Federal agency ticks off state attorneys general

By John O'Brien | Jun 30, 2011


WASHINGTON (Legal Newsline) - The nation's state attorneys general, including Texas Attorney General Greg Abbott, are claiming the federal Office of the Comptroller of the Currency has been attempting to preempt state consumer protection laws for a decade.

They made the comment in response to new rules drafted by the OCC in May that implement several provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The AGs say the rules preempt state laws protecting consumers against national banks.

The AGs claim they are the ones who have been aggressively protecting consumers against abusive financial practices, pointing to multimillion-dollar settlements with First Alliance, Household Finance, Ameriquest and Countrywide.

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