Posted on October 22, 2009 by Hunton & Williams LLP Print This Article

Consumer Financial Protection Agency Bill Passes the House Financial Services Committee

Today the House Financial Services Committee passed legislation to create the Consumer Financial Protection Agency.  Although the legislation has yet to pass the full House and Senate, the current bill would make the new agency responsible for rulemaking, examination and enforcement of financial institutions that provide consumers with financial products and services.  Furthermore, the Federal Reserve's rulemaking authority under current consumer banking laws would be transferred to the new agency.
 
Click here for the House Financial Service Committee's press release, and click here for the bill's summary.

Posted on June 30, 2009 by Hunton & Williams LLP Print This Article

Consumer Financial Protection Agency Bill Sent to Capitol Hill

The White House delivered to Capitol Hill today draft legislation for the creation of the Consumer Financial Protection Agency, according to a Treasury Department press release.  The draft legislation, officially called the Consumer Financial Protection Agency Act of 2009, is part of a broader effort on the part of the White House and Congress to pass financial industry regulatory reform legislation by the end of the year.  The new agency's consumer portfolio will include credit cards to mortgages, according to the Treasury Department.  In order to create the new agency, Congress must pass both the bill for the agency itself as well legislation modifying the Federal Trade Commission Act. 
 
Click here for the Treasury Department's press release, click here for the Consumer Financial Protection Agency Act of 2009 draft bill, and click here for draft language to modify the Federal Trade Commission Act.