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And perfectly acceptable under existing lending laws.
Take China's green lending laws, for example.
"And anytime states tried to pass responsible lending laws, Countrywide was fighting it tooth and nail".
As the Countrywide settlement shows, even well-established financial institutions can violate lending laws.
The Fed has its own authority under housing and lending laws to adopt mortgage standards.
State laws granting rescission rights were consolidated in federal "truth in lending" laws in 1968.
And they note that states with tough consumer lending laws have not experienced large numbers of borrower lawsuits.
The agency also urged indirect lenders to monitor markups more carefully and ensure they comply with the fair lending laws.
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These disclosure statements must meet the same rules laid out in truth-in-lending laws, since overdraft charges are essentially short-term loans.
He also says hes not subject to federal truth-in-lending laws.
Back in 2003, for example, Georgia's legislature enacted one of the toughest predatory-lending laws in the nation.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com