(Reuters) - Rep. Barney Frank, a Massachusetts Democrat and chairman of the House Financial Services Committee, said the Fed did not use its authority to curtail loans offered to borrowers with damaged credit during the recent housing boom and needs to set tougher lending standards or face losing some of its authority.
"The Fed has the authority under the Federal Trade Act to spell out consumer protection rules generally and they have not done that," Frank said, after a speech to the National Alliance to End Homelessness.
Read more at Reuters.com Government Filings News
"The Fed has the authority under the Federal Trade Act to spell out consumer protection rules generally and they have not done that," Frank said, after a speech to the National Alliance to End Homelessness.
Read more at Reuters.com Government Filings News
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