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Washington Archive

Washington

NCUA other key players at White House bid for CFPA

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WASHINGTON (10/12/09)—The White House Friday called together a variety of Washington players to make another bid for support for the administration’s proposed Consumer Financial Protection Agency (CFPA) and among them, according to the National Credit Union Administration (NCUA), was that agency’s chairman. Along with NCUA Chairman Deborah Matz was Federal Deposit Insurance Corp. Chairman Sheila Bair, U.S. Treasury Secretary Timothy Geithner, as well as key members of the U.S. Congress, such as Rep. Paul Kanjorksi (D-Pa.) and Senate Banking Committee Chairman Christopher Dodd (D-Conn.). When asked for a comment, NCUA Director of Public and Congressional Affairs John McKechnie said, "The Chairman shares the President's commitment to enhancing consumer protections, and is prepared to work with Congress on the evolving proposal." The Obama administration introduced CFPA legislation in June. The bill seeks to protect consumers of financial products through the creation of a powerful independent agency with extensive rulemaking, oversight, and enforcement tools. The House Financial Services Committee announced last week that a discussion draft of the Consumer Financial Protection Agency Act of 2009 (H.R. 3126) is among four bills slated for a vote on Oct. 14.