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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.

Florida CU Second To Be Granted TIPs Charter ORLANDO, Fla.-Central Florida Healthcare FCU became the second credit union granted a TIP charter-for trade-wide, industry-wide or profession-wide by NCUA. The new charter will allow the $50-million credit union to serve all people who work in the medical profession in five Florida counties: Orange, Osceola, Seminole, Volusia and Lake. "This expansion of our field of membership opens up opportunities we were not seeing with SEG development," said President Trudy Prince. The 48-year-old CU was originally chartered to serve employees of what is now Orlando Regional Medical Center), and has merged, over the years, with smaller healthcare-affiliated credit unions.

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