There will be blood
July 1, 2009 | federal legislation, industry | Comments (0)From Business Times:
US lenders gear up to kill consumer protection planBut they face uphill battle as lawmakers voice strong support
(WASHINGTON) Banks and mortgage lenders are placing top priority on killing President Barack Obama’s proposal to create a new consumer protection agency that would regulate home loans, credit card fees, payday loans and other forms of consumer finance.
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It’s going to be a huge fight,’ said Edward L Yingling, president of the American Bankers Association. ‘This is written so incredibly broadly that it affects anyone who has anything to do with consumers. This agency would have broad powers that go beyond every consumer law that has ever been enacted.’
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