Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Inside Washington (05/04/2010)
* WASHINGTON (5/5/10)--The Office of the Comptroller of the Currency (OCC) and financial institutions will likely face an uphill battle with Congress over federal preemption. The Senate regulatory reform bill--slated for debate this week--does not eliminate preemption, but requires the OCC to complete several legal steps before exempting national banks from complying with state law. One step includes proving that an existing federal rule addresses the issue a state aims to rectify (American Banker May 4). The Senate bill would revive the Barnett Supreme Court standard, which allowed the OCC to preempt state laws case-by-case. State regulators are pushing to revise the bill so that its language says state laws cannot be preempted unless they interfere with a national bank’s operations. Sen. Tom Carper (D-Del.) is working on an amendment to address the industry’s concerns about preemption. Financial observers also note that because community banks and other financial institutions have more pressing lobbying priorities, the OCC may be alone in its fight against federal preemption ...


RSS print
News Now LiveWire
Economic activity slowed in June, according to the #Chicago Fed's national activity index, released today #Market http://t.co/1pN6peM8my
10 hours ago
Money burns a hole in workers' pockets after payday, despite best intentions via @WSJeconomy http://t.co/A9SNiUdf9v
10 hours ago
"SAR Stats," new from #FinCEN, focuses on #bitcoin. See #NewsNow http://t.co/vS7iTwY2SW
11 hours ago
.@CFPB now accepts consumer complaints on prepaid cards, debt settlement services, credit repair services, and pawn and title loans.
12 hours ago
.@WellsFargo to process transactions in order received, not high to low http://t.co/g0jWJoegoJ
12 hours ago