House Financial Services Committee Chairman Barney Frank introduced legislation late Wednesday that largely tracks the Obama administration's plan to remove the consumer protection functions from the banking agencies and the Federal Trade Commission and consolidate them in a new, independent agency.

The Consumer Financial Protection Agency would set minimum federal standards that states could also enforce. States could set tougher standards that would apply to all institutions, including national banks. The agency also would have authority over non-bank financial providers like payday lenders. It would have broad rule-writing authority to protect consumers from abuse, deception and discrimination.

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