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Today, the Financial Services Committee approved legislation that will establish a new, independent federal agency solely devoted to protecting Americans from unfair and abusive financial products and services.   The Committee's press release states as follows: As called for by President Obama, the Consumer Financial Protection Agency (CFPA) represents one of the most significant efforts by Congress to bring about long… Read More

Committee to Hold Hearing on Consumer Financial Protection Agency   Washington, DC – The Committee on Financial Services will hold a hearing titled “Perspectives on the Consumer Financial Protection Agency” on Wednesday, September 30.     Who:               House Financial Services Committee What:             Hearing: “Perspectives on the Consumer Financial Protection Agency” When:             Wednesday, September 30 10:00 a.m. Where:           Room 2128, Rayburn House Office… Read More

On Wednesday, the House Financial Services Committee heard testimony from industry on the Administration's financial reform proposals.   The testimony can found be found here, highlighted by prepared statements from AFSA, MBA. and ABA.  Today, the House FSC is hearing testimony from Consumer Advocates, whose prepared statements can be found here. Read More

On June 30, the Obama administration delivered legislation to the Hill in support of creating a Consumer Financial Protection Agency.  The text of the legislation can be found here, and the FTC's prepared statement to the House Financial Services Committee can be found here. The House Financial Services Committee Press Release can be found here.  The Senate Committee on Banking,… Read More

The Consumer Credit and Debt Protection Act, introduced by Bobby Rush (D. Ill) on May 7, 2009, and co-sponsored by Doris Matsui (D. Cal.) and Janice Schakowski (D. Ill), currently is pending before the House of Representatives.   (H.R. 2309)   Section 2 of the Bill would authorize the FTC to regulate automobile sales: (2) AUTOMOBILE SALES- The Federal Trade Commission shall… Read More

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