Apr. 30, 2004 –
In a move that may protect the public from predatory lending, members of Congress are looking to overturn new rules implemented by the Office of the Comptroller of the Currency. The rules would exempt national banks from state regulation, subjecting them only to often less stringent federal laws. "Our legislation will stop OCC from eroding strong safeguards that have been used by the states for more than a century to enforce consumer protection laws," said US Rep. Luis Gutierrez (D-Ill), one of the main sponsors of the new resolution. It is unclear whether the resolution has enough support to move forward.