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K&L Gates' Analysis of Consumer Protection Agency Bill

K&L Gates' Stephanie Robinson has put together a very useful alert laying out in chart format  some of the details of the "Consumer Financial Protection Agency Act of 2009" (HR 3126), the legislation that, if enacted, would establish a new federal agency charged with looking out for the consumers of financial products.  The chart compares the bill introduced originally in July of 2009 with the version approved by the House Financial Services Committee last week in nine key areas:

 

 

    • Entities proposed to be covered by the CFPA

 

 

 

 

    • Products and services over which the agency will have authority

 

 

 

 

    • Scope of powers of the new agency, from supervisory to examination and enforcement

 

 

 

 

    • The extent to which the powers of the CFPA will preempt state regulation of consumer financial protection

 

 

 

 

    • Registration of non-depository covered persons

 

 

 

 

    • How and by whom consumer protection laws will be enforced (CFPA, Department of Justice, SEC, Fed, etc.)

 

 

 

 

    • The governing board of the CFPA and the structure of the agency

 

 

 

 

    • Sources of funding for the CFPA

 

 

 

 

    • How conflicts in supervision between the agencies will be handled

 


The full text of Ms. Robinson's alert, with the accompanying chart, is available at: http://www.klgates.com/newsstand/Detail.aspx?publication=5986

A summary, as well as th full text of HR 3126, the Consumer Financial Protection Agency Act of 2009, as approved by the House Financial Services Committee on October is available at:  http://www.govtrack.us/congress/bill.xpd?bill=h111-3126