Fewer protections in new bank rule
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A new rule that exempts federally chartered national banks from laws meant to protect consumers has many worried.
The rule, by the U.S. office of the comptroller of the currency, exempts the banks from state banking, advertising, privacy and insurance laws intended to protect consumers from predatory lending and other abusive practices.
The Consumer Federation of America, National Assn. of Attorneys General, the U.S. Conference of State Banking Supervisors, National Assn. of Realtors and U.S. Reps. Barney Frank (D-Mass.) and Luis Gutierrez (D-Ill.) believe consumers will be subject to fewer protections. Hearings on the rule are scheduled for next month.
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