Frank Statement on the Federal Reserve’s Action Regarding Unfair and Deceptive Financial Practices

Washington, DC - House Financial Services Committee Chairman Barney Frank, released the following statement today on the Federal Reserve’s action regarding unfair and deceptive practices:
 

“I congratulate Chairman Bernanke and the Federal Reserve for acting, along with the Office of Thrift Supervision and the National Credit Union Administration, to help stop unfair and deceptive financial practices.  While we haven’t had a chance to study the proposed rules in detail, I am happy on two grounds: first, that the Fed has finally used the authority we gave them under the Federal Trade Commission Act; and second, that they have produced a substantive proposal that appears to have a lot in common with legislation we are considering in the Financial Services Committee.  We still believe some legislation will still be appropriate, but these are very important steps forward.”