New financial protections geared toward consumers could be on the horizon
With all the talk about the need for greater economic oversight, what new protections can people expect when it comes to their day-to-day finances?
The question is still mostly up in the air, but there are some hints.
Among the more notable actions so far is the clampdown on the credit card industry last month. The law signed by President Obama requires card issuers to notify customers in advance of any interest rates hikes and spell out the cost of making only minimum payments over time.
Here's a look at some regulations that could be on the horizon.
Consumer protection agency - Toys, furniture, clothing, and other household items are regulated by the Consumer Product Safety Commission. But no such federal agency exists for financial products. That could change with a proposal currently making the rounds on Capitol Hill, which will probably include the creation of a consumer protection authority for the industry.
The creation of such an agency has long been discussed by Treasury Secretary Timothy Geithner, consumer advocacy groups, and others who study the industry. But the plan circulating now suggests the idea is coming together into a formal package for Congress to consider.
Investor protections - One idea being shopped around by the Treasury Department is to combine two existing bodies, the Securities and Exchange Commission and the smaller Commodity Futures Trading Commission, to create a new agency aimed at protecting investors. (The SEC oversees stock trading activity; the other commission oversees the trading of oil, gas and other commodities.)
It's not clear what new authority, if any, the larger commission would have.
Tax preparation licensing - The Internal Revenue Service said Thursday it's working on new rules that could require paid tax preparers to be licensed. IRS Commissioner Doug Shulman said the idea is to improve tax compliance and reduce fraud.
Between 2006 and 2008, the IRS says it initiated more than 600 investigations of fraud among tax preparers. But when the IRS detects a fraudulent return, the taxpayer - not the preparer - pays the penalties.
Shulman said he wants better leverage to make sure tax preparers act ethically, not only to improve enforcement, but to ensure that taxpayers get quality help in preparing their returns.
The insurance industry - Insurance companies are generally regulated by states, meaning there's a patchwork of varying rules governing the companies across the country. Treasury is considering the creation of a federal charter for insurance companies, although it's not clear whether it would be for all forms of insurance or just some.
Candice Choi writes for the Associated Press 
