American Banker (02/28/08); Sloan, Steven
In the months since House Financial Services Committee Chairman Barney Frank, D-Mass., threatened to take away the central bank's rulemaking authority, Federal Reserve Chairman Ben Bernanke said it has been working on rules on unfair and deceptive lending practices that it plans to release this spring. Frank believes this is a step in the right direction, but Bernanke provided no information about which practices would be singled out. As for the release date, he said the central bank wants to issue the rules when final credit card disclosure practices are rolled out in order to minimize the burdens placed on the banking industry regarding implementation. Similar lending rules are under consideration by the Office of Thrift Supervision.
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