Weekly Audit: Obama's Regulation Overhaul Comes Up Short

by Zach Carter, TMC MediaWire Blogger 

President Barack Obama rolled out his plan to overhaul financial regulation last week. While much of the Obama plan relies on the same regulators and structures that led to the current meltdown, there is one key exception. The establishment of an independent Consumer Financial Protection Agency would give ordinary citizens a seat at the financial policy table for the first time and prevent the abuses in credit card and mortgage lending that have wreaked havoc on households all over the country.  

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FL's Top Bank Fails; Bush Treasury Scandal Unfolds

This past week, the Treasury Department's Office of Thrift Supervision Issued a Prompt Corrective Action Directive to $14 billion holding company BankUnited of Coral Gables, Florida's largest financial services firm.

From Zero Hedge:

(BankUnited) was told by its regulator, the Office of Thrift Supervision, to find a buyer who would raise its depleted capital to acceptable levels or risk a government takeover. In an ominously sounding "prompt corrective action directive", the OTS has essentially given the bank a 20 day ultimatum.

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