The Office of the Comptroller of the Currency has issued a final rule that amends its preemption rules and places federally chartered thrifts under the same preemption rules as national banks.
Office of Thrift Supervision personnel have already been transferred to OCC, as required by the Dodd-Frank Act passed one year ago. And OCC will officially take over the supervision of federally chartered thrifts on Thursday (July 21) when OTS closes its door.
The Dodd-Frank Act abolished OTS and also curbed OCC's preemption powers.
Under the final rule that goes into effect July 21, operating subsidiaries of national banks and thrifts will no longer be exempt from state laws and regulations.
The final rule also revises OCC "visitorial" powers that allowed the Comptroller to shield national banks from state enforcement actions and investigations. The final rule recognizes the ability of state attorney generals to bring enforcement actions against national banks and federal thrifts in court.
OCC also plans to issue an interim final rule with a request for comments that melds OTS regulations into OCC regulations.
