OCC Boosts States In New Banking Law Preemption Rule

Law360, New York (July 20, 2011, 10:05 PM EDT) -- In light of opposition from state attorneys general, the Office of the Comptroller of the Currency on Wednesday issued a final rule implementing banking regulations from last year's financial reform law that includes revisions on state law preemption.

The rule, which implements revisions to the banking laws under the Dodd-Frank Wall Street Reform and Consumer Protection Act, removes language from OCC rules that said state laws that obstruct, impair or condition a national bank's powers are preempted and recognizes the ability of state attorneys general to...
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