Comptroller of the Currency Joseph Gould is vowing that his agency will take a variety of steps to promote federal preemption, Law360 reported.
Speaking as part of a fireside chat at the Clearing House’s annual conference, Gould said that defending preemption will require rebuilding its political legitimacy, the news service reported.
Gould said that while the OCC still plans to file amicus briefs in litigation, “where appropriate,” the agency will take a more comprehensive approach to make certain that Congress and the public understand the benefits of preemption, according to Law360. He said that the OCC will consult with the Treasury Department and is considering issuing new preemption rules.
He did not give any hint as to what the new preemption rules would say. Gould’s statement about the OCC’s consideration of issuing new preemption regulations is completely at odds with the position of his predecessor, Acting Comptroller Rodney Hood, who stated earlier this year in a letter written to the Conference of State Bank Supervisors that the existing OCC preemption rules are consistent with Dodd Frank Act and Supreme Court precedent and will not be changed.
According to the news service, Gould said that the OCC also will reach out to members of Congress and state regulators about preemption, adding that other agencies also must be vocal. He also said that banks of all sizes and charters should stand up for preemption.
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