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Proposed Consumer Financial Protection Agency Would Lead to Seachange in Regulatory System for Financial Services by Sean Whalen
Schnader Harrison Segal & Lewis LLP - Philadelphia Office
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September 17, 2009
Previously published on August 2009
In the Spring of 2009, President Obama announced a proposal for reforming the financial regulatory system in a "White Paper" titled "A New Foundation: Rebuilding Financial Supervision and Regulation." A key component of the President's proposal is the creation of a new regulatory agency, the Consumer Financial Protection Agency ("CFPA"). White Paper, p. 55. The creation of the CFPA would dramatically alter the regulatory landscape for banking entities, intermediaries, originators, and financial institutions, including some that are not currently regulated by the federal government.
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