Source: The New York Times
The Senate Banking Committee’s chairman, Christopher J. Dodd, Democrat of Connecticut, proposed legislation in November that would give a new consumer protection agency the power to write and enforce rules governing payday lenders, debt collectors and other financial companies that are not part of banks, Sewell Chan reports in The New York Times.
Late last month, Mr. Corker pressed Mr. Dodd to scale back substantially the power that the consumer protection agency would have over such companies, according to three people involved in the talks.
Mr. Dodd went along, these people said, in an effort to reach a bipartisan deal with Mr. Corker after talks had broken down between Democrats and the committee’s top Republican, Senator Richard C. Shelby of Alabama. The individuals, both Democrats and Republicans, spoke on condition of anonymity because they were not authorized to discuss the negotiations.
Under the proposal agreed to by Mr. Dodd and Mr. Corker, the new consumer agency could write rules for nonbank financial companies like payday lenders. It could enforce such rules against nonbank mortgage companies, mainly loan originators or servicers, but it would have to petition a body of regulators for authority over payday lenders and other nonbank financial companies. Consumer advocates said that writing rules without the inherent power to enforce them would leave the agency toothless.
To read this article in its entirety visit The New York Times.
Sphere: Related Content
Related Posts
Source: John Collins Rudolf / The New York Times
One of the worst economic downturns of modern history has produced ...
READ MORE
Source: Nelson D. Schwartz and Louise Story / The New York Times
The Lazarus-like recovery of the nation’s big banks did ...
READ MORE
Source: Monica Davey / The New York Times
In the scramble to find something, anything, to generate more revenue, states ...
READ MORE
Source: Randal C. Archibold/The New York Times
The California budget crisis has forced the state to address a problem that ...
READ MORE
Imagine if, one year ago, Congress had passed a stimulus bill that really worked.
Let’s say this bill had started spending ...
READ MORE
Source: USA Today
Local governments, once a steady source of employment in tough economic times, are shedding jobs in unprecedented numbers, ...
READ MORE
Source: CNN Money
New York - When the unexpected strikes, most Americans aren't prepared to pay for it.
A majority, or 64%, ...
READ MORE
Visit msnbc.com for breaking news, world news, and news about the economy
Source: MSNBC
Central Falls, R.I. - The city of Central ...
READ MORE
Source: CNN
BIRMINGHAM, Ala. - Alabama's largest county began laying the groundwork Tuesday for what would be the largest-ever U.S. municipal ...
READ MORE
Source: Hope Yen / AP / MSNBC
Wshington— The wealth gaps between whites and minorities have grown to their widest levels ...
READ MORE
Pay Garnishments Rise as Debtors Fall Behind
Hedge Fund Managers Got MASSIVE Paydays During Financial
States Seeking Cash Hope to Expand Taxes to
California, in Financial Crisis, Opens Prison Doors
Judging Stimulus by Job Data Reveals Success
Budget Cuts Claim Hundreds Of Thousands Of County,
Most Americans Can’t Afford A $1,000 Emergency Expense
Rhode Island City Files For Bankruptcy (VIDEO)
Birmingham, Alabama Facing Record Bankruptcy
Wealth Gap Widens Between Whites, Minorities
