FACTBOX-Obama plan for Consumer Financial Protection Agency

June 16 (Reuters) - The following are details about the Obama administration's proposal for a Consumer Financial Protection Agency as outlined in a document obtained by Reuters and confirmed by an administration official.

The agency would:

* be accountable as primary federal financial consumer protection supervisor.

* have broad authority to protect consumers of credit, savings, payment, and other financial services and regulate such products and services.

* have "full authority" to enforce protections through orders, fines and penalties.

* define standards for plain products and subject alternative products to greater scrutiny.

* ban unfair terms and practices or restrict terms and practices for products that may have benefits.

* help ensure executive pay does not create conflicts of interest between consumers and financial firms.

* enforce fair lending laws and the Community Reinvestment Act, which requires financial institutions to serve sparsely populated or low-income areas.

* overhaul mortgage laws to make them clearer and fairer to consumers.

* require firms to offer a simple mortgage with straightforward terms and uniform disclosure. Consumers could opt for alternative loans but these would be subject to restrictions.

* ban unfair practices such as "yield spread premiums," which entitle mortgage brokers to higher fees if they steer consumers to mortgages with higher costs.

* require mortgage brokers to be paid over time based on loan performance rather than in a lump sum at closing.

* restrict or ban prepayment penalties.

* require loan originators or loan bundlers to retain 5 percent of credit risk. (Reporting by Mark Felsenthal, Editing by Chizu Nomiyama)