Consumer and community groups are urging senators to support two resolutions, sponsored by Sen. John Edwards, D-N.C., that would overturn agency regulations that exempt national banks from compliance with state predatory lending laws.The Office of the Comptroller of the Currency regulations "represent a major step backwards in the fight against predatory lending," says the letter sent by the seven groups to individual senators. "To preserve homeownership, a competitive dual banking system, and the right of states to protect their citizens, Congress should rescind the OCC's regulation." ACORN, the Consumer Federation of America, the Consumers Union, the National Association of Consumer Advocates, the National Community Reinvestment Coalition, the National Consumer Law Center, and the U.S. Public Interest Research Group signed the April 28 letter. One source told MortgageWire that Sen. Edwards has not been able to garner much support for his resolutions, and he needs 30 co-sponsors to force a vote in the Senate. A spokesman for the North Carolina senator said there are a lot of discussions going on, but he declined to provide a count on the number of co-sponsors. Sen. Edwards introduced the resolutions to overturn the OCC regulations on April 7.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry