consumer agency: Senate Introduces Financial Reform Bill - 03/26/10 06:22 AM
The Senate has introduced a Financial Reform Bill, introduced by Banking Committee Chairman, Christopher Dodd (D-Connecticut).
If the bill is passed it will create a Consumer Financial Protection Bureau to watchdog unfair, abusive and predatory financial services and products. It will be housed within the Federal Reserve. Banks and credit unions with assets over $10 billion will be monitored by this new agency, as will mortgage brokers and servicers, debt collectors and consumer reporting agencies.
The bill also includes a council that oversees systemic financial instruments and practices in an effort to avoid the kinds of exotic products that led to … (2 comments)