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A Consumer Bill Gives Exemption on Payday Loans

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"Under the proposal agreed to by Mr. Dodd and Mr. Corker, the new consumer agency could write rules for nonbank financial companies like payday lenders," the New York Times reports. "It could enforce such rules against nonbank mortgage companies, mainly loan originators or servicers, but it would have to petition a body of regulators for authority over payday lenders and other nonbank financial companies. Consumer advocates said that writing rules without the inherent power to enforce them would leave the agency toothless."
SOURCE:   New York Times

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