Frank Introduces Consumer Protection Legislation

Financial Services Committee Chairman Barney Frank, D-Mass., has formally introduced [link=http://www.house.gov/apps/list/press/financialsvcs_dem/21frank_011_xml.pdf][u]H.R.3126[/u][/link], which would establish the Consumer Financial Protection Agency proposed by the Obama administration. Frank's bill differs from the draft released by the administration in that it preserves the current federal banking regulators' role to enforce the Community Reinvestment Act and references the Office of the Comptroller of the Currency and the Office of Thrift Supervision, two agencies that were merged under the Obama proposal. "I intend to mark this up by the end of July, and we have already begun to hold hearings on this subject and have had a great deal of consultation among members," Frank said in a statement. "I am confident that we will produce a bill that will provide greater consumer protections while in no way burdening the legitimate activities of responsible banking." Twelve House Democrats signed on as co-sponsors of the bill. SOURCE: House Financial Services Co

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