The Office of the Comptroller of the Currency (OCC) under John Hawke Jr. issues sweeping federal preemption rules that override state consumer protection laws targeting predatory lending practices. This regulatory capture systematically dismantles state-level safeguards that attorneys general like …
OCCJohn Hawke JrJulie WilliamsEliot SpitzerNational City Bank+2 moreocc-preemptionstate-law-overridepredatory-lendingregulatory-race-to-bottomconsumer-protection+1 more
The Office of the Comptroller of the Currency, led by Comptroller John Hawke Jr, issues a preemption determination blocking enforcement of the Georgia Fair Lending Act against national banks, marking a turning point in federal regulators’ campaign to shield predatory lenders from state …
Office of the Comptroller of the CurrencyJohn Hawke JrGeorgia State LegislatureNational City BankAmerican Bankers Associationregulatory-capturepredatory-lendingpreemptionhousing-policyhousing
Charles E. Mitchell, chairman of National City Bank (predecessor to Citigroup), began testimony before the Senate Banking Committee’s Pecora investigation after receiving a subpoena on January 24, 1933. Under Ferdinand Pecora’s meticulous questioning, Mitchell confessed that his 1929 …
Charles E. MitchellNational City BankNational City CompanyFerdinand PecoraU.S. Senate Committee on Banking and Currencyfinancial-regulationcorporate-accountabilitytax-evasionbanking-fraudcongressional-oversight
The Federal Reserve Board issues a public warning that banks should not make loans for stock market speculation, expressing concern about the use of Federal Reserve credit to finance the securities boom. The announcement signals regulatory awareness that margin lending and speculative excess pose …
Federal Reserve BoardBenjamin StrongCharles MitchellAndrew MellonNational City Bankregulatory-failurefinancial-speculationbankinginstitutional-capture