By Sarah Borchersen-Keto, CCH Washington News Bureau, and Richard Roth, J.D., Editor, the CCH Federal Banking Law Reporter, CCH Bank Compliance Guide and Bank Digest.
The Treasury Department has sent Congress its draft proposal to create a Consumer Financial Protection Agency, and expects lawmakers to move quickly to enact legislation. Michael Barr, Treasury Assistant Secretary for Financial Institutions, told reporters on June 30, 2009, that President Obama is “highly focused” on getting legislation passed and that it will be an “extremely high priority” in coming weeks.
Treasury Secretary Timothy Geithner said the agency “will have only one mission – to protect consumers – and have the authority and accountability to make sure that consumer-protection regulations are written fairly and enforced vigorously.” Consumer protection will have an independent seat at the table in the financial regulatory system, he said, adding that consolidating accountability in one place will reduce gaps in federal supervision and enforcement.
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