The Obama administration has sent legislation to Capitol Hill to create a new Consumer Financial Protection Agency.

The agency is part of the president’s recently unveiled plan to overhaul the financial regulatory system (see Obama Plan for Regulatory Reform Includes Accounting Convergence). The new agency will be dedicated to protecting consumers when they take out loans or sign up for other financial products and services, such as credit cards. The new agency will enforce the recently approved Credit Cardholder Bill of Rights Act, as well as combat abuses in the mortgage market. The CFPA will also take responsibility for enforcing the ban on unfair credit card rate increases and implementing the new rules preventing late fee traps.

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