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Daily Real Estate News  |  October 22, 2009  |   Consumer Agency Nears House Vote
The House Financial Services Committee voted Wednesday to allow states to regulate banks, including when their regulations are tougher than those imposed by the federal government.

The House committee also is expected to approve legislation that would create a Consumer Financial Protection Agency that would monitor mortgages and credit cards.

Legislators say their goal is to protect consumers, but the U.S. Chamber of Commerce has led the fight to defeat the legislation, saying that it would hurt small retailers and neighborhood banks.

Massachusetts Democrat Rep. Barney Frank, who chairs the committee, said: "If you're going to get at that minority of people who abuse (consumers), you have to have rules that apply to everybody."

The full House won’t vote until November. The outlook for the bill in the Senate is unclear.

[Editor's note. The current version of the Financial Services Committee's consumer financial protection agency legislation focuses on financial services companies; others in real estate, including real estate professionals, would not be covered under the bill.]

Source: Associated Press, Anne Flaherty (10/21/2009)

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