Regions Bank Wins Preemption Test On Florida Check Settlement Limits

Federal law overrides Florida limits on check settlement fees with respect to Florida branches of out-of-state state banks, the U.S. Court of Appeals for the Eleventh Circuit said (Pereira v. Regions Bank, 2014 BL 150319).

The ruling broadens the impact of a 2011 decision by the Eleventh Circuit that said regulations issued by the Office of the Comptroller of the Currency preempt Section 655.85 of the Florida Statutes with respect to national banks 96 BBR 920, 5/17/11, 92 DER EE-7, 5/12/11, 79 U.S.L.W. 2510, 5/17/11, 92 Banking Daily, 5/12/11.

The May 30 decision, which cited the National Bank Act, came to the same conclusion on ...