WASHINGTON, May 6 (UPI) -- U.S. Senate Democrats Thursday rejected a Republican effort to limit consumer protections from abuses by lenders as part of a financial reform package.
The Senate voted 61-38 against an amendment by Republican Sens. Richard Shelby of Alabama and Mitch McConnell of Kentucky that would have scaled back a new consumer protection bureau within the Federal Reserve to protect consumers from predatory lenders and abusive mortgage, credit card and other lending practices. Republicans, banking interests and some businesses have opposed the push.