On June 9, the OCC rejected a request from a group of state bank supervisors to rescind its preemption regulations, affirming its position that its rules align with federal law, Supreme Court precedent, and recent executive orders. The association had penned a letter on May 8 challenging two regulations as unlawful under the Dodd-Frank Act.
In response, the OCC defended its position against anti-competitive claims, asserting federal preemption serves as a necessary part of the dual banking system. The OCC maintained that its preemption regulations remain critical to ensuring the strength of the nation’s banking system and will not be rescinded.
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