June 15, 2007
Banks commish says protection laws unclear
By Matthew L. Brown
Steven L. Antonakes, Massachusetts commissioner of banks, told the U.S. House Financial Services Committee Wednesday that Congress must make it clearer how far state legislators and law enforcement agencies can go in enforcing consumer protection laws regarding federally chartered banks.
Antonakes appeared on behalf of the Conference of State Bank Supervisors, alongside federal banking regulators and Iowa Attorney General Tom Miller at Wednesday's hearing on how to improve consumer protection in the financial industry.
"Congress should clarify state enforcement authority and the limits of applicable state law for federally chartered institutions," Antonakes said. "State legislators and Attorneys General need a clear statement of their roles in protecting the citizens of their states. The current state of confusion is not acceptable."
Antonakes appeared on behalf of the Conference of State Bank Supervisors, alongside federal banking regulators and Iowa Attorney General Tom Miller at Wednesday's hearing on how to improve consumer protection in the financial industry.
"Congress should clarify state enforcement authority and the limits of applicable state law for federally chartered institutions," Antonakes said. "State legislators and Attorneys General need a clear statement of their roles in protecting the citizens of their states. The current state of confusion is not acceptable."
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