News Brief
Obama Eyes Consumer Financial Protection Unit
May 21, 2009, 8:18 AM
President Barack Obama's administration is looking at creating a federal consumer finance agency to protect the public from predatory mortgage lenders, credit card providers and mutual fund companies, according to a report.
The new agency could have broad powers to monitor terms and marketing of loans and financial products to make sure they are in the interest of regular customers, according to anonymous sources cited by the Washington Post.
The Senate adopted legislation earlier this week aimed at protecting consumers from predatory credit card companies. The Senate text is tougher than a proposal earlier approved in the House. Both versions must be reconciled then sent for the president to sign in order to become law.--Tanya Irwin
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