By a close vote (223-202), the House passed H.R.4173 — the Wall Street Reform and Consumer Protection Act (“WSRCPA”) – on December 11, 2009. The WSRCPA includes the Consumer Financial Protection Agency Act (“CFPA”).
Significantly, one of the major sticking points prior to passing the WSRCPA was the creation of a new Consumer Financial Protection Agency (the proposed new bureaucracy under the CFPA is discussed here). An amendment to the CFPA was introduced that would have created a council of regulators housed at the Treasury Department comprised of various existing regulators of banks and other financial institutions. The amendment failed, however, and the CFPA made it through the House with the Agency in tact.