Makin' Money

The Fed embraces consumer protection

Chris Farrell Dec 15, 2010

Maybe change does happen. The Federal Reserve has long been reluctant to embrace consumer protections rules.

But the central bank has proposed two rules boosting consumer coverage limits for credit transactions and leases, according to Bloomberg News.

The rules would increase the limits to $50,000, according to a Fed statement today. Amounts will be adjusted annually to reflect any increase in the consumer price index, the Fed said. Consumer loans of more than $25,000 are generally exempt from the protections of the Truth in Lending Act, and leases where the consumer’s total obligation exceeds $25,000 are also exempt from safeguards of the Consumer Leasing Act.

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