Mortgages

WASHINGTON — Seeking to mollify critics in Congress, Federal Reserve Board Chairman Ben Bernanke on Wednesday said the central bank would issue rules this year to curb abusive lending.

The Office of Thrift Supervision is planning to release an advance notice of proposed rulemaking in a few weeks that would define unfair and deceptive lending practices, the agency's deputy director, Scott Polakoff, said Wednesday.

Unless the Federal Reserve Board defines unfair and deceptive practices by the fall, House Financial Services Committee Chairman Barney Frank said Tuesday he would give that power to other regulators.

WASHINGTON — Democratic leaders have turned the Federal Reserve Board into their favorite punching bag on Capitol Hill, blaming the central bank for not doing enough to curb predatory lending, reform card practices, or finish the implementation of the Fair and Accurate Credit Transactions Act.

WASHINGTON — Key lawmakers said Tuesday that they are fed up with regulators' snail-like progress on writing regulations for credit reports, and that they are considering giving the Federal Trade Commission power over the banking agencies to get the job done.

WASHINGTON — An unexpected House panel vote on a nonbinding resolution condemning predatory lending in the subprime mortgage market has sparked a furor among banking lobbyists, who fear it is the first concrete step toward tighter restrictions.

WASHINGTON - A much-anticipated hearing on the Federal Reserve Board's authority to curb abusive lending felt almost like an academic debate, particularly when compared to the events that preceded it.

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.