Financial Services Litigation & Investigation Monitor : Financial Services Lawyer & Attorney : Perkins Coie Law Firm : Government Investigations, Class Actions

June 23, 2010:  The Los Angeles Times reports that Senate and House negotiators are close to reaching agreement on the creation of a new consumer protection agency as part of the financial services overhaul legislation working its way through Congress and expected to be presented to President Obama for signature within the coming weeks.  According to the report, lawmakers are working out a compromise that would mostly exempt car dealers from the new agency's oversight.  Legislators have reportedly agreed to house the independent agency at the Federal Reserve.

 

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On July 21, 2009, House Financial Services Committee Chairman Barney Frank said that he will postpone a previously planned vote on legislation to create a new federal consumer protection agency until after the August recess.  The new agency  was included in the Obama administration's June 2009 proposal to overhaul the financial sector as an oversight body charged with protecting consumers of mortgages, credit cards and other financial products.  The Washington Post has reported praise for the proposed new agency from consumer protection groups, and sharp criticism from several industry groups, who argue that that the proposed agency will cause increase costs for consumers and further exacerbate the patchwork nature of current financial sector regulation.

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