OCC Issues Proposed Rule to Implement Dodd-Frank Preemption

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The OCC issued a proposed rule on May 25, 2011 to implement certain provisions of the Dodd-Frank Wall Street Reform Act, which became effective July 21, 2011. The rule includes National Bank Act preemption provisions that require application of the conflict preemption standard of the Barnett Bank of Marion County v. Nelson decision (517 US 25, 1996). The rule's approach to NBA preemption is consistent with the May 12, 2011 letter from Acting Comptroller John Walsh to Sen. Thomas R. Carper, a principal author of the NBA preemption provisions in the Senate version of the legislation that became the Dodd-Frank Act. This article, which first appeared in the Consumer Financial Services Law Report on June 22, 2011, describes the proposed rule's NBA preemption-related provisions.

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Published In: Administrative Agency Updates, Consumer Protection Updates, Finance & Banking Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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