The Obama administration has sent Congress draft legislation for a new consumer financial protection agency, setting out the fine details it wants to see in the body responsible for regulating products such as credit cards and mortgages.

The agency would have power over any company that sells financial products to consumers, including previously unregulated parts of the market such as some mortgage providers and “payday lenders.” It would set rules and have power to enforce them by issuing subpoenas, holding hearings and seeking court orders to halt abusive practices.