The Secure Times

An online forum of the ABA Section of Antitrust Law's Privacy and Information Security Committee

House Passes Financial Industry Reform Bill

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On December 11, 2009, the House of Representatives passed a comprehensive financial industry reform bill, H.R. 4173, that would, among other measures, create a new financial oversight agency–the Consumer Financial Protection Agency (CFPA).  The legislation, passed by a vote of 223 to 202, consisted of multiple bills regarding financial industry practices, including portions of H.R. 3126, the Consumer Financial Protection Agency Act.  Under the new legislation, jurisdiction over consumer financial protection regulations, such as the Fair Credit Reporting Act and the Truth in Lending Act, would transfer from the Federal Trade Commission to the CFPA.  The Senate, which introduced similar financial reform draft legislation in November, is still debating how it will address financial industry reform.  More information regarding the financial reform legislation passed by the House can be found here.

Author: ABA Antitrust

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