link here to article
The Office of the Comptroller of the Currency played a large role in the financial crisis. It prevented state's and localities that attempted to curb predatory mortgage originators by arguing that it has the responsibility for regulating national banks under federal law. Some thought that this was typical bureaucratic behavior of turf protection. In fact, the OCC felt that it was in business to protect its "clients". Joe Nocera, reports that the OCC is up to its old tricks. It is trying to protect its clients from state attorney generals who want to sue banks that have engaged in illegal foreclosures. The OCC is also trying the block the new Consumer Protection Agency from taking actions against its clients.
Frankly, I expected this kind of behavior from the OCC under the Bush regime. I don't understand why this administration tolerates a regulator that opposes regulation.
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