Credit, bank users lose state protections

[MaineDem]

(I'm sure this applies to other states, as well.)


AUGUSTA — A federal banking rule pre-empting any state regulation of national banks has stripped many Maine consumers of credit and banking protections that had been enacted over the years.

"Maine citizens are at risk of having a harder time resolving complaints they have against national banks without having the protections of the state laws," said John Dieffenbacher-Krall, co-director of the Maine People's Alliance. "People will find themselves thwarted in trying to get issues resolved."

A wide range of Maine consumer laws has been pre-empted by the federal Office of the Comptroller of the Currency, which regulates federally chartered banks that provide credit card and other financial services to thousands of Mainers, said Will Lund, director of the Maine Office of Consumer Credit Regulation.

...

Maine laws dealing with customer privacy, no-call lists, predatory lending practices, false and deceptive advertising and other consumer credit laws are affected by the rule, which was enacted in January.

http://www.pressherald.com/business/stories/040428credit.shtml

Even Susan Collins, our GOP Senator, is against this.