Does The OCC Enable Predatory Lending?
Over 25 states and many cities and towns passed predatory-lending restrictions since 1999. Looking ahead, predatory home lending is expected to be a continuing financial and political issue. It may not be an easy job. Household International has a huge staff of lobbyists and PAC money to fight any consumer favorable initiatives.
State laws on predatory loans don’t govern national banks, which are exempted under a ruling by the federal Office of the Comptroller of the Currency. The banks fall under less-restrictive federal rules. After acquiring troubled predatory lender Household International, banking giant HSBC applied for a national charter in the United States. Previously HSBC had a state charter.
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