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The CFPA: Goliath in the making

December 15, 2009 | alternatives, federal legislation, industry | Comments (0)

From the Moderate Voice:

One of my brothers is a regional vice president at Wells Fargo Bank in Portland, Oregon. We talked by telephone yesterday and after exchanging views on family and college football I asked him what he thought about pending new regulations on the financial institutions now being offered by President Obama and Congress.

“The (proposed) consumer protection agency is a disaster waiting to happen,” he vowed. Now, my brother is no apologist for the banking institutions. He laments that greed and lack of regulation were instrumental in last September’s financial meltdown. I was not equipped to challenge his view on the House’s bank regulatory bill. So I spent half this morning trying to educate myself.

The legislation would govern the simplest payday loan and the most complicated high-finance trades. In its breadth, the measure seeks to impose restrictions on every house of finance, from two-teller neighborhood thrifts to huge interconnected conglomerates.

This piece is a great read.

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