My Comments
It's wonderful that Radar labels Gov. Spitzer a "winner" eventhough his Op-Ed ignores the fact that most subprime originations causing problems today were originated by state-licensed under the exclusive regulation of state regulators. The ability of states to regulate these lenders had nothing to do with federal preemption. See Comptroller of the Currency John C. Dugan's response to Mr. Spitzer, where he says, "Nothing the OCC has done has prevented the states from regulating and preventing abuses among the lenders that they license - lenders that are the source of most of today's problems. The states have ample authority - as well as clear responsibility - to set standards for these lenders and enforce them. It defies logic to argue that preemption was an impediment. National banks are bound to obey the strict standards enforced by the OCC everywhere they operate - even in states that had far less rigorous standards. The states should have applied equally rigorous standards to the non-bank lenders that were responsible for the bulk of the problems." http://www.occ.gov/ftp/release/2008-16.htm
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It's wonderful that Radar labels Gov. Spitzer a "winner" eventhough his Op-Ed ignores the fact that most subprime originations causing problems today were originated by state-licensed under the exclusive regulation of state regulators. The ability of states to regulate these lenders had nothing to do with federal preemption. See Comptroller of the Currency John C. Dugan's response to Mr. Spitzer, where he says, "Nothing the OCC has done has prevented the states from regulating and preventing abuses among the lenders that they license - lenders that are the source of most of today's problems. The states have ample authority - as well as clear responsibility - to set standards for these lenders and enforce them. It defies logic to argue that preemption was an impediment. National banks are bound to obey the strict standards enforced by the OCC everywhere they operate - even in states that had far less rigorous standards. The states should have applied equally rigorous standards to the non-bank lenders that were responsible for the bulk of the problems." http://www.occ.gov/ftp/release/2008-16.htm