Trust Updates Archive
(May 13, 2011 --Chicago, IL) --“It is clear that under the Dodd-Frank Act, the proper preemption test asks whether there is a significant conflict between the state and federal statutes -- that is, the test for conflict preemption,” according to the 11th Circuit Court of Appeals in Baptista v. JPMorgan Chase, No. 10-13105. The court issued its ruling Wednesday, May 11 (court ruling).
The OCC yesterday voiced its support for the appeals court decision in a letter to Senators Thomas Carper (R-DE) and Mark Warner (R-VA). The letter also outlines the OCC’s proposal to update its regulations. (OCC Letter)
OCC regulatory updates include rescinding its existing regulation regarding the application of state laws to national bank operating subsidiaries. The agency, which is merging with the Office of Thrift Supervision, also plans to amend its regulation to clarify that that federal thrifts and their subsidiaries are subject to the same preemption as national banks.
Senators Carper and Warner in an April 4th letter sought OCC comments regarding their proposed amendment to clarify OCC preemption under Dodd-Frank.
For more on this topic, see the upcoming issue of Trust Regulatory News.
No statement in this issue is offered as or should be construed as legal opinion or advice or as an indicator of future performance.
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