Preemption Language in Anti-Abuse Proposal May Be Too Broad, Industry Players Suggest
May 27, 2005
The battle over legislation that would create a new national standard on predatory lending took a strange turn last week, as industry groups called for Congress to scale back sweeping preemption language in an industry-backed bill. The call came at a joint hearing of the House Financial Services Subcommittees on Housing and Community Opportunity and Financial Institutions and Consumer Credit. The panels were listening to industry views on H.R. 1295, a measure sponsored by Reps.…