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July 27, 2009

One step closer to the creation of the CFPA

Breaking news:

"Addressing the Obama Administration's proposals to reform financial regulation in the US, Barney Frank (D-MA), Chairman of the House Financial Services Committee, has promised to report legislation which would create a new Consumer Financial Protection Agency (CFPA) before the House adjourns for its August recess at the end of July."

If this legislation is passed, the CFPA will be in charge of enforcement of the consumer protection statutes including the FCRA. Of course, you will still be able to file lawsuits for violations of any of the statutes containing private causes of action. But maybe with the CFPA you can get somewhere on the non-private causes of action since the FTC can't and/or won't do anything about it.

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