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National consumer agency would upend structure (Chicago Tribune)

Posted by mortgage 1015 days ago (Editorial)

Obama's proposal to strip regulatory power from as many as eight federal agencies is meeting resistance from those who say another bureaucracy could stifle innovation in financial products. Congress gave the Federal Reserve the power to enact rules to protect consumers from unscrupulous mortgage lending in 1994. But as the years passed and risky subprime loans inflated the housing bubble, ...