BrokerageIndustry News

Bill seeks finance agency compromise

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The Obama administration's proposed Consumer Financial Protection Agency shouldn't have authority over real estate brokers and other businesses that bill customers after services are provided, such as doctors and lawyers, says Rep. Barney Frank, chairman of the powerful House Financial Services Committee.In a memo to fellow members of the committee -- which on Wednesday kicked off three weeks of hearings on overhauling the financial regulatory system -- Frank, D-Mass., reportedly outlined changes he's prepared to make to the administration's proposed regulatory reforms in order to push a bill through Congress.The American Financial Services Association is coordinating opposition to the proposed Consumer Financial Protection Agency, which would regulate financial products like mortgages and credit cards -- an effort the National Association of Realtors elected not to join (see story).The U.S. Chamber of Commerce this month launched a campaign against the creation of the agency, "St...