WASHINGTON, Oct. 22 /PRNewswire-USNewswire/ -- The following is a statement from Center for Responsible Lending President Michael Calhoun:

"We commend the leadership of Chairman Barney Frank and the House Financial Services Committee for passing the Consumer Financial Protection Agency legislation (H.R. 3126). It's a strong start to creating an agency that would be solely dedicated to providing financial safeguards for Americans, though before final passage must be substantially strengthened if it is to curtail the abuses that triggered the current economic crisis.

To succeed the CFPA must have the oversight and enforcement authority to end the predatory practices that have pushed tens of millions of families over the financial brink but that regulators under the current system failed to stop. We look forward to working with members on both sides of the aisle as the CFPA legislation moves to the House Energy and Commerce Committee and then to a vote by the full House."