Consumer advocates hoped the lenders would be reined in by a new federal consumer financial protection agency, but a bipartisan proposal would largely exempt them from regulation. Full Story »
Posted by Kaizar Campwala - via NewsRack (Business), NewsRack (Politics), Jon Mitchell (t)
I consider this a very important issue that only hits poor, working Americans. Good for the LA Times to take it on, covering the major angles of the story.
Backers of the agency have said that consumer protection needed to be extended beyond the banking industry to companies such as mortgage brokers and payday lenders that offer such high-interest-rate products as subprime mortgages that take advantage of unsuspecting customers.
