http://www.washingtonwatch.com/bills info@washingtonwatch.com http://www.pjdoland.com/chai/?v=0.1 http://www.washingtonwatch.com/bills/show/110_HR_1996.html#39018 Another excuse for Federal and State intervention into matters that a little consumer education and the free market would resolve on their own. The free market is a near perfect system with a government that is willing to allow it's mechanisms to work.... 39018@http://www.washingtonwatch.com Tue, 15 Jul 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_HR_1996.html 8/3/2007: Referred to Senate committee. Status: Read twice and referred to the Committee on Health, Education, Labor, and Pensions. 27548@http://www.washingtonwatch.com Fri, 03 Aug 2007 00:00:00 EDT http://www.washingtonwatch.com/bills/history/110_HR_1996.html?rev=7050 <p>H.R. 1996 would clarify the applicability of State law to national banks and Federal savings associations.</p> <h2 id="toc0"> Detailed Summary </h2> <p>Preservation of Federalism in Banking Act - Amends the Revised Statutes of the United States and the Home Owners' Loan Act to declare applicable to either a national bank or federal savings association any consumer protection in state consumer law of general application (including unfair or deceptive acts or practices, consumer fraud law and repossession, foreclosure, and collection).</p> <p>Declares that when a national bank or federal savings association avails itself of state law for its benefit, all related consumer protections in such state law shall apply.</p> <p>Declares applicable to a national bank or federal savings association: (1) state banking or thrift laws enacted pursuant to federal law; and (2) state laws providing greater protection in high cost mortgage loans (predatory mortgage loans).</p> <p>Permits the Comptroller of the Currency to preempt state law only when a comparable federal statute or regulation pursuant to a federal statute, other than this Act, expressly governs the activity.</p> <p>States that any federal law relating to visitorial powers or which otherwise limits or restricts the supervisory, examination, or regulatory authority to which a national bank or federal savings association is subject shall not be construed as restricting the authority of any chief state law enforcement officer to bring an action on behalf of state residents to enforce federal or state law, or to seek relief and recover damages for violations by a national bank or federal savings association.</p> <p>Prescribes procedural guidelines requiring the Comptroller and the Director of the Office of Thrift Supervision to record and monitor consumer complaints regarding either a national bank or a federal savings association, respectively.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc1"> Status of the Legislation </h2> <p>Latest Major Action: 6/7/2007: Referred to House subcommittee. Status: Referred to the Subcommittee on Financial Institutions and Consumer Credit.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc2"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc3"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 7050@http://www.washingtonwatch.com Thu, 02 Aug 2007 00:00:00 EDT http://www.washingtonwatch.com/bills/history/110_HR_1996.html?rev=7051 <p>H.R. 1996 would clarify the applicability of State law to national banks and Federal savings associations.</p> <h2 id="toc4"> Detailed Summary </h2> <p>Preservation of Federalism in Banking Act - Amends the Revised Statutes of the United States and the Home Owners' Loan Act to declare applicable to either a national bank or federal savings association any consumer protection in state consumer law of general application (including unfair or deceptive acts or practices, consumer fraud law and repossession, foreclosure, and collection).</p> <p>Declares that when a national bank or federal savings association avails itself of state law for its benefit, all related consumer protections in such state law shall apply.</p> <p>Declares applicable to a national bank or federal savings association: (1) state banking or thrift laws enacted pursuant to federal law; and (2) state laws providing greater protection in high cost mortgage loans (predatory mortgage loans).</p> <p>Permits the Comptroller of the Currency to preempt state law only when a comparable federal statute or regulation pursuant to a federal statute, other than this Act, expressly governs the activity.</p> <p>States that any federal law relating to visitorial powers or which otherwise limits or restricts the supervisory, examination, or regulatory authority to which a national bank or federal savings association is subject shall not be construed as restricting the authority of any chief state law enforcement officer to bring an action on behalf of state residents to enforce federal or state law, or to seek relief and recover damages for violations by a national bank or federal savings association.</p> <p>Prescribes procedural guidelines requiring the Comptroller and the Director of the Office of Thrift Supervision to record and monitor consumer complaints regarding either a national bank or a federal savings association, respectively.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc5"> Status of the Legislation </h2> <p>Latest Major Action: 6/7/2007: Referred to House subcommittee. Status: Referred to the Subcommittee on Financial Institutions and Consumer Credit.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc6"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc7"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 7051@http://www.washingtonwatch.com Thu, 02 Aug 2007 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_HR_1996.html 6/7/2007: Referred to House subcommittee. Status: Referred to the Subcommittee on Financial Institutions and Consumer Credit. 19587@http://www.washingtonwatch.com Thu, 07 Jun 2007 00:00:00 EDT