Released: October 13, 2009

Lobbying said to clip consumer protection bill

Source: Bob Sullivan, Redtape Chronicles MSNBC

The grand plan for a new federal agency that would fight for consumer rights in financial transactions has been given a hatchet job by industry groups, a consumer group charged on Monday.

The latest version of legislation (PDF) that would create the Consumer Financial Protection Agency carves out wide-ranging exceptions for the nation’s credit reporting agencies, car dealerships, realtors, and tax preparation firms, among others, according to Consumer Watchdog, an advocacy group.  Those industries would be largely exempt from the new regulator, according to the most recent draft of the legislation, sponsored by Rep. Barney Frank, D-Mass., chairman of the House Financial Services committee.  The committee will consider changes to the proposal at a formal markup session scheduled for Wednesday.

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