Found this, but still not clear to me:
Consumer Financial Protection Act - How Corporate America Sees it
by harrier
Thu Oct 22, 2009 at 09:32:21 PM PDT
The Committee adopted several amendments addressing the composition of the CFPA’s board and addressing the concerns of minority communities, including:
Representative Maxine Waters’ (D-CA) amendment to require that at least five board members be from communities affected by predatory lending, as amended by Representative Michele Bachmann’s (R-MN) amendment to prevent anyone who has been indicted for abusive consumer practices from serving on the board;
Representative Charles Wilson’s (D-OH) amendment to require that the CFPA board be bipartisan.
Other Amendments
The Committee adopted several non-controversial amendments throughout the debate, including:
Representative Posey’s amendment to include a disclaimer on public statements by the CFPA director that the agency does not endorse any financial product or service and that consumers need to exercise their own due diligence;
Representative Gary Miller’s (R-CA) amendment to mandate that when the CFPA promulgates rules regarding compensation practices, those rules must apply equally to financial institutions, regardless of size, character or status;
Representatives Carolyn Maloney (D-NY) and Mary Jo Kilroy’s (D-OH) amendment to establish a help line and website;
Representatives Jim Himes (D-CT), Maloney, Kilroy’s amendment to create an office of an ombudsman at the CFPA to help resolve disputes between consumers and financial institutions;
Representative Maloney’s amendment to require the CFPA director to appear before the House Financial Services Committee once a year.
article I cited also notes the following:
Please note that, when drafting this alert, we generally did not have access to amendment text and, hence, the summaries contained herein are based largely upon debate over amendments during the mark-up. Copies of amendments will be made available on the House Financial Services Committee website at http://financialservices.house.gov/markups.shtml.
I am starting to feel a little better. But as you said it is unclear.