1400/1800 – House Financial Services subcommittee onfinancial institutions and consumer credit hearing, “ImprovingConsumer Financial Literacy under the New Regulatory System.” ———————————————————- DIARY – Federal Reserve Events[FED/DIARY] U.S Indicators[US/ECI] U.S Treasury new issues calendar[US/C]. FRANKFURT, June 24 (Reuters) – Porsche’s (PSHG_p.DE)chances of obtaining state aid have dwindled after a governmentpanel cancelled a meeting scheduled for Friday to discuss apossible loan for the sportscar maker, German daily StuttgarterNachrichten reported. Stocks  |  Mergers & Acquisitions  |  Bonds The newspaper cited a spokesman for the German economyministry as saying there was no more basis for discussionsafter state bank KfW [KFW.UL] rejected Porsche’s request for a1.75 billion euro ($2.5 billion) loan last week. Porsche racked up 9 billion euros of debt trying to swallowits much bigger rival Volkswagen (VOWG.DE) before the financialcrisis turned the tables and threatened to unravel the deal. KfW rejected the company’s request for a state loan andasked Porsche to improve its proposal.

But sources confirmed to Reuters that the government panel,which could still give the green light for state aid, hadcalled off its Friday meeting. (Reporting by Gernot Heller and Andreas Kroener; Writing byMaria Sheahan, editing by Leslie Gevirtz) Stocks Mergers & Acquisitions Bonds. (Linda Stern is a freelance writer Any opinions in the columnare solely those of Ms Stern. You can e-mail her ) Regulatory News  |  Bonds  |  Funds News  |  ETFs News By Linda Stern WASHINGTON, June 24 (Reuters) – President Barack Obama’splan to create a federal agency to protect consumers fromtricky or hazardous financial products may never make itthrough the Congress, if the bankers have their say.

Financial services companies are coming up with cash nobodyknew they had to fight the proposal, which would put hiddencredit card fees on a par with faulty bike helmets andflammable pajamas. Consumer advocates are asking Congress to create such anagency, which would focus on financial products like checkingaccounts and mortgages, regardless of what kind of financialcompany was issuing them. Currently, different federal agencies oversee differentkinds of banks, and their rulings on bank products can differfrom agency to agency and bank to bank. The proposed new agencywould review credit cards, insurance products, bank accountsand other financial tools for their clarity and safety. “Although a Consumer Financial Protection Agency would notbe a panacea for all current regulatory ills, it would correctmany of the most significant structural flaws that exist,” twolong-time consumer advocates told a congressional hearing onJune 24. Travis Plunkett of the Consumer Federation of America andEdmund Mierzwinski, with the U.S.