Stop The OCC Power Grab! How You Can Help:

The Problem: In January 2004, the previously obscure and little-noticed Office of the Comptroller of the Currency (OCC), part of the U.S. Treasury Department, asserted with two new regulatory rules that it and it alone had sole legal authority to enact and enforce all consumer protection regulations applicable to both national banks (any bank with national or N.A. in its name) and even their state-licensed operating subsidiaries-- even where no federal law protects consumers. The OCC's decision eliminates longstanding state legislative authority to enact laws and prevents state attorneys general and financial regulators from enforcing violations of laws.

State legislatures, attorneys general and governors have joined consumer, community and civil rights groups to fight back. If the OCC action is not overturned by Congress, predatory mortgage lending will increase, more banks will get involved in shabby payday loan-like "bounce protection" scams, credit card companies will intensify their unfair practices and bank fees will rise even more astronomically.

How You Can Help: Congress can rein in these unfair rules. Please take a moment to let Congress know you support giving the states back their rights to protect their citizens from unfair banking practices. Cut and paste from below and send a letter to your Representative. Here's a sample.

Cut and paste the letter below and fax it to your Representative.

Dear Representative,

I urge you to support and co-sponsor efforts such as HR 3426 by U.S. Rep. Luis Gutierrez (IL) to roll back the unfair new OCC rules that limit state authority to protect consumers from unfair and predatory banking practices. Congress never gave the OCC the authority to do what it did in January 2004 and its actions threaten our longstanding balance between federal and state rights to regulate the financial system.

Thank you for supporting efforts to stop the OCC's unfair trampling of state authority to fight predatory lending, unfair credit card company practices and rising bank fees.

Sincerely,