OCC Issues First Interpretation of Dodd-Frank Preemption Provisions, But Questions Remain
John P. Kromer & Melissa Klimkiewicz
June 8, 2011
As the July 21, 2011, effective date of the Dodd-Frank Wall Street Reform and Consumer Protection Act’s National Bank Act preemption provisions approaches, questions remain regarding the future of preemption for national banks and federal thrifts. On May 12, Acting Comptroller John Walsh responded to a request from Senators Thomas R. Carper, D-Del., and Mark Warner, D-Va. — the principal authors of the NBA preemption provisions in the Senate version of the legislation that became Dodd-Frank — that the Office of the Comptroller of the Currency clarify its interpretation of such provisions by delivering a letter to Senator Carper regarding the OCC’s interpretation of Dodd-Frank’s NBA preemption provisions (the “OCC preemption letter”). As a letter to lawmakers without the formalities and process involved in an Interpretive Letter, Order, or rulemaking, the OCC preemption letter is a relatively informal statement of the agency’s position, marking the first step by the OCC to define the parameters of federal preemption under Dodd-Frank.
Published by Consumer Financial Services Law Report.