May 13, 2010
Don’t Take States and AGs off The Predatory Lending Beat
• State Attorneys General Enforcement of CFPB Rules: The CFPB’s authority to enforce consumer protection laws has already been cut back, and the Carper amendment would remove the ability of State Attorneys General to protect their own residents from predatory lending and other abusive banking practices.
• Immunity from State Law: The amendment makes it easier for national banks to ignore state laws that address new bank abuses not yet covered by federal protection – the state laws we need the most. Preemption prevents states from stopping those abuses before they spread nationally.
It is critical that there are as many cops on the beat as possible to protect consumers from predatory lending practices and unsafe products. We urge you to oppose Amendment # 3949 and any other amendment that weakens the CFPB and the enforcement of its rules. If you have any questions, please contact Gail Hillebrand, (415)431-6747, firstname.lastname@example.org or Pamela Banks, (202)462-6262, email@example.com.
Senior Policy Counsel