Consumer Financial Protection Agency passes, more HSBC pressure

By a vote of 39-29, mostly along party lines, the House Financial Services Committee approved a measure establishing a Consumer Financial Protection Agency to monitor mortgages, credit cards and other consumer financial products.

Today we published twelve complaints about HSBC, many of which pertained to credit cards. Today’s passage of a Consumer Financial Protection Agency may put more pressure on HSBC and the bank’s former Household International model of doing business.

“While there is more work ahead, today we are much closer to putting in place strict new rules of the road for the financial industry,” Treasury Secretary Timothy F. Geithner said in a statement.