<strong>Reporting requirements will give consumers more details on
loans, mortgages.</strong>
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It may be quite a while before consumers feel the effects of the
newly passed federal financial reform legislation. A few things are fairly certain. Consumers can
expect clearer documentation on short-term loans, mortgages and other
financial instruments and by 2012 there will be a watchdog agency within
the Federal Reserve dedicated to protecting consumers from unscrupulous
practices in the financial industry. "Currently, if you feel your
bank is ripping you off, no one has any idea where to turn," said
Carmen Balber, Washington director of Consumer Watchdog. The new
agency, he said, will be able to collect complaints and address their
cause: "People will be spurring … broader reform."
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