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OCC Pre-empts Georgia Lending Law.(Brief Article)
The Office of the Comptroller of the Currency has issued an order to
pre-empt Georgia's anti-predatory lending law and the regulator of national banks also issued proposed guidelines for pre-empting other state lending laws.
"It is a matter of constitutional law and federal statute that the powers of national banks cannot be obstructed by state laws or regulations," comptroller John Hawke Jr. said.
He noted there is "no evidence" that national banks are engaged in predatory lending practices and the proposed rule establishes a strong anti-predatory lending standard.
The proposed rule would, for example, prohibit national banks from making loans when they cannot reasonably expect to be repaid without recourse to the borrower's collateral.
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