Rep. Frank Dials Back CFPA Proposal

Law360, New York (September 23, 2009, 2:18 PM EDT) -- U.S. House of Representatives Financial Services Committee chairman Barney Frank, D-Mass., proposed changes Wednesday to one of the Obama administration's key consumer protection provisions in its financial regulatory overhaul, even as the administration continued its push for quick passage of the proposal.

Frank distributed amendments to the Consumer Financial Protection Agency plan that would ratchet down some of the original proposals for the agency on the same day that U.S. Treasury Secretary Timothy Geithner urged the committee to act swiftly.

“Time is the enemy of reform....
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