|Carson Votes to Establish Consumer Financial Protection Agency|
October 22, 2009
“Though Wall Street CEOs and big business interests want us to forget about how our economy wound up in a ditch, President Obama and Congress have made clear we won’t let that happen. Families and small businesses across this nation are struggling mightily, in large part, because no one was minding the store when it comes to regulating important components of the financial sector. Today’s vote marks an important step in moving forward the President’s comprehensive regulatory reforms aimed at preventing any future financial collapse.
“I have been a strong proponent of creating the CFPA for some time, knowing that it will help ensure that consumers have a meaningful understanding of financial contracts. By streamlining regulations that protect consumers from falling victim to confusing and sometimes fraudulent practices, this bill will help countless Hoosiers avoid foreclosure and crippling debt.
“As a Member of the Financial Services Committee, I have worked for the last several months to create a CFPA bill that will benefit all
More information on the Consumer Financial Protection Agency (CFPA):
This CFPA legislation seeks to promote fair market operations by increasing transparency, simplicity, fairness, accountability, and access in the market for consumer financial products and services. It will ensure that consumers are able to make educated decisions regarding financial products and services and will protect them from abuse, unfairness, deception, and discrimination.
The CFPA will consolidate the regulatory and enforcement authority which is currently shared by a number of federal agencies—Federal Reserve; Office of the Comptroller of the Currency (OCC); Office of Thrift Supervision; Federal Deposit Insurance Corporation (FDIC); Federal Trade Commission (FTC); and National Credit Union Administration (NCUA). While these agencies will hand over their regulatory and enforcement powers to the CFPA, they will retain their supervisory and examination responsibilities over matters involving safety and accuracy.
This legislation does not explicitly impose new regulations on financial activities and products, but rather leaves such decisions to be made by the CFPA through future rulemaking and guidance.
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