John W. Olver: “Mr. Chairman, the Comptroller of the Currency's regulations, preemption regulations, are a huge expansion of that…”

“Mr. Chairman, the Comptroller of the Currency's regulations, preemption regulations, are a huge expansion of that office's power. They exceed the OCC's congressionally-granted preemption authority. The rules effectively deny citizens the protections of their State's predatory lending and other consumer protection laws. The OCC claims that it can provide the consumers protection equal to that currently provided by State consumer protection agencies. However, replicating the functions of 50 State consumer protection agencies will require an enormous increase in their budget and power. Congress did not grant, in any understanding of mine, the OCC unlimited preemption authority so the OCC could preempt all State consumer laws applicable to the national banks and, thus, become a national consumer protection agency. Even supporters of this expansion should be concerned when such changes in policy are undertaken without the explicit consent of Congress. Expanding OCC's preemption authority should come only after a full debate and a vote by the people's representatives in this Congress, not by the agency's unilateral action. This amendment, which is a limitation amendment, a limitation on funds, is the only opportunity to have this debate.”