consumer finance protection agency

The financial services industry welcomes regulatory reform but opposes some aspects of the administration’s proposals – most notably the creation of a Consumer Financial Protection Agency.

The Obama administration made the case for a new Consumer Financial Protection Agency with sweeping powers of rule writing, supervision and enforcement across all product areas, dismissing the current system as “designed to fail” with regard to consumer protection.

The administration unveiled its sweeping proposal for a new Consumer Finance Protection Agency that will have oversight of everything from credit cards to tax advisors. Click here to download the full report.