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Obama admin. sets wide scope for consumer agency
enpoliticstyle

(AGENCY, WOULD, CONSUMER, PROTECTION, FINANCIAL, CREDIT)


By David Lawder WASHINGTON (Reuters) - A new U.S. agency would have sweeping powers to write and enforce tough consumer protection rules for banks, mortgage lenders and other financial institutions under proposed legislation the Obama administration sent to Congress on Tuesday. The legislative language fleshes out a key component of President Barack Obama`s plan outlined earlier this month to revamp U.S. financial regulation in response to the worst financial crisis since the Great Depression. The proposed Consumer Financial Protection Agency aims to protect Americans from abusive practices em... read more

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