Banks score victories as Senate votes on regulatory changes

05/19/2010 | USA Today · Hill, The

The Senate approved an amendment that would limit states' ability to write new consumer-protection laws, even if a federal law does not exist. However, the provision preserves the power of states to enforce federal rules. The banking industry was opposed to allowing for a patchwork of state laws. "The Consumer Bankers Association supports efforts to improve consumer protection, but eliminating current federal pre-emption standards is not the right approach," said CBA President Richard Hunt.

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USA Today · Hill, The

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