With the adoption of the Dodd-Frank Act (Act), many industry commentators have expressed the concern that federal preemption may have suffered a serious (or fatal) setback. In numerous instances, the Act prohibits or reduces the ability of agencies responsible for interpreting federal laws and regulations to preempt conflicting state laws. Moreover, the Act authorizes state attorneys general to directly enforce federal consumer protection laws against national banks and federal savings associations, as well as eliminates the value of operating subsidiaries by specifically making those entities subject to state laws.

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