Bankers are almost uniformly opposed to the president's plan to create a new agency to regulate consumer financial products. But with so much political momentum behind the idea, it appears likely that bankers will eventually have to answer to the Consumer Financial Protection Agency. Which brings forward a new question: Will the agency be as bad for the industry as bankers say it will?
Joshua Rosner, managing director for investment research firm Graham Fisher & Co. in New York, is among those in the financial arena who thinks that banks would benefit from a CFPA. "This is something that can be touted against non-bank financials," says Rosner, an advisor to institutional investors and regulators and a proponent of establishing the new agency. "This is actually a Good Housekeeping seal of approval."