New Consumer Protection Agency could impact RTO bills
New Consumer Protection Agency could impact RTO bills
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The Obama administration yesterday sent a detailed proposal to Congress to create an agency to protect consumers and oversee nearly every facet of consumer lending.
Though the bill, and the agency it proposes to establish – The Consumer Financial Protection Agency – does not name rent-to-own directly and is focused on abusive mortgage and credit card lending practices that led to the current financial crisis, the "ripple effect" of the bill could color attitudes about pending RTO legislation and the industry in general.