ICBA and Frank Close on CFPA Compromise

Efforts by Financial Services Committee chairman Barney Frank, D-Mass., to get community bankers behind his Consumer Financial Protection Agency bill might require giving banking regulators more say over consumer regulations. Chairman Frank recently proposed several changes to the CFPA bill that the Independent Community Bankers Association considers very positive. "It is moving in the right direction," said ICBA's top lobbyist Steve Verdier. But he noted that the trade group still has concerns about rulemaking. In staking out the trade group's position, ICBA has issued a statement that calls for joint rulemaking between the banking regulators and the CFPA when it comes to consumer regulations. "While the bill provides a role for the banking agencies through an advisory oversight board, the board lacks substantive authority over consumer regulations," ICBA says.