US Treasury official defends plans for consumer regulator

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Neal Wolin, the deputy secretary of the US Treasury, has claimed that a consumer regulator is needed to fill regulatory gaps and stop financial firms choosing soft-touch regulators.

"The current approach invites firms to choose the weakest regulator and allows non-banks like mortgage brokers, consumer credit companies and payday lenders to escape federal supervision almost entirely," Wolin said in an article written for The Hill, a newspaper, "The abuses in the mortgage market are tragic and wel

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