Despite reports that Chris Dodd is going to drop plans for an independent Consumer Financial Protection Agency (“CPFA”), Elizabeth Warren, who is in charge of monitoring the bank bailout program, continues to push for an independent agency. In a letter to supporters, she asks them to show public support for the CFPA and organize calls and letter writing campaigns to the Senate Banking Committee.
According to Warren, the CFPA is necessary for meaningful reform because the “CFPA would hire new cops and change the way big banks do business.” She wrote that the “next few weeks will determine whether our hard work will make a difference for families or whether families will lose once again.” Opponents of the CFPA argue that CFPA’s proposed powers are best left to federal bank regulators.
It is clear that Warren is going to push for the CFPA as hard as possible. We will be sure to keep you posted on any new developments.