Congressman Seeks to Overturn OCC Pre-Emption

Rep. Barney Frank D-Mass., said he will attempt to overturn the OCC's preemption of state and local predatory lending laws by passing a congressional resolution of disapproval if the OCC does not seek a compromise.At a press conference with state attorneys generals and bank superintendents, Rep. Frank claimed the OCC rules have removed national banks from any effective regulation by the states. And he urged OCC to meet with state officials and key members of Congress to work out a compromise that will allow state elected and appointed officials to protect their citizens from abusive lending practices. "We are prepared to work this out," the ranking Democrat on the House Financial Services Committee said. However, he is prepared to sponsor a resolution of disapproval if negotiations are not successful. "We have until the middle of May to decide whether or not to introduce that. We hope it will not be necessary," Rep. Frank said.