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Shelby backs the CFPA

April 7, 2010 | federal legislation, industry | Comments (0)

Not good news.  The ranking Republican on the Senate Banking Committee is going to support an independent CFPA.  From today’s Washington Post:

The offer marks a significant reversal from the position that Shelby and other Republicans have long held: that such an agency would clash with a separate set of regulators charged with overseeing the health of financial firms. The proposal includes limits on the consumer agency’s authority, including a commission of regulators that could serve as a check on rules put forth by the agency, according to one source.

I hope we’ll get more clarity on this as the day goes on.

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