Consumer protection isn't waiting for a new federal agency

06/25/2010 | Wall Street Journal, The

New state and federal consumer-protection laws are implementing sweeping changes in consumer finance, even as the fate of a new federal consumer-protection agency awaits final action in Congress. States are putting into place new rules reforming lending practices that have been troublesome for low-income borrowers for years. For the first time, the federal government requires lenders to verify the assets and income of prospective borrowers before approving mortgages.

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