Consumer Finance Protection Agency
(CFPA) – will we
see the creation of this agency in 2009? We will likely have
some form of finalization regarding this agency in the coming
year. HR 4173, passed by the US House of Representatives the
"Wall Street Reform and Consumer Protection Act of 2009,"
includes Title IV which contains provisions on the Consumer
Financial Protection Agency Act, in addition to numerous
other provisions. Some of these provisions include; the Mortgage
Reform and Anti-Predatory Lending Act, The Financial
Stability Improvement Act, Corporate and Financial Institutions
Compensation Fairness Act, Over-the Counter Derivatives
Markets Act of 2009, Capital Markets and other miscellaneous
provisions. This one will be interesting to watch in 2010 and
the subsequent rulemaking that may come from this in the future.
Without going painstakingly through the provisions of the
bill regarding the CFPA, suffice it to say that there have been
varied discussions and changes as it worked its way through
the House to the examination, enforcement and rulemaking authority
of the proposed agency, as well as, the applicable laws and
entities in which it will govern.
