New Agency

NEW AGENCY

Facts, concerns

Proposal: As part of sweeping efforts to overhaul the financial system, the Obama administration wants to create a new agency to protect consumers from risky or deceptive products.

Details: The Consumer Financial Protection Agency, if approved by Congress, would have broad authority to protect consumers of credit, savings and other consumer financial products and services. It would take away some power from other agencies, most notably the Federal Reserve.

Obstacle: The banking industry, fearing more regulation that could cut into profits, has vowed to oppose the plan and is pressuring lawmakers to water down the agency’s authority.

Associated Press