The Impact Of The Dodd-Frank Act On California Financial Institutions

Bill Haraf, Commissioner of Financial Institutions, was one of the many witnesses who testified last week at the California legislature’s joint informational hearing entitled “The Dodd-Frank Wall Street Reform and Consumer Protection Act: Initial Reactions, Initial Steps and Likely Impacts”. The California Department of Financial Institutions regulates state chartered banks and credit unions (When I served as Commissioner of Corporations, credit unions were regulated by the Department of Corporations).

Commissioner Haraf’s testimony touched upon some of the many impacts of the Dodd-Frank Act on state regulation of financial institutions. On very big change is the roll-back of the Comptroller of the Currency’s power to preempt the application of state laws to national banks, a point echoed by Preston DuFauchard, the Commissioner of Corporations. This certainly portends greater national bank interest in California financial services legislation and regulation. I also expect to see some court battles over preemption.

Please see full article below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Written by:

Published In:

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.

© Allen Matkins Leck Gamble Mallory & Natsis LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.
×
Loading...
×