OCC Preemption Rules: OCC Should Further Clarify the Applicability of State Consumer Protection Laws to National Banks

摘要

In January 2004, the Office of the Comptroller of the Currency (OCC)--the federal supervisor of federally chartered or 'national' banks--issued two final rules referred to jointly as the preemption rules. The 'bank activities' rule addressed the applicability of state laws to national banking activities, while the 'visitorial powers' rule set forth OCC's view of its authority to inspect, examine, supervise, and regulate national banks and their operating subsidiaries. The rules raised concerns among some state officials and consumer advocates. GAO examined (1) how the rules clarify the applicability of state laws to national banks, (2) how the rules have affected state-level consumer protection efforts, (3) the rules' potential effects on banks' choices of a federal or state charter, and (4) measures that could address states' concerns regarding consumer protection.