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WSLG190 – Multi-Million Dollar Settlements With National Banks in Multidistrict Overdraft Fee Litigation; One Former Federal Savings Association Successfully Pleads Federal Preemption – 8/24/2012

WSLG190 – Multi-Million Dollar Settlements With National Banks in Multidistrict Overdraft Fee Litigation; One Former Federal Savings Association Successfully Pleads Federal Preemption – 8/24/2012 published on No Comments on WSLG190 – Multi-Million Dollar Settlements With National Banks in Multidistrict Overdraft Fee Litigation; One Former Federal Savings Association Successfully Pleads Federal Preemption – 8/24/2012

Author: M. Maureen Murphy

Pages: 2

Prior to enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) on July 21, 2010, national banks and federal savings associations were able to avoid complying with state consumer protection laws by successfully invoking federal preemption. They relied on the legislation under which they obtained federal charters, i.e., the National Bank Act and the Home Owners? Loan Act, and implementing regulations promulgated by the Office of the Comptroller of the Currency (OCC) for national banks and the Office of Thrift Supervision (OTS) for federal savings associations.

 

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