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For Immediate Release: February 12, 2004

Committee Democrats Urge Delay in OCC Preemption Rule

WASHINGTON—A sizable portion of the Democratic members of the House Financial Services Committee, led by Ranking Member Barney Frank (D-MA), Wednesday pressed the Office of the Comptroller of the Currency (OCC) to postpone the effective date of its controversial preemption rule.

In a letter sent yesterday to Comptroller John D. Hawke, Jr., the 23 members stress, “These should not be treated as mere technical revisions to, or minor clarifications of, existing OCC regulations or court determinations. Rather, we are deeply concerned that they represent a fundamental shift in bank regulation that goes to the very heart of the federal system.”

The new rule would allow national banks to ignore many state laws, particularly state consumer protection laws including financial privacy laws and strong anti-predatory mortgage lending laws.

The rule is to take effect today.

Click here to see letter.

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The Committee oversees all components of the nation's housing and financial services sectors including banking, insurance, real estate, public and assisted housing, and securities. The Committee continually reviews the laws and programs relating to the U.S. Department of Housing and Urban Development, the Federal Reserve Bank, the Federal Deposit Insurance Corporation, Fannie Mae and Freddie Mac, and international development and finance agencies such as the World Bank and the International Monetary Fund. The Committee also ensures enforcement of housing and consumer protection laws such as the U.S. Housing Act, the Truth In Lending Act, the Housing and Community Development Act, the Fair Credit Reporting Act, the Real Estate Settlement Procedures Act, the Community Reinvestment Act, and financial privacy laws.