• Consumer Financial Protection Agency: A Jack of All Trades But Master of None
  • August 11, 2009 | Authors: William J. Donovan; Suzanne Fay Garwood; Gary D. Hailey; Edward F. Glynn
  • Law Firm: Venable LLP - Washington Office
  • On July 8, 2009, Chairman of the House Financial Services Committee Barney Frank (D-MA) introduced H.R. 3126, "The Consumer Financial Protection Agency Act of 2009" ("CFPAA"). For the most part, the bill reflects the Obama Administration's published proposal to create a new consumer protection agency, the primary focus of which is the protection of consumer interests related to financial products and services. And, although the bill adds numerous pages of text to the Administration's proposal, it remains surprisingly short on key details regarding how the newly formed Consumer Financial Protection Agency (the "Agency") would work from a practical perspective.