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Committee acts on CFPA amendments vote expected today
WASHINGTON (10/22/09)--The House Financial Services Committee on Wednesday continued debate on H.R. 3126, the Consumer Financial Protection Agency (CFPA) Act, following a number of voice votes on amendments that were discussed earlier in the week. A final vote on the bill is expected today. An amendment that would have allowed prudential regulators to veto CFPA regulations that threaten the safety and soundness of the financial institutions that they oversee, which was offered by Reps. Ed Royce (R-Calif.) and Jeb Hensarling (R-Texas), failed by voice vote on Tuesday. Hensarling also offered amendments that would prohibit the CFPA from banning certain types of financial products and would suspend the authority of the CFPA to prescribe regulations if the unemployment rate in the United States is greater than 8%, but these amendments also failed by voice vote on Tuesday. An amendment that would require so-called “financial autopsies” of foreclosures and bankruptcies, identifying the underlying causes of the financial issues and identifying whether or not specific financial products or services appear to have caused a substantial number of the bankruptcies or foreclosures, was also offered by Reps. Alan Grayson (D-Fla.), William Macy Clay (D-Mo.), Brad Miller (D-N.C.) and Jackie Speier (D-Calif.). The Credit Union National Association is also monitoring an amendment, offered by Rep. Gwen Moore (WI), that would eliminate the explicit mention of credit insurance as a product that can be regulated by the CFPA.


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