Preemption: OCC vs. States
Consumer advocates use all tools available to them to achieve protections for consumers. Often those tools include state legislatures. The OCC's proposal to preempt state laws that infringe on national bank lending practices has generated heated discussion. Julie Williams, OCC's General Counsel, addressed the Consumer Federation of America's annual Consumer Financial Services Conferences and stressed that preemption does not mean that OCC and CFA are working at odds. Williams advised the group that protection of consumers can be maximized if states and the OCC look for ways to allocate their oversight activities for broadest protection of consumers.
Copyright © 2004 Compliance Action. Originally appeared in Compliance Action, Vol. 8, No. 15, 1/04