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Washington
Inside Washington (06/29/2011)
* WASHINGTON (6/30/11)--The Treasury Department has sided with state regulators and consumer groups to urge the Office of the Comptroller of the Currency (OCC) to scale back its proposed ruled relating to federal pre-emption of state consumer financial law. The OCC’s rule does not center on the key language of the Dodd-Frank Act, which left the pre-emption standard mostly unchanged, but seeks to broaden the standard, said Treasury General Counsel George Madison in a letter to the OCC. The OCC said it can pre-empt laws that “obstruct, impair or condition” the business of banking. But those words were not drawn directly from the 1996 Barnett Supreme Court decision, which Dodd-Frank said should be the preemption standard. “The proposed rule validates all prior preemption determinations, including those based on its deleted “obstruct, impair or condition” standard,” Madison wrote, adding “In our view, this position is contrary to Dodd-Frank” … * WASHINGTON (6/30/11)--In four years, the U.S. Small Business Administration’s (SBA) Patriot Express Pilot Loan Guarantee Initiative has provided more than $633 million in SBA-guaranteed loans to 7,650 veterans to start or expand their small businesses, the SBA announced Thursday. Patriot Express is a pilot loan product with streamlined paperwork based on the agency’s SBA Express program. It offers an enhanced guaranty and interest rate on loans to small businesses owned by veterans, reservists and their spouses. The program was launched June 28, 2007, to expand upon the more than $1 billion in loans SBA guarantees annually for veteran-owned businesses across all its loan programs. Eligible borrowers may borrow up to $500,000 through the Patriot Express loan program for business start-up, expansion, equipment purchases, working capital, inventory or business-occupied real-estate purchases, according to SBA …


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