Despite opposition from the banking industry, Senate Banking Committee Chairman Chris Dodd (D-Conn.) is expected to add consumer protection provisions to an economic stimulus bill slated for consideration following the November election.
The initiatives would institute a 90-day moratorium on foreclosures, reform the bankruptcy process with regard to home loans, ban predatory lending, and introduce tougher credit card regulations. According to Dodd, "Any effort to talk about the American financial system without also addressing the American consumer is lopsided and not going to work."
This article is from NYSAR's Governmental Affairs Update for 10/17/08 and is originally based upon an article from American Banker (10/15/08) P. 3; Kaper, Stacy
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