Last week draft legislation to create the Consumer Financial Protection Agency began circulating. This new federal agency's mission would be to stand up for the consumers with respect to financial markets regulation. Among other things, the draft legislation would require the new agency to coordinate with existing regulators such as the SEC and the CFTC , as well as to maintain a central database of customer complaints relating to financial products and services, and to track the resolution of those complaints. This new agency would coordinate rule-making efforts with the SEC and CFTC and imposes requirements for reports on initiates, regulation, and trends in complaints to be sent to the President and Congressional oversight committees. The bill, currently before the House Financial Services Committee, might come before the House in November.
Joel Beck
The Beck Law Firm, LLC - Georgia Securities Lawyer
About The Beck Law Firm, LLC
- Joel Beck, a former NASD Department of Enforcement lawyer, formed The Beck Law Firm, LLC in 2007. Joel's practice primarily focuses on representing broker-dealers, stockbrokers and investment advisers in disciplinary investigations and actions, customer complaints, arbitration claims and civil litigation, as well as representing investors in securities arbitration claims. Joel has been designated a Certified Regulatory and Compliance Professional (CRCP) by the NASD Institute at the Wharton School of Business, University of Pennsylvania. Click on the link above to visit our website and learn more.
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September 28, 2009
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