Postponement of State Law Exemption Sought

Rep. Sue Kelly, R-N.Y. is asking the Office of the Comptroller of the Currency to postpone issuing a rule that would exempt national banks from complying with state predatory lending laws until her subcommittee can hold hearings.Rep. Kelly chairs the House Financial Services Oversight subcommittee "I don't think agencies should be allowed to promulgate rules and enforce them on the states without giving states the right to speak," she said. Rep. Kelly disclosed at a hearing on predatory lending that she is sending a letter to OCC asking for the delay. At the hearing Iowa attorney general Thomas Miller complained that OCC is trying to stop the states from enforcing predatory lending and other consumer protection laws when it comes to national banks. "It is a radical change," Mr. Miller said.