Financial reform package brings efficiency, fairness to mortgage and financial service industries
Newswise — Robert C. Hockett, professor, Cornell University Law School, is an expert on financial law and economic globalization.
He says:
“Congress and the President are to be congratulated on a well balanced finance-regulatory reform package that is likely to bring much greater fairness and efficiency to the mortgage and financial services industries.
“The consumer financial protection measures, the resolution authority, and the formation of a systemic risk council to watch the financial system as a whole on behalf of our currently fragmented regulators are all very welcome developments. While a few of the exceptions put into the bill to secure some Republican support ¬– notably the exemption of auto loan companies from the jurisdiction of the consumer protection agency – are regrettable, the bill is on balance a good piece of duly cautious, non-overreaching reform. And its few holes can be plugged later should significant ‘leakage’ emerge.”
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