Mortgages

WASHINGTON — House Financial Services Committee Chairman Barney Frank warned the Federal Reserve Board that he is tired of waiting for it to define unfair and deceptive practices, and that he is likely to give other regulators the power to act in its stead.

WASHINGTON - Lawmakers and two regulators challenged the premise that improving disclosures would be enough to fix problems in the credit card industry, saying more action is necessary to protect consumers.

WASHINGTON — Though the Federal Reserve Board last week proposed a broad shakeup of disclosures for credit cards, a wide gulf remains between the central bank's plan and more sweeping changes sought by several lawmakers.

In May of last year, Countrywide Home Loans ended 32 years of being labeled a “non-depository” when its parent, Country Credit Industries, purchased a small Federally-chartered bank in northern Virginia.