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News Now

Washington
Obama admin delivers consumer protection plan
WASHINGTON (7/1/09)--The Obama administration on Tuesday revealed its full plan for a proposed Consumer Financial Protection Agency by delivering 152 pages of draft legislation to Congress. In a statement, President Obama said the planned agency would ban “the most unfair practices,” and added that “enforcement” would “be the rule, not the exception.” The legislation, as currently constructed, would transfer all consumer financial protection functions and authorities of the National Credit Union Administration (NCUA) to the proposed new agency. More generally, House Financial Services Committee Chair Rep. Barney Frank (D-Mass.) has repeatedly indicated that the NCUA would maintain its full independence under any resulting regulatory regime. In a Tuesday statement that followed the administration’s release, Frank said that while he welcomed the Obama administration’s legislative blueprint for the agency, “the committee will, of course, exercise its own judgment on the specifics.” The House Financial Services Committee began its discussion of the proposed Consumer Financial Protection Agency last week, and the committee is scheduled to continue the discussion once it has returned from the Independence Day district work period. Frank previously has said that the committee would begin marking up related legislation in July, and Tuesday added that his group would “draft and approve a bill in committee before the August recess.” Frank has indicated that while the final regulatory reform legislation would take the form of one all-encompassing bill, each piece of that legislation will be discussed and marked up separately by his committee.


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