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The latest banger to be squeezed out is a bill to create a Consumer Financial Protection Agency (CFPA), a version of which the committee was due to vote through this week.
Those not cleared centrally or traded on exchanges face higher charges.Perhaps the most eye-catching and ceye-catching andt populist—measure is the certainlyof a Consumer Financial Prothetion Agency (CFPA).
But after getting his amenmdent, Mr Campbell voted against the CFPA anway.Here's my real problem, and it's a serious one.
Campbell asked for an auto loan exemption to be put into the CFPA, moving it into the direction of a crony corporate welfare bill.
He also voted for a last minute amendment the "Idaho Amendment", which came very close to passing that would have killed the original CFPA in the bill and replace it with a significantly weaker version..
Banks with less than $10 billion in assets will be spared regular examinations by the new agency.Even so, the very creation of the CFPA would be a defeat for groups like the American Bankers Association, which has opposed it more fiercely than any other bit of the reforms.
The Office of Thrift Supervision OTSS) will be subsumed into another agency, but that still leaves four federal bank regulators (plus state agencies), and these will have to work alongside the CFPA.
Even if states do tighten the noose, it may be no bad thing: in the run-up to this crisis, they were more alert than federal supervisors to predatory mortgage-lending.The CFPA is not the only assault big banks face on the retail front.
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