State Legislative Group Protests OCC Preemption

By Heller, Michele | American Banker, August 3, 2004 | Go to article overview
Save to active project

State Legislative Group Protests OCC Preemption

Heller, Michele, American Banker

State lawmakers have united against the Office of the Comptroller of the Currency's expansion of its power to exempt national banks from state laws and enforcement actions.

Joining the list of critics of the OCC preemption rules, issued in January, the National Conference of State Legislatures has approved a lobbying platform that says only Congress should have the authority to override state consumer protection and other statutes.

"NCSL strongly believes that a high burden of proof must be established before federal preemption of state banking authority is justified and that only Congress -- and not federal regulatory agencies -- can preempt the actions of elected state leaders," said a five-page policy statement the group unanimously approved July 23.

The bipartisan group represents the legislatures of all 50 states.

The policy statement, which serves as the foundation for the NCSL's federal lobbying efforts, said state legislatures "oppose any effort by the OCC to assert its regulatory authority to weaken the standard of preemption or shield national banks from state consumer protection laws and enforcement."

Also, the group "supports congressional efforts to eliminate the judicial deference given to the OCC by federal courts in challenges to state financial services laws and to rein in OCC abuse of its regulatory authority to preempt state laws."

The policy statement "gives our effort to communicate these sentiments to Congress strong footing," said Cheye Calvo, the director of the NCSL's financial services committee.

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
Loading One moment ...
Project items
Cite this article

Cited article

Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited article

State Legislative Group Protests OCC Preemption


Text size Smaller Larger
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

While we understand printed pages are helpful to our users, this limitation is necessary to help protect our publishers' copyrighted material and prevent its unlawful distribution. We are sorry for any inconvenience.
Full screen

matching results for page

Cited passage

Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.

Are you sure you want to delete this highlight?