HSBC US Consumer Lending Regulated by Each State
Bobby Mehta, Chief Executive Officer, HSBC - North America Holdings said “Our consumer lending businesses, which are regulated by states including New York, are not affected by the lawsuits….” (see full statement). Mehta’s statement relative to suits by the Office of the Comptroller of the Currency (OCC) and the Clearing House against New York Attorney General Eliot Spitzer is interesting, says Household - HSBC Watch consumer advocates. “When Household International got caught in Washington State their lawyers petitioned to have court records sealed. There is no easy and expeditious way to monitor, regulate and control abuses by HSBC’s consumer lending division which was and still is the old predatory lender Household International” said the group.
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