Fed likely to pass buck on predatory lending

Consumer groups hoping for the Federal Reserve Board to start cracking down on predatory lenders may be sorely disappointed when the central bank takes up the issue Wednesday.

Despite calls for action from the Treasury Department, House Banking Committee Chairman Jim Leach, and consumer advocates, the Fed appears poised to pass the buck on deciding if stronger measures should be taken against abusive lending practices.

Though the Fed held several hearings this past summer and many activists

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