Battle Has Begun over Proposed Consumer-Protection Rules

Beginning of article

WASHINGTON u Health-care reform has drawn most of the attention on Capitol Hill lately, but for homebuyers, sellers and mortgage applicants the legislative ballgame will really get underway in September when Congress begins serious work on the proposed Consumer Financial Protection Agency.

Legislation creating the new agency already is pending in the House, pushed by Financial Services Committee Chairman Rep. Barney Frank, a Democrat from Massachusetts who is its principal author. The Obama administration had outlined a similar plan at the end of June and considers passage of a bill a top priority.

Why should you care? What might the new agency do for you u or to you? HereAEs a quick overview:

To begin with, you should be aware that the agencyAEs powers …