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Bank regulator sues Spitzer for 'interference'
State Attorney General Eliot Spitzers investigation into alleged discriminatory mortgage lending practices has touched off a turf war with a federal agency that accuses him of "interfering" with its oversight of nationally chartered banks.
The Office of the Comptroller or the Currency (OCC)
filed suit in June to stop Spitzer from inspecting the lending records of national banks using state laws."While the New York attorney general's office has legitimate authority for a great number of lending institutions operating in the state, federal law provides that lending activities of national banks and their subsidiaries are under the jurisdiction of the OCC," acting Comptroller of the Currency Julie L. Williams said in a written statement.
OCC, created by Congress to charter national banks and oversee a nationwide banking system, says the National Bank Act forbids state officers from inspecting the records or bringing enforcement actions against national banks.
"These are not new legal standards," Williams added. "The laws here were enacted in 1864."
In addition, make sure to read these articles:
- Let states defend financial consumers
- Supreme Court Limits The OCC's Preemptive Power
- United States: Supreme Court Limits The OCC's Preemptive Power
- Consumer advocates praise court's bank ruling
- Some state laws apply to banks
- Supreme Court Decision Alert - June 29, 2009
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