House Panel OKs Federal Preemption In CFPA

Law360, New York (October 21, 2009, 3:20 PM EDT) -- As debate rages on over the creation of the Consumer Financial Protection Agency, the U.S. House of Representatives Financial Services Committee on Wednesday approved a measure that would allow federal laws to preempt certain state consumer protection rules deemed discriminatory to national banks.

During the fourth day of markup on the Consumer Financial Protection Agency Act of 2009, the House committee adopted by voice vote an amendment submitted by Reps. Mel Watt, D-N.C., and Dennis Moore, D-Kan., that would largely preserve the original bill's language giving...
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