REALTOR® Magazine-Daily News-House Bill Seeks to Repeal OCC Preemption Rule

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Daily Real Estate News | May 4, 2004 | House Bill Seeks to Repeal OCC Preemption Rule A bill to repeal the Office of the Comptroller of the Currency (OCC) rule that exempts national banks from certain state laws was introduced in the U.S. House of Representatives by Rep. Luis Gutierrez (D-Ill.) and Rep. Ron Paul (R-Texas) late last week. This resolution of disapproval would nullify the OCC rule that preempts all state real estate lending laws and holds that only the OCC can enforce applicable federal laws against national banks and their operating subsidiaries. The NATIONAL ASSOCIATION OF REALTORS® also strongly opposes the regulation but is seeking a broad bipartisan solution to this issue, as well as the banks in real estate proposal. —NAR