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NASCUS Urges Preservation of State Autonomy and Allowing Secondary Capital

Today NASCUS said that the "encroachment of federal preemption only weakens the states' strong front-line defense against deceptive and unlawful financial services practices."

By Claude R. Marx | Updated on April 18, 2010

Saying that the “encroachment of federal preemption only weakens the states’ strong front-line defense against deceptive and unlawful financial services practices,” NASCUS today urged lawmakers to ensure that consumer safeguards should compliment, not replace state laws.

In a letter to Senate Banking Committee Chairman Christopher Dodd and the panel’s top Republican Richard Shelby, NASCUS President/CEO Mary Martha Fortney urged them to reject any amendments that would weaken the power of state lawmakers and regulators to enact laws and regulations that are stronger than the federal government. Organizations representing financial institutions with federal charters, such a NAFCU, have said they will try to persuade lawmakers to pass an amendment that would place further restrictions on state regulators.

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