Joe Crowley: “I respectfully and reluctantly rise in opposition to the amendment offered by my friend and colleague, the gentleman…”

“I respectfully and reluctantly rise in opposition to the amendment offered by my friend and colleague, the gentleman from California (Mr. Sherman), whom I respect. As a member of the Committee on Financial Services, I have been at numerous hearings that have been held on the issue of OCC preemption. What the OCC did in promulgating these regulations is well within, in my opinion, their scope as a regulator of national banks. But I believe the issue is bigger than that of the powers of national versus State chartered banks or the presumed powers of the OCC. The real question here deals with ensuring the greatest protections of all American banking consumers with respect to stopping abusive lending practices. And that is why I salute the OCC's actions. Our constituents have no idea where their bank is chartered, and they really do not care. But they really do care about protecting their money and their investments and keeping the access to capital free flowing. This action by the OCC will allow that to happen.”