You turn to us for voices you won't hear anywhere else.

Sign up for Democracy Now!'s Daily Digest to get our latest headlines and stories delivered to your inbox every day.

Proposed Consumer Agency Won’t Regulate Major Lenders

HeadlineMar 11, 2010

More details have emerged on a proposed compromise on the makeup of the Obama administration’s proposed federal consumer protection agency. The Washington Post reports several key lenders would be shielded from the agency’s purview. Compliance checks would be held only at banks and mortgage firms, but not controversial lenders such as payday lenders, pawnbrokers, car dealers and other companies that make loans but don’t hold bank charters. The proposal is expected to be unveiled in the coming days as part of the bipartisan financial regulation overhaul from Senate Banking Committee Chair Christopher Dodd and Republican Senator Bob Corker.

The original content of this program is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States License. Please attribute legal copies of this work to democracynow.org. Some of the work(s) that this program incorporates, however, may be separately licensed. For further information or additional permissions, contact us.

Non-commercial news needs your support

We rely on contributions from our viewers and listeners to do our work.
Please do your part today.
Make a donation
Top