Bachus Postpones House Markup of Predatory Bill

Financial Services subcommittee chairman Spencer Bachus, R-Ala., has postponed a markup of a predatory lending bill that was originally scheduled for March 29. In working with key subcommittee Democrats and Republicans, Rep. Bachus acknowledged that he needs a "little more time" to work out a compromise. "I am hopeful that the end product will be something akin to if not identical to the North Carolina statute," Rep. Bachus said. The Alabama congressman is trying to forge a compromise around a well-known North Carolina predatory lending law. A draft of the bill uses the 1999 North Carolina law as a national subprime lending standard. It also includes a federal preemption of state predatory lending laws.