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The Consumer Financial Protection Bureau's new rules that are scheduled to be released Thursday come at a time when regulators and banks are trying to find a middle ground between overly lax and overly tight lending standards. The rules will go into effect next January.
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The new rules would help eliminate surprises and make the mortgage loan process easier to understand, the Consumer Financial Protection Bureau says. It's also moving to give homeowners more protection when mortgage companies try to foreclose.
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The financial overhaul "is not what anyone would want," he said today. But "something had to be done."
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The Consumer Financial Protection Bureau estimates that last year, banks made $15 billion to $22 billion from the overdrawn-account fees they charge customers. The agency is seeking data from banks so it can help customers avoid such charges. But any changes could lead banks to raise other fees.
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Republicans criticized his recess appointment of Richard Cordray to run the new consumer watchdog agency. But Justice lawyers say the Senate wasn't really in session.
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Though President Obama may have riled Republicans with his recess appointment of Richard Cordray to lead the Consumer Financial Protection Bureau, there is bipartisan agreement on Cordray's strong qualifications. Host Scott Simon talks with New York Times columnist Joe Nocera about what's ahead for Cordray.
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President Obama bypassed Congress this week in appointing Richard Cordray to head the Consumer Financial Protection Bureau and filling vacancies on the National Labor Relations Board. Republicans called the appointments an unconstitutional power grab and said they were made while the Senate was still technically in session.