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Daily Real Estate News  |  October 23, 2009  |   Consumer Watchdog Agency Advances
The House Financial Services Committee voted Thursday to create a federal agency to police consumer financial products, including mortgages.

While all financial institutions would be subject to the rules the agency adopts, banks and other lenders with less than $10 billion in assets would escape the most onerous regulation. The bill would reduce the power of the Federal Reserve.

The bill would also give states the right to override federal regulations with stiffer state ones, although the federal government could override those if they interview with the ability of national banks to do business.

Critics said such an agency would have too much power. Only one Republican committee member, Rep. Michael Castle of Delaware, voted for the measure.

Source: The Wall Street Journal, Damian Paletta (10/23/2009)

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