The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) amended the National Bank Act to specifically address the preemption of state law. The Office of the Comptroller of the Currency (“OCC”), the regulator of national banks, recently issued two releases — a letter and a proposed regulation — regarding the implementation of the Dodd-Frank Act. These releases have provided important and long-awaited guidance into the OCC’s interpretation of the Dodd-Frank Act preemption provisions and the continuing applicability of the preemption regulations adopted by the OCC in 2004 (“OCC Preemption Regulations”). The authors review the Dodd-Frank preemption provisions and new regulatory developments with respect to preemption.
Published by A.S. Pratt in the September 2011 issue of The Banking Law Journal.
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