Contact:	Clarence Mills (202) 543-1440 c.mills@att.net
For Release:	Immediate News Bulletin PR-53 June 30, 2009

Obama Administration Releases Details on Establishing Consumer Financial Protection Agency

Property and Casualty Insurance Regulation Excluded

WASHINGTON, D.C., June 30, 2009 - The Obama administration today released details for the establishment of the Consumer Financial Protection Agency in Washington, D.C. The new agency was first proposed earlier this month in the administration's release of its "Financial Regulatory Reform: A New Foundation" document. The U.S. House Financial Services Committee has already held a hearing on the scope of such an agency.

The proposed text did not include that the agency would regulate property and casualty insurance. The House Financial Services Committee is expected to begin the markup of legislation for the new agency prior to the August congressional recess. The Automotive Service Association's (ASA) collision leadership will be on Capitol Hill in July to discuss insurance reforms being considered by the U.S. Congress.

To view President Obama's Consumer Financial Protection Agency Act of 2009 proposal and register for the ASA Capitol Hill Fly-In, visit ASA's legislative Web site at www.TakingTheHill.com.

The Automotive Service Association is the largest not-for-profit trade association of its kind dedicated to and governed by independent automotive service and repair professionals. ASA serves an international membership base that includes numerous affiliate, state and chapter groups from both the mechanical and collision repair segments of the automotive service industry. ASA's headquarters is in Bedford, Texas.

ASA advances professionalism and excellence in the automotive repair industry through education, representation and member services. For additional information about ASA, including past news releases, go to www.ASAshop.org, or visit ASA's legislative Web site at www.TakingTheHill.com.

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