From today’s Politico:

And there’s more: Payday lenders, check-cashing outfits and rent-to-own stores operate, for all practical purposes, free from federal regulation — and President Barack Obama wants to change that with a consumer agency that spans the world of finance from high to low.

The business community and some influential Republicans are fighting back. The U.S. Chamber of Commerce has launched an ad campaign focused on limiting the reach of any new consumer regulatory agency, saying that a far-reaching entity would wreak havoc on a lot of mom and pop businesses that had nothing to do with the financial meltdown in the first place.

And so far, that argument is carrying the day. The draft legislation being hammered out by Senate Banking Committee Chairman Chris Dodd of Connecticut and Republican Sen. Bob Corker of Tennessee is widely expected to shield most nonbanks from the enforcement powers of the new consumer protection body.