Meet the “Bureau of Financial Protection’
February 27, 2010 | federal legislation, industry | Comments (0)From today’s New York Times:
The chairman of the Senate Banking Committee on Friday proposed creating a Bureau of Financial Protection inside the Treasury Department to regulate mortgages, credit cards, payday loans and other consumer products.
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The Dodd proposal would require the bureau to consult with other regulators before issuing rules and to make public any objections raised by those regulators, along with an explanation of how the bureau addressed the concerns. Those regulators also could appeal the proposed rule to a new interagency council tasked with detecting systemic risks.
It’s going to be an interesting few months.
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