In a 1,136-page bill, Senate Banking Committee Chairman Chris Dodd (D-Conn.) introduced CFPA legislation yesterday that would strip supervisory power from the Federal Reserve and the Federal Deposit Insurance Corp. Instead, all bank regulation would be housed in a new Financial Institutions Regulatory Administration, which would include a merged Office of the Comptroller of the Currency and Office of Thrift Supervision.

Already, the bill faces opposition from banking groups like the American Bankers Association and the Independent Community Bankers of America. The Fed and FDIC, too, are expected to fight to retain their supervisory powers.

The Senate Banking Committee is expected to debate the legislation next week and vote by early December.

Here's a link to a Bloomberg video clip of Sen. Dodd discussing the bill.