US Fed oks rules on deceptive mortgage practices

WASHINGTON, July 14 (Reuters) - The U.S. Federal Reserve Board on Monday passed rules aimed at cracking down on misleading and deceptive practices in the mortgage lending industry, including a ban on prepayment penalties for many risky loans.

Fed Chairman Ben Bernanke said the rules will offer broad protection to consumers and will increase competition in the mortgage market by leveling the playing field for lenders. (Reporting by Karey Wutkowski; Editing by Theodore d'Afflisio)