Safer Borrowers Says Who?
As part of the overhaul of financial system regulation, a new consumer protection agency for borrowers is taking shape.
The New York Times reports:
The Obama administration sent Congress a detailed proposal on Tuesday to create a consumer protection agency responsible for financial products, a move that is the first shot in a heated battle with banks and other financial institutions over how to regulate home mortgages, credit cards and other forms of lending.
For their part, banks and mortgage lenders are placing top priority on killing the proposal.
The proposal would create a stand-alone agency dedicated entirely to protecting consumers. It would be added to existing bank regulators like the Federal Reserve, the Federal Deposit Insurance Corporation and the Comptroller of the Currency.
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