Politics & Government

June 30, 2009

Treasury details new consumer agency, and banks cry foul

The Obama administration unveiled its proposal for the new Consumer Financial Protection Agency on Tuesday and banking lobbyists immediately declared it too intrusive. In addition to giving the agency the power to enforce tough new legal restrictions on things like credit card interest increases, the legislation would require mortgage brokers to find the best deal for a homebuyer; previously, brokers had no responsibility to the buyer.

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