H.R.3126 - Consumer Financial Protection Agency Act of 2009

To establish the Consumer Financial Protection Agency, and for other purposes. view all titles (2)

All Bill Titles

  • Official: To establish the Consumer Financial Protection Agency, and for other purposes. as introduced.
  • Short: Consumer Financial Protection Agency Act of 2009 as introduced.

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  • Comm_reply
    countupir 10/25/2009 2:48pm
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    + -1

    I think you are making a more complicated point than is necessary. Even though your point maybe valid. The argument this bill is as simple as freedom for consumers to make a honest transaction to a business that is completely upfront about what they are getting paid for the payday advance.

  • Constitutionalist1 10/25/2009 10:38am
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    + -2

    Why should the government step in a try and regulate this? Is it not the job of the free market to weed out the unruly businesses and leave the honest ones to continue to operate and profit? Government regulation only makes matters worse

  • Comm_reply
    VincentGaines 11/09/2009 10:22am

    the lack of regulation took us down this path…

    the free market made this bed and I won’t lay in it!

  • Comm_reply
    mikeb37415 04/06/2010 11:21am

    oh like they did with banks??

  • countupir 10/25/2009 2:49pm
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    + -2

    It isn’t like a credit card company at all. Credit cards use introductory APRs to entice people to take the credit card then when the consumer builds up a nice balance the APR goes up catching the consumer paying interest rates they weren’t paying in the beginning.

    I think predatory lending is a phrase liberals use like Bush’s war on terror phase. It is just the preferred term to market a bill. Even though I see the difference in credit cards and lenders using hooks and lures to get customers I think it is always the consumer who should educate themselves. It isn’t the governments responsibility to protect us from buying products and services. I do believe it helps to have the government help keep companies honest and as long as consumers have an honest choice it should be the consumer who gets to be responsible for that choice.

  • Betonavette 10/28/2009 11:23am
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    + -1

    Socialism, through and through! Barney….please…retire!

  • LucasFoxx 10/28/2009 6:57pm

    No! Don’t Barney! Don’t listen to her!

  • navywifeked 10/30/2009 7:01am
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    + -3

    Can we introduce a bill to protect us from these socialist politicans? Mr. Frank who can’t even pay his own taxes? He needs to be kicked out and charges filed, with jail time and money due, plus, lose his properties he owns out of the country as well…..God Bless us and God Help us from these monsters who represent us….Ha Ha that is a joke indeed.

  • Comm_reply
    VincentGaines 11/09/2009 10:21am

    what do you know about socialism?

  • Comm_reply
    mikeb37415 04/06/2010 11:24am

    voting against your best interested…let us know how that works for ya!

  • mikeb37415 11/04/2009 8:30am
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    + -3

    Ralph Nader, An Unreasonable Man

    A showdown came in 1978 over the Consumer Protection Agency Act, which was strongly opposed by big business and not supported by President Jimmy Carter. In the 1980s, under the Reagan administration, many of the consumer regulations that had been put in place in the previous two decades were reviewed and dismantled. Recreating himself as a grassroots activist, Nader took his movement outside the Beltway and scored a number of successes on local issues around the country.


  • Betonavette 11/07/2009 5:49am

    Does everyone know this??

    WASHINGTON – During consideration of H.R. 3126, legislation to establish a Consumer Financial Protection Agency (CFPA), Democrats on the House Financial Services Committee voted to pass an amendment offered by Rep. Maxine Waters (D-CA) that will make ACORN eligible to play a role in setting regulations for financial institutions.

    The Waters amendment adds to the CFPA Oversight Board 5 representatives from the fields of “consumer protection, fair lending and civil rights, representatives of depository institutions that primarily serve underserved communities, or representatives of communities that have been significantly impacted by higher-priced mortgages” to join Federal banking regulators in advising the Director on the consistency of proposed regulations, and strategies and policies that the Director should undertake to enforce its rules.

  • AnAmericanRevolution1776 12/03/2009 8:44am
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    + -1

    Mr. Frank also believes this——-“Too many people are frivolously abusing credit,” Frank alleged. “They’re buying things they don’t need with money they don’t have. This is a recipe for bankruptcy. We have to stop it.”

    Basically this bill will allow the Government to approve or deny our credit applications.

    Barney’s last words——-Frank acknowledged that the new oversight might be characterized as “intrusive,” but argued that “intrusion is what we need right now. Most people are using these cards selfishly for their own material benefit. Few give any consideration to the social needs of the community. I see nothing wrong with inserting some control over this behavior. It’s like a dad taking a card away from his teenage daughter. It’s for the good of the whole.”

    By the way, this is communism not socialism. My family comes from a Communist country known as Cuba. Wake up.

  • tyg 12/19/2009 9:00am

    To the people who think the free market will “weed out” the bad/deceptive companies: if that was true, why hasn’t it happened already? To the people who respond to any good thing for all humans as “socialism,” what is wrong with you? Stop throwing around buzzwords that you don’t really understand. I’ve yet to come across anyone who could explain their stance in an intelligent way & knew what they were talking about, instead of just regurgitating skewed news and what other people have said.

    I don’t know about anyone else, but I’ve played by the rules & gotten screwed. The companies I’ve dealt with have NOT played fair, and they are still in business. Yes, I have responsibility in my choices, but when the TRUTH is obscured & I find out about it after it’s too late, I have a major problem that corporate responsibility is not ALSO EXPECTED. The credit card companies & student loan lenders have robbed us all blind. We’re not paying what we OWE; we’re being extorted.

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