The new agency to regulate financial services products would be able to levy fines, subpoena information and consolidate consumer protection in one place, according to a draft of the legislation released today by the Treasury Department.
The agency will have supervisory and examination powers over all organizations that issue financial products, Assistant Secretary of the Treasury Michael Barr told reporters in a briefing. It will be funded by both congressional funding and fees from institutions being regulated.
He singled out credit unions as among the institutions that will benefit.
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