AGs Decry Bank Regulator's Proposed Preemption Rules

Law360, New York (June 28, 2011, 8:51 PM EDT) -- Dozens of state attorneys general on Monday told the Office of the Comptroller of the Currency that the banking regulator should toss its proposed rules implementing last year's financial reform law because they improperly undermine state consumer protection laws.

In a letter released Tuesday, 48 state and territorial attorneys general wrote that the OCC, an independent bureau of the U.S. Department of the Treasury that regulates all national banks, should completely withdraw its proposed preemption regulations because they contradict two U.S. Supreme Court rulings and the...
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