Treasury official calls for creation of CFPA, which could help regulate credit card debt

By Sam Craine on Feb 26th, 2010

In order to help people in dealing with things like credit card debt and mortgage products, officials in the Obama administration have called for the creation of a consumer protection agency at the federal level.

Recently, in a speech to the Credit Union National Association, Assistant Treasury Secretary Michael Barr defended the idea of creating the Consumer Financial Protection Agency.

Barr said that though some people may view the effort as purely an effort from the left side of the aisle, he noted that the Republican administration of President George W. Bush also proposed something similar.

"So proposals to create a separate and independent consumer financial protection regulator are neither partisan nor ideological; they are bi-partisan and pragmatic," Barr said.

Recently, lawmakers on Capitol Hill have tried to find some common ground when it comes to the creation of the CFPA. Democrat and Senate Banking Committee Chairman Chris Dodd recently reached out to Republican Senator Bob Corker in order to try and iron out differences. However, Corker said that he, like other Republicans, views the CFPA as a "nonstarter."

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