Corker: Forget the Consumer Financial Protection Agency
Bad news for consumer advocates who experienced a flutter of hope this week when Sen. Chris Dodd (D-Conn.) swapped Sen. Richard Shelby (R-Ala.) — an opponent of creating a consumer financial protection agency — for Sen. Bob Corker (R-Tenn.) at the finance reform negotiation table: Corker today told Bloomberg News that he won’t support a CFPA — in any form.
“What you don’t want to have in my opinion is a consumer protection agency that’s free standing,” Corker said. “Nor do you want one that is inside another entity but acts as if it’s freestanding.”
What does that leave? Corker said he was looking at ways to carve out a consumer protection unit within the new bank regulator proposed by Dodd, Bloomberg reports.
Add the CFPA to the long list of “things Democrats want that they won’t get.”