Working Overnight, Firm’s Lawyers Set Forth Details Of Consumer Financial Protection Agency Bill

Good Friday morning, all. There are a lot of lawyers (and bloggers, such as yours truly!) following the federal government’s response to the economic and financial industry problems we have been facing for a year. This morning, we see that Michael Bopp and others in the Gibson, Dunn & Crutcher Financial Markets Crisis Group have provided a terrific update about the House Financial Services Committee’s approval yesterday of H.R. 3126, the Consumer Financial Protection Agency Act of 2009.

 
As the firm points out, “The CFPA has been one of the most contentious components of financial regulatory reform thus far.  The agency has been heralded for its singular focus on consumer protection, while, at the same time, it has been disparaged by the business community and others as an expensive and dangerous new layer of bureaucracy.” The firm's update, available at http://www.gibsondunn.com/Publications/Pages/FinancialRegulatoryReformConsumerFinancialProtection.aspx, highlights the status of significant amendments to the bill, and is well worth reading.