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Forum (Forum & Focus)

Oct. 30, 2008

Federal Reserve Failures Highlight Need for a Restructured System

Restructuring our system so that financial institutions cannot pick their regulator is a plan that is sorely needed, writes Lauren E. Willis. - Forum Column

FORUM COLUMN

By Lauren E. Willis

In 1994, Congress passed the Home Owners' Equity Protection Act giving the Federal Reserve Board broad responsibility to protect consumers in the mortgage market: "The Board, by regulation or order, shall prohibit acts or practices in connection with ... mortgage loans that the Board finds to be unfair [or] deceptive[,] ... associated with abusive lending practices, or ... otherwise not in the interest of the borro...

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