InfoAnda - House Panel To Vote On Controversial New Consumer Protection Agency

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Home U.S. World Entertainment Sports Business Health Science Technology Politics Offbeat Environment Travel News Articles House Panel To Vote On Controversial New Consumer Protection Agency October 22, 2009 8:15 a.m. EST Kris Alingod - AHN Contributor Washington, D.C. (AHN) - The House Financial Services Committee is expected to vote on Thursday on legislation creating a new agency to protect consumers of financial products. A compromise was approved on Wednesday to allow states to enforce their own banking laws, with the caveat that there would be federal preemption if these regulations interfere with how banks operate. Reforming the regulatory system is a priority of the administration, which successfully pushed Congress to pass a Credit Cardholders' Bill Of Rights in May. The Financial Services panel has been marking up a series of bills since last week aimed at closing loopholes in how banks and investors do business, loopholes attributed to causing last year's financial crisis. One of the measures establishes a new watchdog, the Consumer Financial Protection Agency, to protect consumers from predatory practices. But the proposal has encountered stiff opposition from Republicans. The American Bankers Association has also warned, "Enhanced consumer protection should fix what's broken and not create another layer of federal bureaucracy that consumers will end up paying for. Improving the existing legal and regulatory structures - particularly by filling the gaps of regulation and supervision of non-bank financial providers - will be more successful, more quickly, than a creating a separate consumer regulator." The bill on the CFPA originally proposed completely doing away with federal preemption by giving states the power to impose their own rules on nationally chartered banks. But an amendment from Reps. Dennis Moore (D-KS) and Mel Watt (D-NC) was passed by the Financial Services Committee on Wednesday allowing the federal government to take control if states came in conflict with federal laws or significantly interfered with the operations of banks. Financial Services Chairman Barney Frank (D-MA) had sought to give states more authority to regulate. He was backed by advocacy groups, such as Americans For Fairness in Lending, which argued the original CFPA bill would "restor[e] a first line of defense to consumers who use these products." But Reps. Melissa Bean (D-IL) and Jim Himes (D-CT), co-chairs of the New Democrat Coalition, had pushed for preemption. Nonetheless, the compromise failed to satisfy Republicans. Rep. Spencer Bachus (R-AL), the top Republican in the panel, argued, "Allowing 50 states and thousands of local governments to enact a patchwork of laws and ordinances that supersede federal law will dramatically increase costs for consumers, reduce consumer choice, and place U.S. companies at a competitive disadvantage." Bachus added that the amendment "falls far short in providing the uniform standards needed for the smooth functioning of our national credit markets. The framework established by the Watt-Moore amendment guarantees that multiple state standards would continue apply to consumer banking activities." A white paper by the National Consumer Law Center last month said that since 1996, national banks and thrifts have "enjoy[ed] increasing preemption of consumer protection laws." It added, "For most of our nation's history, national banks have rarely been permitted to ignore state law. State laws were preempted only if they prevented or significantly interfered with national banks' exercise of their powers, or the law favored state banks over national banks." The National Governor's Association had also written Congress last week, telling lawmakers they "must first assume federal regulators will act more quickly and efficiently" in order to justify preemption. "There is no compelling evidence that federal preemption improved consumer or investor protection during the current economic crisis," the governors added. "With exemptions from certain state laws for federally chartered thrifts, banks, and their operating subsidiaries starting in 1996 and into 2004, federal preemption predates the acute period of the current financial services crisis... the argument that state regulation of financial services chills competition and creates a drag on both this sector and the overall economy rings hollow. Throughout the past decade in a dual regulatory environment, financial institutions remained profitable and competitive." Copyright © 2003 - 2009 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. Recent Posts Most Popular Comments Recent Comments Popular Threads Home | U.S. | World | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird / Offbeat Follow AHN on Twitter AHN Social News connects you with friends and the news Client Login | Submit News | Privacy Policy | Terms of Use | Contact | Content Services © 2009 AHN All Rights Reserved

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