[StBernard] URGENT - Legislation Will Negatively Impact Business
Westley at da-parish.com
Thu Sep 24 21:13:50 EDT 2009
H.R. 3162 - CONSUMER FINANCIAL PROTECTION AGENCY ACT (CFPA)
H.R. 3162, currently being proposed in Congress has the potential of
negatively impacting almost every business.
The bill creates the Consumer Financial Protection Agency (CFPA),
consolidating consumer protection mandates of existing financial regulators.
The definitions in the bill would not only apply to lending
institutions, and financial services buiness, it would extend and apply to
every business that offers any type of credit to its' customers (lay-away
programs, installment programs, monthly billing programs, invoicing, etc.).
Additionally any business that provides financial advise to customers
(i.e., accountants, credit counselors, non-profits, etc.) would also be
affected by the legislation.
Businesses affected would be required to disclose to the government
its' sales, compensation, operational practices, etc. to the Federal
government. Additionally, bank account information, including balances and
account activity, would also be subject to be released to the government,
raising serious questions about privacy and security issues.
If you would like more detailed information please visit this link on
the Chamber's website:
or, visit the U.S. Chamber's website:
We urge you to contact your representatives in Congress to express your
views on this proposal. You can get contact information on the Chamber's
website at the link below (second page of the document):
More information about the StBernard