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March 11, 2010

Proposed Consumer Agency Won’t Regulate Major Lenders
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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.



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