X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON – The Conference of State Bank Supervisors added its name to other groups including the National Governors Association and the National Conference of State Legislatures in supporting Rep. Barney Frank (D-Mass.) for introducing “The Preservation of Federalism in Banking Act,” H.R. 5251. As of Oct. 7, the bill had 25 co-sponsors. H.R. 5251, according to the CSBS, “would set standards for federal preemption of state consumer protection laws and clarify visitorial rights of state officials seeking to enforce applicable federal or state laws.” Sen. Jon Corzine (D-N.J.) has introduced a companion bill in the Senate. In their statement, the three state groups said: “We are united in our support of Congressman Frank’s efforts to clarify federal preemption standards and underscore the ability of state Attorneys General to bring action to enforce applicable state and federal consumer protection laws against national banks and their subsidiaries.” NASCUS’ Sandra Troutman, EVP Government Relations, said “We’re always concerned when someone tries to preempt state authority,” and the association has taken the bill and the issues addressed in it to its Government Relations Committee for review. NASCUS has taken a position on federal preemption in the past, as illustrated by testimony in June before the Senate Housing, Urban Affairs and Urban Affairs Committee by NASCUS Chairman Roger Little, deputy commissioner, Credit Union Division, Division of Financial Services of the Michigan Office of Financial & Insurance Services. Troutman said she expects the NASCUS Government Relations Committee to take the measure up at its next meeting in November, and based on NASCUS’ track record on federal preemption, “I expect the committee will instruct NASCUS to take a position on the bill. Any time you have federal preemption, it impacts dual chartering,” said Troutman.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.