Author: United States Government Accountability Office
Publisher: Createspace Independent Publishing Platform
ISBN: 9781976364570
Category :
Languages : en
Pages : 94
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In January 2004, the Office of the Comptroller of the Currency (OCC)-the federal supervisor of federally chartered or "national" banks-issued two final rules referred to jointly as the preemption rules. The "bank activities" rule addressed the applicability of state laws to national banking activities, while the "visitorial powers" rule set forth OCC's view of its authority to inspect, examine, supervise, and regulate national banks and their operating subsidiaries. The rules raised concerns among some state officials and consumer advocates. GAO examined (1) how the rules clarify the applicability of state laws to national banks, (2) how the rules have affected state-level consumer protection efforts, (3) the rules' potential effects on banks' choices of a federal or state charter, and (4) measures that could address states' concerns regarding consumer protection.
Author: United States. Government Accountability Office
Publisher:
ISBN:
Category : Banks and banking
Languages : en
Pages : 88
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Book Description
Author:
Publisher:
ISBN:
Category : Banks and banking
Languages : en
Pages : 88
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Book Description
Author: United States Government Accountability Office
Publisher: Createspace Independent Publishing Platform
ISBN: 9781984929174
Category :
Languages : en
Pages : 94
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Book Description
GAO-06-387 OCC Preemption Rules: OCC Should Further Clarify the Applicability of State Consumer Protection Laws to National Banks
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Publisher:
ISBN:
Category : Law
Languages : en
Pages : 368
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Book Description
Author: United States Government Accountability Office
Publisher: Createspace Independent Publishing Platform
ISBN: 9781976364563
Category :
Languages : en
Pages : 46
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Book Description
In January 2004, the Office of the Comptroller of the Currency (OCC)-the federal regulator of national banks-issued rules concerning the extent to which federal law preempts state and local banking laws. Some state officials and consumer groups expressed concerns about a perceived loss of consumer protection. GAO identified (1) how OCC's complaint process compares with that of other federal bank regulators, (2) how complaint information informs OCC's supervision of national banks, and (3) issues that consumer advocates and state officials have raised about OCC's consumer protection efforts and OCC's responses to the issues.
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
This report focuses on regulations issued by the Comptroller of the Currency preempting certain state laws. It contains a brief summary of those regulations; a review of the case law setting forth standards of preemption in the banking law area; summaries of various statutes that contain explicit statements as to their effect upon state law; summaries of recent agency interpretations and court decisions on newly enacted state laws; and a general analysis of the proposed regulations. The question of whether or not a state law applies to a federally chartered banking institution depends upon whether or not the state law has been preempted by federal law. Unless there is an explicit federal statute specifically preempting the particular type of state law, indicating that such state laws are not to be applied to federally chartered banks, thrifts, or credit unions, the issue often turns on interpretation of the applicable federal laws. Generally, if the statutory authority is ambiguous and the courts determine that the statute at issue is one that the federal banking regulators are charged by Congress with administering, the courts will defer to a reasonable, well-reasoned interpretation by the regulator. With this in mind, the Office of the Comptroller of the Currency (OCC), the regulator of national banks, has recently issued regulations that preempt various state laws that affect national bank real estate lending, other lending, and deposit-taking functions. There is also a regulation that sets a procedure for OCC to preempt other state laws affecting other activities or powers authorized by Congress for national banks. OCC premises these regulations on legal arguments flowing from principles of federal preemption derived from various judicial decisions and on practical argument, which in turn are based on the array of federal regulations addressing functions of national banks, including recent OCC guidance on real estate lending and predatory lending. State regulators, consumer advocates, and certain Members of Congress have questioned whether OCC has the authority to issue such broad regulations. Some have criticized OCC as going beyond the standard articulated by the Supreme Court in Barnett Bank of Madison County v. Nelson, 517 U.S. 25, 31 (1996), when it decided that a state law that would prevent some national banks from exercising insurance powers authorized by federal law was preempted because it would "prevent or significantly interfere with the national bank's exercise of its powers." In recent years, criticism of increased bank fees and entry into new market areas have provoked state legislation aimed at protecting consumers in such areas as insurance sales, insurance licensing requirements, ATM fees, check cashing fees, and credit card warnings. National banks, sometimes supported by amicus briefs by the OCC, have challenged this type of legislation. Generally, the courts have been receptive to claims that such laws interfere with the federally authorized powers of national banks to such an extent that they are preempted by federal law.
Author: New York (State). Legislature. Assembly. Standing Committee on Banks
Publisher:
ISBN:
Category : Banking law
Languages : en
Pages : 234
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Book Description
Author: United States. Congress
Publisher: Createspace Independent Publishing Platform
ISBN: 9781985234482
Category :
Languages : en
Pages : 366
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Book Description
Review of the national bank preemption rules : hearing before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Eighth Congress, second session, on the Office of the Comptroller of the Currency rulemakings pertaining to the applicability of state laws to national banks, April 7, 2004.
