CFPA: Where things stand today
In recent weeks, the talks between Sen. Chris Dodd (Chairman of the Senate Banking Committee) and Sen. Richard Shelby (Ranking Minority Member of the Banking Committee) regarding a possible Consumer Financial Protection Agency (CFPA) have reached an impasse. Sen. Shelby is against the creation of a new agency but supports consumer protections and prefers them to be made part of an existing financial agency, such as the Treasury Department. Sen. Dodd seems to have decided to go his own way now, with new allies, potentially moving his bill out of committee in early March. This article in American Banker has a good chronology of the progress of the CFPA in the Senate.

In a new development last week, freshman Senator Bob Corker (R-Tenn.) emerged to take a leadership position in helping bipartisan talks move forward. Though he stands in opposition to a fully independent agency, he is now in negotiations with Chairman Dodd over several aspects of restructuring the financial industry. This collaboration could have a dramatic effect on negotiations since his vote could give Democrats the 60 votes they need to block a Republican filibuster. More details can be found in this article from The Hill.

Keeping up the contact with your Representatives in Washington at this stage is more critical than ever! If you have not already done so, become part of our Congressional Contact Campaign – today! Send a letter to your Representatives in Washington to let them know how the CFPA could potentially affect your access to the financial services you currently get at your local check casher or financial service center. Just click here to get started.