OCC Preemption Interpretation

On December 18, the OCC issued Interpretive Letter 117 which offered the agency’s interpretation of its powers to preempt state regulation of national banks and federal associations. As part of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), Congress codified preemption standards and established procedural requirements in 12 U.S.C. § 25b applicable to certain preemption actions by the Office of the Comptroller of the Currency (OCC). The letter sets out how the OCC interprets these standards and requirements and summarizes the agency’s framework for compliance. Click here to read the OCC letter.