Cuomo v. Clearing House: State Enforcement Against Federally Chartered Banks
Preparing for Limited Federal Preemption and Heightened State Consumer Protection Enforcement
Recording of a 90-minute CLE teleconference with Q&A
Conducted on Tuesday, July 28, 2009
Recorded event now available
This seminar will analyze the Supreme Court’s ruling in Cuomo v. Clearing House and its impact on federally chartered financial institutions. The panel will outline best practices for banks and financial institutions to proceed under the new regime.
Description
The Supreme Court’s June 29 decision in Cuomo v. The Clearing House Assoc. dealt a blow to federally chartered financial institutions by invalidating an Office of the Comptroller of the Currency (OCC) regulation that preempted state enforcement of consumer protection laws.
This opinion, especially when combined with the Obama financial restructuring plan's emphasis on drastically scaling back federal preemption with respect to federally chartered institutions, marks a turning point against federal preemption of state consumer protection laws.
The ruling allows states to apply more stringent consumer protection laws than federal law and exposes financial institutions to new enforcement by state agencies. Will the change undermine the ability of institutions to provide uniform financial products and services on a multi-state basis?
Listen as our authoritative panel of banking attorneys discusses the impact of the Supreme Court's ruling and the future of federal preemption of state regulation of federally chartered institutions.
Outline
- Analysis of Supreme Court’s ruling
- Visitorial v. preemption of substantive state law
- Chevron administrative deference standard for OCC regulations
- Visitorial v. enforcement powers
- Impact of ruling on federally chartered financial institutions
- Investigations by state attorneys general
- State fair lending laws
- State unfair/deceptive practices laws
- Sub-prime lending
- Financial products and services
- Impact of administration’s proposed financial regulatory reform plan
- Consumer protection laws
- Future of federal preemption
Benefits
The panel will review these and other key questions:
- What steps should financial institutions take in light of the Supreme Court's ruling?
- What limitation does the Cuomo ruling impose on the power of state attorneys general to enforce state banking laws?
- How does the Obama financial restructuring plan's proposals for consumer protection interact with state consumer protection laws?
Faculty
Howard N. Cayne,
Partner
Arnold & Porter, Washington, D.C.
He is widely recognized for his successful preemption challenges to state and local enforcement actions against federally chartered financial institutions. Together with Ms. Perkins, he represented the former Comptrollers of the Currency as amici before the Supreme Court in Cuomo v. Clearing House. He previously served as Senior Attorney in the Enforcement and Compliance Division of the OCC.
Nancy L. Perkins,
Counsel
Arnold & Porter, Washington, D.C.
She has a diverse practice including litigation, legislative, and regulatory work involving financial institutions. Her litigation practice is both at the trial and appellate court levels, including the U.S. Supreme Court. She was a member of the team that represented the former Comptrollers of the Currency as amici in the Cuomo v. Clearing House preemption case before the Supreme Court.
Brian C. McCormally,
Partner
Arnold & Porter, Washington, D.C.
Prior to joining the firm in 2006, he served as Director of the Enforcement and Compliance Division of the OCC, and overall has more than 20 years of service in senior enforcement and regulatory compliance positions there and at the OTS. He currently represents clients in a variety of types of enforcement or investigative proceedings brought by federal or state agencies.
Ordering
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Frost Brown Todd LLC
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TCORS PC
Finance Law Advisory Board
Partner
Gibson Dunn & Crutcher
Partner
Nixon Peabody
Partner
Alston & Bird
Counsel
Mayer Brown
Partner
O’Melveny & Myers
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