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August 21, 2008
Banks' patron regulator opposes credit card rules
In a move that shocks no one in Washington, Comptroller of the Currency John Dugan of the OCC has sent the Fed a letter threatening doom and gloom if proposed rules banning the worst credit card practices take effect. According to the story OCC Presses Fed to Alter Proposal on Card Reform in today's American Banker by Cheyenne Hopkins: "Mr. Dugan, whose agency oversees roughly 80% of the credit card industry, said the proposal could weaken banks and thrifts and lead to a drastic reduction of credit for consumers."
Dugan and the OCC are the only bank agency opposing the pro-consumer rule proposal. The OCC has a long history of acting as either a patron, or regulatory captive of the banks, depending on the circumstance.
Posted by Ed Mierzwinski at August 21, 2008 11:32 AM
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