The Obama administration is considering forming a regulatory commission to protect consumers against predatory sales and practices by mutual funds, mortgage lenders and credit card companies.

Along with creating a systemic risk regulator, the consumer protection commission would be one of the administration’s biggest steps in its commitment to overhaul financial regulation. Already, according to reports, the administration is talking with industry leaders, lawmakers and consumer and investor groups about the idea.

Industry groups are likely to argue against additional regulations, and existing regulators, such as the Securities and Exchange Commission, are expected to resist any encroachment on their powers.

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