NY Pols Seek Delay of OCC Pre-empt Rule

Four New York members of the House Financial Services Committee are urging the Office of the Comptroller of the Currency to refrain from issuing a final rule that would pre-empt state predatory lending laws until Congress has a chance to hold hearings next year.The OCC proposal "makes significant changes to the financial regulatory structure and state law enforcement," the lawmakers say in a Dec. 1 letter. "We are concerned that exclusive regulatory oversight of these entities will result in lesser, not greater, protections for consumers." The OCC is considering a proposal that would pre-empt nearly all state consumer protection laws that could interfere with the operation of national banks and their mortgage subsidiaries. "We urge you to refrain from finalizing these proposed regulations until Congress has had the opportunity to review these proposals and signal our intent," the letter says. Reps. Sue Kelly (R), Peter King (R), Carolyn Maloney (D), and Carolyn McCarthy (D) signed the letter.