Legislative Background
Recent Action on Consumer Financial Protection
On June 30, the White House unveiled a 150-page proposal to create a new financial regulatory agency with the authority to oversee both banks and non-banks (financial institutions that do not have a full banking license and are not supervised by a banking regulatory agency). The proposed Consumer Financial Protection Agency (CFPA) is a central piece of the Obama Adminis-tration’s financial regulation overhaul package. Under the Treasury Department’s draft legislation, the new agency would be able to gather information on loans, products, and services from all aspects of the financial system. It would have significant enforcement power, and all its…
