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Friday, February 12, 2010

CRS Issue Statement on Consumer Credit Protection

Darryl E. Getter, Coordinator
Specialist in Financial Economics

The mechanics and workings of consumer credit markets remain an important issue for the 111th Congress. The consumer credit markets, which include mortgage, automobile, revolving, and other forms of credit, have seen increases in consumer indebtedness and repayment problems. These markets may suffer from some or all of the following: borrowers may lack financial knowledge; disclosures of credit terms may be insufficient; negligent underwriting; and predatory lending. In response to these issues, the 111th Congress is likely to examine the adequacy and transparency of disclosures to consumers. In addition, Congress is likely to continue examining the ability and sufficiency of regulatory agencies to monitor lending practices and how creditors interact with consumers, in particular when consumers fall behind in payments. Various regulatory options such as usury restrictions are likely to be considered.

Date of Report: January 20, 2010
Number of Pages: 2
Order Number: IS40288
Price: $7.95

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