Senate Banking Committee Chair Christopher Dodd has abandoned efforts to create an independent Consumer Financial Protection Agency. President Obama had proposed creating the agency to protect consumers against abuses in mortgages, credit cards and other forms of lending. In its place, Dodd is expected to propose the creation of a Bureau of Financial Protection inside the Treasury Department. Dodd’s proposed bureau will have far less power and would not be allowed to enforce rules on banks with less than $10 billion in holdings or enforce rules against non-bank financial operations, such as payday lenders. Dodd’s decision is seen as a victory for Republicans and many business groups who have campaigned against forming a new agency to protect consumers.