Comparison of Consumer Financial Protection Agency Bills

Published: March 18, 2010

Provision Senate Bureau of Consumer Protection House Consumer Financial Protection Agency Administration Consumer Financial Protection Agency
Presidentially Appointed Director Yes, confirmed by the Senate. Yes, confirmed by the Senate. Yes, confirmed by the Senate.
Independent source of funding Yes, from the Federal Reserve Board budget. Yes, from the Federal Reserve Board budget. Yes, with fees on "entities and transactions" within the financial system.
Rule-making Authority Writes rules, but rules can be vetoed by a two-thirds vote of a newly created council of bank regulators. Full rule-making authority. Full rule-making authority.
Covering Non-Bank Financial Firms Rules apply to all banks, non-bank home lenders, and other "significant" non-banks. Rules apply to all banks and non-banks, with some select exemptions (auto dealers, for example Rules apply to all banks and non-banks
Enforcement Authority Only enforces rules for banks with more than $10 billion in assets. All others are overseen by their current regulator. Only enforces rules for banks with more than $10 billion in assets. All others are overseen by their current regulator. Full enforcement responsibilities.