• Preemption Under the Dodd-Frank Protection Act
  • November 17, 2011 | Authors: Matthew T. Mitchell; S. Kristen Peters
  • Law Firm: Burr & Forman LLP - Birmingham Office
  • Preemption standards under the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank") are among the most controversial aspects of the new law, and state advocates and the Office of the Comptroller of the Currency ("OCC") continue to disagree as to the proper interpretation. Although the implications of Dodd-Frank on preemption are unclear, OCC regulations and subsequent cases provide some guidance as to how the law will be applied. While most decisions interpreting Dodd-Frank support the OCC's final rule that Dodd-Frank has not significantly altered the preemption standard, the most recent case interpreting preemption held in favor of state law. As courts continue to rule on the preemption standard, banks will better understand preemption under Dodd-Frank.