New Senate Bill Introduced to Create U.S. Agency to Police all Lenders’ Mortgages

15 Mar New Senate Bill Introduced to Create U.S. Agency to Police all Lenders’ Mortgages

Democratic Senators Richard Durbin (Ill.) and Charles Shumer (N.Y.) have introduced a bill to create a Financial Product Safety Commission that could police mortgage products offered by any lender – including federally chartered banks.

The consumer credit protection agency would ensure mortgages and other consumer financial products are safe and not abusive or predatoryfor the consumer.

According to Senator Durbin, the new commission would ensure “companies are held accountable when they abuse, deceive or take advantage of the consumer.”

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Jay S. Fleischman is a bankruptcy lawyer with offices in Los Angeles and New York. He can often be found on Google+ and Twitter, where he shares information about consumer protection issues and personal finance.
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