Proposed Reform Creates Rift Between State, U.S. Lenders
July 8, 2002
A regulatory proposal to drop prepayment penalties and late fee charges from a list of practices preempted by the Alternative Mortgage Transactions Parity Act has driven a wedge between state- and federally chartered banks and thrifts. Surprisingly, some federally regulated thrifts, regional banks and credit unions have joined more than 200 advocacy groups in supporting the Office of Thrift Supervision proposal.