Consumers: Be Aware!
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There's great debate about the creation of a consumer financial protection agency and today it was front and center on Capitol Hill. Edward Yingling, American Bankers Associationof CEO
& President testified before the Senate Banking Committee and reiterated its opposition to the planned creation of a new consumer regulatory body for financial services that would
operate separately from prudential regulatory agencies. Mr. Yingling spoke to Maria exclusively right after his meeting. And the big question is why should the industry have a problem with
this consumer protection agency? Mr. Yingling told that Maria one of the problems would be that it would _"Subject banks to conflicting regulations." _The concern is the mortgage
brokers involved in state level. Are they going to examine these new rules? When Maria asked about what about the consumer, slapped with more fees, Yingling answered there's currently
no funding mechanism to accomplish that. He doesn't see how this entity gets funded if there isn't an increase. And Economics tell us, those fees ultimately get passed on to the
consumer. Who needs more fees? _____________________________ * The Dow 30 in Real Time * The CNBC Stock Blog _____________________________ _Questions? Comments? Write