Obama Says Proposed Agency Will Protect Financial Consumers

Written by admin on June 21st, 2009

June 20 (Bloomberg) — President Barack Obama said a new agency he proposed this week as part of an overhaul of U.S. financial regulations will protect consumers from deceptive lending practices.

http://www.bloomberg.com/apps/news?pid=20601070&sid=aTsPZBu1czGk

While Obama’s proposals won support from Democrats who control the House and Senate, it is likely to face a lobbying assault from the financial industry. The American Bankers Association said in a statement after Obama announced his plan that the Consumer Financial Protection Agency may “go well beyond consumer protection” in its mandate and add a new regulatory layer for community banks.

 

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