UPDATE 1-US financial crisis panel to issue report Jan. 27

* Partisan differences expected in final report

* Report was originally expected in December

By Dave Clarke

WASHINGTON, Jan 19 (Reuters) - The U.S. congressional panel investigating the financial crisis said on Wednesday it will release its final report on Jan. 27.

The 10-member Financial Crisis Inquiry Commission was set up by Congress in May 2009. It was assigned the task of explaining the causes of the worst financial crisis in generations, a meltdown that continues to weigh on the economy.

The report was suppose to be issued by Dec. 15 but the Democratic majority voted in November to delay its release until this month, saying more time was needed, drawing the objection of the panel's four Republican members.

The Republicans on the panel issued a their own take on the crisis last month that mostly blamed government housing policies for the 2007-2009 economic meltdown.

Commissioners said there remains a partisan divide on the panel over the causes of the crisis and these differences will be expressed in the final report.

The Democrats' analysis is expected to focus, in large part, on the role of "shadow banking," or unregulated financial firms, and runaway securitization of private mortgage debt.

The commission has held a series of hearings since its creation, with former Lehman Brothers LEHMQ.PK Chief Executive Dick Fuld, former American International Group (AIG.N) Financial Products head Joseph Cassano and Goldman Sachs (GS.N) CEO Lloyd Blankfein among the executives who have been grilled by the commission. (Reporting by Dave Clarke, Kevin Drawbaugh and Karey Wutkowski; Editing by Tim Dobbyn)