Obama Administration Announces Financial Regulatory Reform Plan

The Obama Financial Regulatory Reform Plan, announced on June 17, 2009, would change the regulation of all lenders and their holding companies, give the Federal Reserve Board supervisory power over large and complex entities that pose a systemic risk to the financial system, create a new consumer protection agency, and provide for managing future financial crises. Key objectives include restoring consumer and investor confidence in the nation's financial system. Of particular interest to REALTORS®, the plan would strengthen the national policy against mixing banking and commerce and create a Consumer Financial Protection Agency to consolidate the regulation of consumer protection laws related to mortgage loans and other financial products, including the Truth in Lending Act and the Real Estate Settlement Procedures Act
.NAR Summary of the Plan
White House Press Release (including links to White Paper and Fact Sheets)