Consumer Financial Protection Agency Act of 2009

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The Consumer Financial Protection Agency Act of 2009 (“CFPAA”) is Title X of the Obama Administration’s proposed comprehensive financial overhaul legislation. The CFPAA would create a new federal agency (“Agency”) to oversee consumer protection for all financial services. The new Agency would assume both rulewriting and enforcement roles under existing consumer protection laws that apply to financial services. The Agency also would be given additional powers over these services. In addition, the CFPAA would subject federally chartered financial institutions to state consumer protection laws that have historically been preempted. The CFPAA also transfers existing statutory authority and existing agency personnel to the new Agency.

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