Summary of CFPA
June 23, 2010 | federal legislation, industry | Comments (1)From the House Financial Services website:
Independent Head: Led by an independent director appointed by the President and confirmed by the Senate.
Independent Budget: Dedicated budget paid by the Federal Reserve Board.
Independent Rule Writing: Able to autonomously write rules for consumer protections governing all entities – banks and non-banks – offering consumer financial services or products.Examination and Enforcement: Authority to examine and enforce regulations for banks and credit unions with assets of over $10 billion and all mortgage-related businesses (lenders, servicers, mortgage brokers, and foreclosure scam operators) and large non-bank financial companies, such as large payday lenders, debt collectors, and consumer reporting agencies. Banks with assets of $10 billion or less will be examined by the appropriate bank regulator.
Consumer Protections: Consolidates and strengthens consumer protection responsibilities currently handled by the Office of the Comptroller of the Currency, Office of Thrift Supervision, Federal Deposit Insurance Corporation, Federal Reserve, National Credit Union Administration, the Department of Housing and Urban Development, and Federal Trade Commission.
Comments»
As a consumer, I do not feel “protected”, just over regulated and a bit upset that I am no longer able to make financial decisions for myself. I am sad to know how many credit options we as American’s will lose, due to this political charade. How many of our rights must we lose before we as a whole start to notice?