FOR IMMEDIATE RELEASE
Elise Brooks, (202) 589-2427

Roundtable Opposes Consumer Financial Protection Agency  

Washington, D.C.—June 30, 2009—The Financial Services Roundtable opposes the Consumer Financial Protection Agency Act of 2009, announced today by Treasury. The creation of such an agency would create one more agency and create more regulatory gaps at a time when everyone is trying to streamline the regulatory system. It separates regulation of the product from the regulation of the institution itself. Furthermore, the Roundtable opposes placing government in direct control of compensation standards for all employees of financial services institutions and the elimination of arbitration clauses.  

“The Consumer Financial Protection Agency would actually harm consumers by increasing the cost of financial products, and reducing the availability of credit and consumer choices,” said Steve Bartlett, President and CEO for the Roundtable. “This would further create a patchwork of 50 state regimes, which will stifle innovation and increase confusion to the consumer.”

The Roundtable applauds the proposal's calls for coordination with the Financial Literacy Education Commission and stands ready to work with both Congress and the Administration to further emphasize the need for financial literacy.

The Financial Services Roundtable represents 100 of the largest integrated financial services companies providing banking, insurance, and investment products and services to the American consumer.  Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO.

Roundtable member companies provide fuel for America's economic engine, accounting directly for $85.2 trillion in managed assets, $980 billion in revenue, and 2.3 million jobs.