The Associated Press has this report about Chairman Sheila Bair’s support for a new Consumer Financial Protection Agency.  Here is an excerpt:

WASHINGTON — The head of the Federal Deposit Insurance Corp. pitched again Monday for a new agency for consumer financial protection, now a key sticking point in Senate talks in legislation to overhaul the finance system.

FDIC Chairman Sheila Bair said a new agency was needed and she believes it “would help community banks, not hurt them.”

The banking industry overall opposes creation of a new agency, which would enforce rules and police the fine print of credit cards, mortgages and other financial transactions. Bair said she was hopeful a bipartisan agreement can be reached in Congress on the issue.

“I don’t think we’ve done a good job protecting consumers in financial services,” Bair said in remarks to a conference of the National Association of Attorneys General.