US Lawmakers voted on Thursday to support the creation of a Consumer Financial Protection Agency, which would regulate mortgages, credit cards and many other financial products.
But the regulatory agency, backed by a 39 to 29 vote in the US House of Representatives Financial Services Committee, was strikingly less ambitious than the one envisioned by the Obama administration. Credit, mortgage and title insurers as well as auto dealers would be exempt from the CFPA’s oversight.
