Economic uncertainty - Businessman without head, and question ma Credit/Adobe Stock

If I had to tally up the categories I have been asked most frequently about over the years, I would say that the largest category of questions deals with state levies and restraints, but a very close second would be this: Is this new state law preempted? My answer to the second question has resulted in the most frustration since my most common response is “maybe” or “it depends.”

A recent decision by the Court of Appeals for the Fourth Circuit explains the framework that courts use to decide whether a state law is preempted. If you keep on reading, I can’t promise you that you will know whether you must comply with a new meddlesome state law as a federal credit union, but you will know what questions to ask as you determine how much time, effort and maybe even money you should invest into complying with the new mandate.

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