Alert July 14, 2009

Rep. Frank Introduces Bill Creating Consumer Financial Protection Agency

Representative Barney Frank introduced a bill that would create a new, independent Consumer Financial Protection Agency with sole rulemaking authority under federal consumer protection statutes, as well as supervisory, examination and enforcement authority over all providers of consumer financial products and services. The Agency is a centerpiece of the Obama Administration’s proposals to overhaul the nation’s financial services regulatory oversight structure. Click here for the bill and here for an article on the Administration’s vision for the Agency contained in the June 30 Alert.