Craig Demands Meeting on OCC Rules

Sen. Larry Craig, R-Idaho, is demanding a meeting with Comptroller of the Currency John Hawke Jr. to discuss his agency's rules that shield national banks and their mortgage subsidiaries from state efforts to protect consumers from predatory lending."I am concerned about the actions of the Office of the Comptroller of the Currency, which seem to be at odds with state efforts to protect the elderly and others from predatory lending," the senator says in a letter to Mr. Hawke. "Accordingly, I invite you to meet with me to address these concerns." Sen. Craig chairs the Senate Special Committee on Aging. At a recent hearing, Idaho finance department director Gavin Gee testified that the OCC has pre-empted the states from investigating consumer complaints about national banks or taking any enforcement actions. Sen. Craig's letter discusses Mr. Gee's testimony. The Republican senator also points out that state governors, legislators, attorneys general, and bank supervisors objected to the OCC's pre-emption rules, which became effective Feb. 12.