House Committee Passes Consumer Financial Protection Agency Proposal

Contact:

Clarence Mills
(202) 543-1440
c.mills@att.net

For Release:

Immediate
News Bulletin PR-69
October 26, 2009

House Committee Passes
Consumer Financial Protection Agency Proposal

Insurers Excluded

WASHINGTON, D.C., Oct. 26, 2009 –The U.S. House of Representatives Financial Services Committee passed H.R. 3126, a bill for the creation of the Consumer Financial Protection Agency, Oct. 22 in a 39-29 vote. The insurance industry was excluded from the legislation.
The Consumer Financial Protection Agency (CFPA) serves several purposes:

CFPA is responsible for rulemaking, examination and enforcement of financial institutions that provide consumers with financial products and services;

The rulemaking authority of the Federal Reserve and other Federal banking agencies under the existing consumer banking laws is transferred to the CFPA;

CFPA also has broad rulemaking authority to address unfair, deceptive and abusive acts and practices that the Agency identifies in the future;

CFPA will examine bank and nonbank institutions for compliance with the consumer banking laws and CFPA regulations and enforce violations of those standards.

The House leadership has not yet decided when H.R. 3126 will be brought to the House floor.

To view text of this legislation, 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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