Fed's Gramlich on federal /state lending standards

Federal Reserve Governor Edward Gramlich said on Wednesday 27 April that creating federal standards to combat predatory lending will not necessarily lead to a safer system for consumers.

"Substituting federal standards for state standards does not necessarily guarantee a better outcome," Gramlich said in talking points prepared for a speech at the University of Pennsylvania.

"Preemption of state law raises a fundamental political question about states' rights and the proper distribution of aut

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