The Comptroller of the Currency John Dugan recently expressed his thoughts regarding the proposed Consumer Financial Protection Agency. He is in favor of such an agency, but expressed the following concerns:
"It makes sense to consolidate all consumer protection rule writing in a single agency, with the rules applying to all financial providers of a product, both bank and nonbank," Mr. Dugan said in testimony before the House Financial Services Committee. "But we believe the rules must be uniform, and that banking supervisors must have meaningful input into formulating them. Unfortunately, the proposed CFPA falls short on both accounts."
"It makes sense to consolidate all consumer protection rule writing in a single agency, with the rules applying to all financial providers of a product, both bank and nonbank," Mr. Dugan said in testimony before the House Financial Services Committee. "But we believe the rules must be uniform, and that banking supervisors must have meaningful input into formulating them. Unfortunately, the proposed CFPA falls short on both accounts."
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