Major flaws in U.S. banking system

Source: Gail Liberman and Alan Lavine, MarketWatch

{To submit your ideas go to www.regulations.gov. Select "Department of the Treasury-All" from the agency drop-down menu, then click "Submit." In the "Docket ID" column, select "TREAS-DO-2007-0018." Visit the site.] Fed up with our nation's bank regulatory system? Express your views now. The Treasury Department seeks public comment by Nov. 21 for its review of our numerous financial institution regulators. A blueprint for improvement is slated for release early next year. Some major flaws in U.S. bank regulation: Inadequate enforcement. There are wide-ranging federal laws - including Respa (the Real Estate Settlement Procedures Act) and Truth in Lending, notes Scott Keegan, executive director of the National Association of Mortgage Professionals, Irvine, Calif. "It's just that nobody enforces them."

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