Consumers Union is pushing for tighter regulations governing interest rate promises banks make on home mortgages.

At a meeting of consumer groups last week, Michelle Meier, Consumers Union's counsel for governmental affairs, said banks often harm customers at loan closings by reneging on agreed-upon rates.

An American Banker's Association spokesperson, Patricia Boerger, said current mortgage rate lock-in rules give customers enough protection.

The watchdog group also advocated increased policing of banks that sell securities and annuities.

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