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New bank regulations held up over consumer protection details
April 6, 2010
DailyFinance reports that Senate negotiators are laboring to reach agreement over consumer protection provisions in a sweeping package of financial market legislation. At issue is whether a government consumer watchdog should be free from bank regulators to write rules that govern everything from credit card and overdraft fees to payday loans and mortgages. A proposed agreement would place the new agency within the Federal Reserve, but would give it autonomy from the parent organization.
The idea would be a retreat from President Barack Obama's initial insistence on a standalone agency. But the executive branch appears to have backed off from this tactic for the sake of reaching an agreement with opponents.
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