Consumer Financial Protection Agency H.R. 3126 moves to next stage.

category: Laws local and national

Consumer Financial Protection Agency H.R. 3126 moves to next stage. 0

This is the formation of a government agency that will regulate anything to do with consumer financial products or services. Here is the summary from the bill:

Consumer Financial Protection Agency Act of 2009 – Establishes the Consumer Financial Protection Agency as an independent executive agency to regulate the provision of consumer financial products or services (products or services) under: (1) this Act; (2) consumer finance laws including the Electronic Funds Transfer Act, the Equal Credit Opportunity Act, provisions of the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Home Mortgage Disclosure Act, the Real Estate Settlement Procedures Act, the Truth in Lending Act, and the Truth in Savings Act; and (3) transferred authorities concerning consumer financial protection functions of the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the Federal Deposit Insurance Corporation (FDIC), the Federal Trade Commission (FTC), and the National Credit Union Administration (NCUA).

So, the good side for this is one agency will be able to regulate the whole banking industry……the bad side…..there is only one agency that will be regulating the whole banking industry. Would love to hear from you guys on this so let me know what you think!