Agreement Reached on Consumer Financial Services Legislation Named The “Dodd-Frank” Bill

As is being reported, House and Senate members on a joint conference committee reconciling House and Senate versions of the Consumer Financial Protection Services Act did reach an agreement early this morning  .

The final details, including creation of an agency to protect consumers in the financial marketplace and new regulations to reduce risk-taking by large banks and limit their trading of complex derivatives, were hashed out in a marathon 20-hour session that began Thursday morning.

This far-reaching legislation is about 2,000 pages long and I have not yet had the opportunity to see the Bill as agreed.  It is my understanding from talking with our lobbyist, Sante Esposito with Federal Advocates, that our auto financing exemption remained in the Bill.  I will confirm this after I have seen the actual Bill language.

The House and Senate are expected to approve the bill next week, meeting President Obama’s July 4 deadline for passage of his top legislative priority heading into November’s midterm elections.  Lawmakers named the Bill the Dodd-Frank Act after the two main architects, Senate Banking Committee Chairman Christopher J. Dodd (D-Conn.) and House Financial Services Committee Chairman Barney Frank (D-Mass.).

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