Kevin Hassett (a former advisor to John McCain) has written an commentary for Bloomberg about the CFPA in which he points out that even Barney Frank spoke out against the CFPA - saying that its reach would be too big. "When Barney Frank thinks that you are too liberal, you better check your medications," writes Hassett.
Make no mistake - Barney Frank still wants to create the CFPA - he just wants to tweak what it can control. One example is that he wants non financial businesses to be exempt from CFPA oversight (and that should give you an idea of how incredibly broad the CFPA's powers would have been had it passed as is). Frank wants the vote to happen in November - but many doubt that it will even take place in 2009.
Are the wheels coming off the CFPA bus? Not sure, but it sure is getting to be an interesting ride.