What’s the CFPA gonna do?
October 26, 2009 | federal legislation, industry | Comments (0)According to this WSJ blog:
According to the draft legislation, Treasury’s plan would:
- 1) Give the agency broad authority to write rules about services or products including:
a. Deposit-taking activities
b. Extending credit and servicing loans (this could include mortgages, credit cards, etc.)
c. Check-guaranty services
d. Collecting, providing, or analyzing consumer report information
e. Providing real estate settlement services, including title insurance
f. Leasing personal or real property
g. Investment advisers that aren’t already regulated by the CFTC or SEC
h. Processing financial data
i. Sale or issuance of stored value cards
j. Acting as a money service business
k. And any other activity the agency defines as a rule, except for most types of insurance, which are exempt.
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