Above the (State) Law?

Last month, the United States Supreme Court ruled that national banks’ mortgage-lending subsidiaries do not have to obey state banking regulations, according to the New York Times. And because the federal government has not established a broad set of regulations against predatory lending, says the newspaper, borrowers face new issues.

For consumers, the decision raises a new question: How do you tell if a lender is regulated by state lending laws? The short answer is: Check with your state’s banking regulator. (You can access the New Hampshire Banking department's Web site at www.nh.gov/banking)

Source: New York Times