Statement by Mike Calhoun, President of the Center for Responsible Lending:
"The draft legislation to create a Consumer Financial Protection Agency unveiled today by Senate Banking Committee Chairman Christopher Dodd is an essential component of urgently needed financial reform. Unfortunately, the banking lobby will exert intense pressure to weaken the bill by carving out special exemptions for some lenders and also by hobbling states' ability to address lending issues in their own jurisdictions. Committee members will need to resist the banking lobby's influence if they are to craft a Consumer Financial Protection Agency equipped with the tools and authority necessary to protect American taxpayers from more tricks, traps and costly bailouts. We look forward to working with the Committee to make this bill a reality."
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