WASHINGTON — This week's vote by the House Financial Services Committee to create a consumer protection agency would centralize expansive power in the hands of its new director.

Though previous versions of the bill had granted the "agency" power to write and enforce consumer protection rules — and made it subject to oversight by a board — the bill as finally approved gave almost all of that authority directly to the agency's director.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.