FDIC head makes pitch again for new consumer protection agency

Bair pitching for consumer agency

WASHINGTON — The head of the Federal Deposit Insurance Corp. is pitching again 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 Monday 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.