The National Bank Regulator's War on Consumers - by Ralph Nader

[The Sushi Bandit]

http://www.ralphnader.com/interest/101003.html

Not satisfied with the case by case assault on state consumer laws, Hawke now has expanded his war on consumers by publishing sweeping new regulations to reinforce the preemption of state law enforcement authority and to nullify virtually all state laws for national banks and their subsidiaries.

The Comptroller's new power grab has generated a full-throated cry of outrage from consumer organizations, the National Conference of Legislatures and the National Governors Association which believe that Hawke is abusing the preemption authority of the National Banking Act of 1864.

[benfranklin1776]

1. A revealing quote

"Last year, OCC's general counsel sent a memorandum to national banks, warning them about
visitations, inquiries or data requests that might come to the banks from state attorneys general. If
and when such contacts were initiated, the banks were to immediately notify the OCC. The fear, of course, was that the attorneys general access might, somehow, be a foot in the door for the states and a diminution of the national bank's preemption authority. "


RIIIGHT. Translation: When the State AG's come looking for pillaged pension funds which may have been secreted in these banks or moved off shore with their assistance or when the State AG's come to recoup money bilked in predatory lending scams just call the Controller and he will help them shut down the investigation. Don't want outsiders prying. Never know what they might find. All those campaign contributions are paying off handsomely, eh?

[Ardee]

2. but...but...sputter

dont you know that you have violated the unwritten law of DU ?

Not only have you posted an article from the anti christ himself, but it is not one wherein he discloses his republican leanings and his enmity for all things democratic...please refrain in future from attempting to shatter the illusions of those vichy democrats who must blame Nader for all the ills and defeats of the democratic party.....after all, without nader to blame these folks might be forced to look inward for the truth, and we cannot have that now can we?

[The Zanti Regent]

4. That's right--after all Nader enabled Bush

and my Nephew is in a hospital bed for the rest of his life, a quadraplegic due to an Iraqui bullet, thanks to Nader

[jenm]

3. um

That sure looks like it's in the interest of the common person to me. Wouldn't this business friendly admin want to tilt the scales in that direction? Sure they would. At least we know we have some people working to preserve our rights and stand up for our interests. Including lobbying congress intelligently.