Three U.S. Democrats on Tuesday said they introduced legislation to force national banks to comply with consumer protection laws enacted by state governments, a move to prevent federal pre-emption of tougher state anti-predatory lending and privacy laws.
Sen. John Corzine of New Jersey, Rep. Barney Frank of Massachusetts and Rep. Luis Gutierrez of Illinois said their bill was a response to recent actions by the Office of the Comptroller of the Currency. The federal banking regulator has fought New York Attorney General Eliot Spitzer’s attempts to crack down on potential abuses in lending.
For this complete story, please visit Democrats Offer Bill to Back State Predatory Lending Laws.
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