US Sen Corker: no exemptions in new watchdog bill
Author: Rachelle Younglai, Reuters
Mar 10, 2010
"An influential Republican in U.S. Senate talks on financial regulatory reform said on Wednesday there are no special exemptions for particular institutions in a proposed new government financial watchdog agency.
Senator Bob Corker, amid reports that he has pressed in negotiations for special treatment in legislation for payday lenders, said: 'There are no carve-outs for anybody.'
U.S. businesses, including financial services firms and payday lenders have been lobbying the Senate to water down a White House plan to create an agency to regulate consumer financial products, such as mortgages, credit cards and payday loans, which are short-term loans made against the borrower's next paycheck.
The White House opposes any exemption for payday lenders."
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"Complex mortgage features, such as payment options, negative amortization resets, and underwriting loans only at the initial 'teaser' rates, as well as the complexity of many disclosure documents provided an opportunity for unscrupulous operators to take advantage of borrowers."
Source: Michael H. Krimminger, Special Advisor For Policy, Office Of The Chairman; FDIC
