CU Exec Urges Congress To Prevent Preemptions
WASHINGTON-Consumer activists called on Congress last week to prevent federal regulators from preempting new state laws aimed at combating predatory lending practices.
The recently enacted state laws, including one passed in North Carolina, are working to protect consumers while not reducing credit to low-income borrowers, George Brown, vice president of Self-Help CU, Durham N.C., testified before the House Financial Services Committee. "Federal preemption of state anti-predatory lending laws would be misguided and harmful to borrowers," said Brown, who was appearing on behalf of the Center for Responsible Lending. The hearing came as several federal regulators, specifically the Office of Comptroller of the Currency, have moved to preempt federally chartered institutions from state predatory lending laws.
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