Summary of Consumer Financial Protection Agency Act

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On June 30, 2009 a draft of the Consumer Financial Protection Agency Act of 2009 (CFPAA) was released.

The white paper recommends the creation of a new consumer financial protection agency that would have broad authority to protect consumers of credit, savings, payment products and other consumer financial products and services.

The CFPAA establishes a new agency (Agency) to oversee consumer protection in financial services. The CFPAA would subject federally chartered financial institutions to state consumer protection laws that have, in the past, been preempted. The CFPAA transfers authority to the Agency from existing statutory authorities.

Please see full summary for more ifnormation.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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