Vote on consumer financial protection agency delayed until September; AICPA joins U.S. Chamber of Commerce and others urging more time.

A vote on legislation to establish the Consumer Financial Protection Agency has been moved to September from its original target of before Congress's August recess. Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee, on July 21 delayed the vote amid concerns from the business community. The AICPA continues to review the proposed bill in depth; some provisions appear to be redundant as CPAs are licensed by state boards of accountancy, posing an unnecessary regulatory burden...