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Home Newsbytes

Hsu assures Rep. Gottheimer OCC will defend preemption

July 31, 2024
Reading Time: 1 min read
Rep. Gottheimer optimistic that changes coming to capital standards proposal

Rep. Josh Gottheimer (D-N.J.).

As reported by Politico, Acting Comptroller of the Currency Michael Hsu sent a letter earlier this month responding to concerns raised by Rep. Josh Gottheimer (D-N.J.) about new state laws that seek to undermine the principle of federal preemption and affect national banks’ and federal savings associations’ ability to comply with anti-money laundering risk, among other things.

Echoing comments that he made earlier in July, Hsu noted that “where there is a conflict between the requirements of state and federal law, the Supremacy Clause of the U.S. Constitution is clear: state law is preempted. For example, state law cannot compel or authorize a bank to disclose a [Suspicious Activity Report] or any information that would reveal the existence of SAR where disclosure is prohibited by federal law.” He added the OCC is continuing to monitor state law developments and will “vigorously defend preemption in core areas.”

The American Bankers Association and 52 state bankers association have previously urged the OCC to assert its authority and defend the principle of national bank preemption, underscoring that states imposing their own rules on national banks could undermine the longstanding efficiencies and benefits derived from the dual banking system in the U.S.

 

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