The Obama administration proposes to create a Consumer Financial Protection Agency that would write and enforce regulations governing all providers, both banks and nonbanks, of "any financial product or service to be used by a consumer primarily for personal, family, or household purposes." Note that the CFPA's jurisdiction is not limited to consumer credit, but covers any consumer product or service, including deposits, fund transfers, investment advice, and collecting, analyzing, maintaining and providing consumer report information.

This new agency would duplicate existing consumer examination and enforcement activities of the prudential regulators of depository institutions. And it would charge banks and thrifts for the privilege of doing so.

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