2560| Feedback