The US regulator overseeing national banks is refusing to pull back a rule governing when federal laws override state consumer protection measures.
The Office of the Comptroller of the Currency on Monday rejected a call from state regulators to rescind its 2011 preemption rule outlining how the national bank regulator determines when nationally chartered banks can deflect state regulations.
State regulators in May urged the OCC to rescind the rule, arguing that it conflicted with executive orders issued by President Donald Trump that sought to roll back federal regulations.
“The OCC’s regulations are consistent with federal law, Supreme Court precedent, ...
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