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News Now

Washington
CFPA markup delayed until Sept. Frank says
WASHINGTON (7/22/09)--House Financial Services Committee Chairman Barney Frank (D-Mass.) on Tuesday announced that further consideration of legislation that would establish a Consumer Financial Protection Agency (CFPA) will be delayed until after the upcoming August congressional recess. Frank had previously stated that his committee would begin marking up CFPA legislation in July, adding that his group would draft and approve a bill in committee before the August recess. There was some speculation that the CFPA legislation could be marked up as early as this week, as Frank’s committee tentatively scheduled a full committee markup session for this Thursday. Congress will officially begin its summer district work period on Aug. 3, and will return on Sept. 4. The CFPA legislation, which would seek to protect consumers of financial products through the creation of a powerful independent agency with extensive rulemaking, oversight, and enforcement tools, was introduced by the Obama administration last month. Frank also recently introduced a bill that would enact the Obama CFPA plan. However, Frank’s bill, H.R. 3126, departs from the Obama plan by preserving the current federal banking regulators' role of enforcers. Frank’s bill would also postpone consideration of the proposed merger of the Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS) into a prudential regulator, the National Bank Supervisory (NBS), until a later date. Frank has scheduled a number of general regulatory reform hearings throughout this month and those dates have not been changed.


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