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Title: Federal Preemption Over State Consumer Financial Laws
Vote Smart's Synopsis:
Vote to adopt an amendment to S Amdt 3739 to S 3217 that specifies that the powers granted by this Act to state attorney generals in preserving and enforcing state consumer financial laws (Sec. 1042) do not apply to any national bank, or subsidiary thereof, regulated by the Office of the Comptroller of the Currency.
- Repeals a requirement that the courts or the Comptroller of the Currency, before prescribing a regulation or order that federal law preempts a state consumer financial law, consult with the Director of the Bureau of Consumer Financial Protection and determine that federal law provides a "substantial standard" which regulates the particular conduct, activity, or authority of a national bank that is subject to state consumer financial law (Sec. 1044).