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The Subprime VirusReckless Credit, Regulatory Failure, and Next Steps$
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Kathleen C. Engel and Patricia A. McCoy

Print publication date: 2011

Print ISBN-13: 9780195388824

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780195388824.001.0001

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OTS and OCC Power Grab

OTS and OCC Power Grab

(p.157) 8 OTS and OCC Power Grab
The Subprime Virus

Kathleen C. Engel

Patricia A. McCoy

Oxford University Press

As predatory lenders swept the country, states and cities responded to Washington's inaction by passing their own anti-predatory lending laws. Lenders, worried about potential liability, quickly organized a full-scale attack on the state and local initiatives. Their most potent strategy lay in challenging the state and local laws under an obscure doctrine known as federal preemption. When a federal law “preempts” a state or local law, it overrides the application of that law, either in part or whole. This chapter discusses federal preemption by the Office of Thrift Supervision (OTS) and the Office of the Comptroller of the Currency (OCC).

Keywords:   predatory lenders, anti-predatory lending law, federal preemption, Office of Thrift Supervision, Office of the Comptroller of the Currency

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