Bill Summary
Major Provisions of H.R. 3126
The bill creates an independent Consumer Financial Protection Agency (CFPA) with the sole mission of protecting consumers when they borrow money, make deposits, or obtain other financial products and services. CFPA will finally put consumer protection on par with “prudential” safety and soundness regulation after years of playing second fiddle, and address regulators’ past failures to impose effective consumer protections for subprime mortgages, credit cards, overdraft fees, and many other financial products. CFPA will write rules under existing consumer finance laws like the Truth in Lending Act and the Equal Credit Opportunity Act, and have authority to stop unfair, deceptive,…
