The ability of the Office of the Comptroller of the Currency to shield the mortgage subsidiaries of national banks from complying with state predatory-lending laws would be revoked under a bill introduced by Rep. Barney Frank, D-Mass.The bill (H.R. 5251) is designed to "clarify the relationship between state consumer protection authority and the operation of national banks," Rep. Frank says in letter to potential co-sponsors. The ranking Democrat on the House Financial Services Committee contends that the OCC has gone too far in pre-empting state consumer protection laws and blocking state attorneys general and regulators from protecting their citizens. The bill provides that state authorities can take enforcement actions against national banks that engage in unfair and deceptive practices. In addition, the bill states that the OCC cannot pre-empt state laws with respect to nondepository subsidiaries of national banks. In January, the OCC issued regulations that pre-empt state laws that limit or impede the lending activities of national banks and their operating subsidiaries. Earlier attempts to completely overturn the OCC's regulations have failed.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25