WASHINGTON (Associated Press) – The House Financial Services Committee approved the creation of the Consumer Financial Protection Agency to protect consumers from predatory lending, abusive overdraft fees and unfair rate hikes.
Worries from the financial industry persuaded the committee to apply restrictions to the agency, which still has to be approved by the full House and the Senate.
Retailers, auto dealers, real estate brokers, lawyers, cable companies and accountants would be among those exempt from agency oversight.
