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We have three goals, . . . and (3) to make sure that [banks] deal fairly and honestly with their customers
Providian, for example, was accepting payments from consumers on their accounts, depositing the checks but not crediting the account for sometimes up to several weeks. What was the net result of that? Invariably, the consumer got a late charge.
"It's not a problem at this time for us."
instead of [offering] cooperation, they issued a challenge.
The OCC is now trying to squeeze out the state presence, to prevent us from protecting consumers, which I think is ultimately very injurious to consumers.