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News Now

Washington
Inside Washington (07/25/2012)
  • WASHINGTON (7/26/12)--The Office of the Comptroller of the Currency (OCC) Tuesday registered its opposition to a bill that would permit regulators to grant federal charters to nonbank consumer lenders. The Consumer Credit Access, Innovation, and Modernization Act would apply to firms that offer installment and other small-dollar loans with repayment terms longer than 30 days, according to supporters, who also claim the bill would ease the state regulatory burden for lenders (American Banker July 25). The bill would not apply to payday loans. However, the bill would require the OCC to charter companies as national consumer credit corporations--some which are already under outstanding cease-and-desist orders, said Grovetta Gardineer, OCC deputy comptroller for compliance policy. The OCC would not have the ability to deny a charter application unless it expressly found a product or service was harmful to consumers. This would potentially allow lenders to reintroduce products the OCC has already disallowed at national banks, such as payday, tax-refund anticipation and auto title loans, Gardineer said …


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