The Federal Reserve Bank is currently researching ways in which to provide much needed relief for the sub-prime housing crisis that is tearing apart consumers particularly in the mid-west states where job losses are occurring very heavily, mainly due to lay-offs in the auto manufacturing industry.
In the coming weeks, the Federal Reserve will be proposing new regulations in advertising financial offers such as credit cards and mortgages particularly in regards to disclosures. The Federal Reserve will be looking into how to outlaw unfair or deceptive advertising practices deployed by the financial sector.
Here is a break-down of what the Federal Reserve has been and will be doing to protect consumers from unscrupulous lenders that prey on people who are less informed.
1. Coordinated enforcement of consumer protection laws
The Federal Reserve has been involved in researching, monitoring and examining sub-prime credit card and mortgage lenders through a cooperative initiative with individual state regulators. The Federal Reserve is continually reviewing consumer protection laws for compliance as well as review the terms by which sub-prime lenders grant...
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