Consumer Law

Washington Post Columnist Steven Pearlstein Reports Compromise Near in Senate on CFPA

By Jeff Sovern

Here.  Here's the paragraph on the CFPA:

The compromise hammered out between Dodd and Corker would establish a single regulator of federally chartered banks with a dual mission and an independent source of funding, based on my conversations with several key players. One division would promulgate and enforce rules to protect consumers; the other would fulfill the traditional role of supervising banks for safety and soundness. Supervisors from both divisions would participate in the periodic reviews of bank operations, and any conflicts between the two would be resolved by the head of the agency.

Full post as published by CL&P Blog on February 24, 2010 (boomark / email).