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Released: September 21, 2011
Consumer bureau readies its new financial rules
Source: Ben Protess, NY Times (Free Registration)
Raj Date, the former banker temporarily leading the Consumer Financial Protection Bureau, outlined a timeline on Tuesday for the Wall Street watchdog to unveil a string of new regulations. The consumer bureau, according to Mr. Date, will complete a new rule early next year requiring lenders to gauge whether homeowners are capable of repaying their mortgages. “I’m a real believer in the power of free markets,” Mr. Date, once a banker at Capital One and Deutsche Bank, said on Tuesday at an American Banker conference in Washington. “But free markets need rules,” he said, adding that “if those rules aren’t sensible or if they go unenforced, then markets don’t work well.”Read Full Article: Consumer bureau readies its new financial rules
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