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House Panel OKs Bill Authorizing Banking Regulators to Draft Consumer Protection Rules
By Matt Squire
printThe House Financial Services Committee approved a bill that would authorize each federal banking regulator to write its own consumer protection rules, giving them a greater role in combating abuses in the subprime mortgage lending arena. The bill, sponsored by committee Chairman Barney Frank, allows the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corp. (FDIC) to write regulations against unfair and deceptive financial acts and practices under the Federal Trade Commission Act. The act gives the Federal Reserve Board sole authority to write such regulations for all banks, whether state or federally-chartered, and empowers...
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