Fed proposes sweeping rules for consumer protection

As the Federal Reserve defends its role as a consumer-protection agency, officials at the central bank proposed overhauling disclosures made on mortgages and home-equity loans to consumers. "I think the general thrust of this is to make more intelligent shoppers of households, have them make better decisions," said Fed Vice Chairman Donald Kohn. The proposals include a ban on side payments made to mortgage brokers for getting consumers into pricier loans.

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