Eight real estate finance associations are urging Congress to pass a national predatory lending law, a move they said was sparked in part by a recent controversial rule that exempts national banks from state lending laws. The joint letter, which landed on Congress members' desks this week, calls for uniform national predatory lending laws that would preempt local and state laws on the issue. "Enforcement of existing consumer protection laws and regulations is an important part in stopping predators," the letter states. "However, the proliferation of state and local laws to address abusive lending practices is creating an uneven playing field, which disadvantages consumers and lenders alike." Tell us what you think about a national standard on predatory lending laws. The letter was signed by the American Bankers Association, America's Community Bankers, Consumer Bankers Association, Consumer Mortgage Coalition, Financial Services Roundtable, Mortgage Bankers ...
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