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On January 7, 2004, the OCC issued a
final rule that contains a strong standard to ensure that predatory lending does
not gain a foothold in the national banking system. The OCC took this step as a
preventive measure, even though there is scant evidence of predatory practices
among national banks.
The new standard is part of a rule that
clarifies the extent to which state laws apply to national banks. The OCC also
issued on the same day a rule intended to clarify issues involving the OCC's
exclusive visitorial powers over national banks. As the sole regulator of
national banks, the OCC is in a unique position to take action on behalf of
national bank customers, no matter what state they happen to live in. While
instances of abuses are isolated, the OCC has taken quick and decisive action in
each case. Overall, the OCC has required payment of hundreds of millions of
dollars in restitution to national bank customers injured by abusive
practices.
The OCC issued a number of documents
explaining the rulemakings on national bank preemption and the OCC's visitorial
powers, including:
On February 2, 2005, the OCC issued guidance to protect national banks from becoming involved in predatory, abusive, unfair or deceptive mortgage lending practices.
News Release
Guidance
On October 7, 2003, the OCC with several other federal agencies published a consumer brochure on predatory lending.
News Release
Predatory Lending Brochure
WorkSheet
On February 21,
2003, the OCC issued guidance to help banks avoid predatory lending practices. A
second piece of guidance dealt with loans banks buy from third parties.
News Release
Q&As
Guidance (Loan originations)
Guidance (Purchased
Loans)
Speeches:
A number of OCC officials have addressed the
problems created by predatory and abusive lending practices. Here are some
examples:
05/03/2005
Acting Comptroller Williams highlights the role of predatory lenders in
the growing problem of foreclosures |
News Release 2005-44 |
HTML |
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Speech |
PDF |
04/07/2004
Comptroller Hawke outlines how the OCC preemption rule adds standards to protect
customers of national banks from unfair,
deceptive, abusive or predatory lending practices |
News Release 2004-28 |
HTML |
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Congressional Testimony |
PDF |
05/24/2000
Comptroller
Hawke Outlines Program to Combat Predatory Lending |
News Release 2000-37 |
WORD ASCII |
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Congressional Testimony |
WORD ASCII |
03/21/2000
Comptroller
Hawke Urges Increased Action, Education To Combat Predatory Lending
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News Release 2000-21 |
ASCII |
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Speech |
WORD ASCII |
06/07/1999
Comptroller
Urges Industry to End Abusive Practices and Elevate Customer Service
Standards |
News Release 1999-51 |
ASCII |
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Speech |
WORD ASCII |
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