Consumer Groups Seek Halt To National Preemptions

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A broad-based coalition of consumer and civil rights groups called on the Office of the Comptroller of the Currency to halt efforts to preempt anti-predatory lending law passed by the states.

In a letter sent to OCC, the group called the effort by the regulator of nationally chartered banks "a blatant attempt to increase the power of the OCC at the expense of homeowners, the sovereignty of the states, and the intent of Congress."

The OCC has issued preemption rulings providing exemptions for nationally chartered banks on new predatory lending laws in North Carolina, Georgia, Connecticut and the District of Columbia, which effectively preempts federally chartered credit unions, as well.

Signing the letter were representatives of the Center for Responsive Lending, The Greenlining Institute, Leadership Conference on Civil Rights, NAACP, National Council of La Raza, U.S. Public Interest Group, and several other organizations.

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