Fed toughens rules on consumer protection

federal reserve

New rules to protect borrowers from unfair, abusive, and deceptive lending practices by loan originators were unveiled by the Federal Reserve on Monday.

Under the amendments made to Regulation Z, which implements the Truth in Lending Act designed to protect US borrowers, loan originators may not receive compensation related to the interest rate charged to customers and will not receive indirect benefits from the lender. The rules intend to alter the incentives of loan originators away from the

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