FDIC Comment 121305 - CRL

December 13, 2005 Robert E. Feldman Executive Secretary FDIC th550 17 Street, N.W. Washington, D.C. 20429 Via e-mail: comments@fdic.gov RE: RIN 3064-AC95 Notice of Proposed Rulemaking 12 CFR Parts 331 and 362 70 Fed. Reg. 60019 (October 14, 2005) Dear Mr. Feldman 1The Center for Responsible Lending (CRL) submits these comments on the proposed rules, which were part of a larger package of preemption rules urged upon the FDIC by the Financial Services Roundtable. The trade association’s petition for rule-making was the subject of an earlier request for public comment, 70 Fed. Reg. 13412 (March 21, 2005). At the outset, we wish to commend the Commission for its leadership among the federal financial regulatory agencies in advancing and protecting the dual banking system, which has proven so beneficial to our financial services system. We appreciate that this proposal recognizes that state banks have preemptive authority related to that of national banks pursuant to only two specific federal laws – Sections 24(j) and 27 of the Federal 2Deposit Insurance Act (FDIA). CRL submitted extensive comments in response to the request for public comment on the precipitating Petition for Proposed Rulemaking, #6714-01-P, Comments of the Center for Responsible Lending (May 16, 2005). As did other commentators, CRL noted then that the petitioners’ request sought preemptive parity with national banks far more broad than federal law supported. ...