consumer protection act

The banking industry, long accused of consumer abuse, now finds itself in the cross-hairs of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Signed into law by President Obama on July 21, the Act takes aim at a number of long-standing bank practices that many deem harmful to consumers.

On Friday, the House of Representatives passed the Wall Street Reform and Consumer Protection Act. The vote was 223-202.

If it were to pass the Senate, the bill would create the regulatory Consumer Financial Protection Agency (CFPA) in addition to other Wall Street and financial institution directed reform measures.

The US House of Representatives voted today to pass H.R. 4173, the Wall Street Reform and Consumer Protection Act of 2009 with no Republican support.

Sponsored by Barney Frank (D-MA), this bill would protect consumers and investors, provide for financial regulatory reform, and regulate the over-the-counter derivatives markets.