OCC CALLED TO JUSTIFY EXEMPTION RULE BEFORE HOUSE COMMITTEE.The House Financial Services oversight and investigations subcommittee has ordered Comptroller of the Currency Comptroller of the Currency A government official, appointed by the President of the United States, who keeps control over all national banks, and receives reports from the banks at least quarterly, to be published in newspapers. John Hawke to appear Jan. 28 to justify the new rule issued Jan. 7 preempting state consumer protection laws consumer protection laws n. almost all states and the federal government have enacted laws and set up agencies to protect the consumer (the retail purchasers of goods and services) from inferior, adulterated, hazardous and deceptively advertised products, and , saying the federal agency had sole right to regulate national banks. Subcommittee Chairman Sue Kelly (R-NY) said the hearing "will require the OCC OCC See: Options Clearing Corporation OCC See Options Clearing Corporation (OCC). to publicly justify its decision to finalize these rules prior to congressional review." New York Attorney General Eliot Spitzer has filed a lawsuit challenging the new rule in New York State Supreme Court. The suit, filed on behalf of Robert Hall of East Greenbush, NY, against First Tennessee National Corp., charges Hall finished paying his 25-year, $27,000 mortgage with the national bank on time in 1999 but the bank continued to charge him and threatened to foreclose fore·close v. fore·closed, fore·clos·ing, fore·clos·es v.tr. 1. a. To deprive (a mortgagor) of the right to redeem mortgaged property, as when payments have not been made. b. . |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion