Cuomo v. Clearing House: State Enforcement Against Federally Chartered Banks
Preparing for Limited Federal Preemption and Heightened State Consumer Protection Enforcement
Supreme Court rules in favor of State AG on June 29
Recording of a 90-minute premium CLE webinar with Q&A
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.
- 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
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?
Howard N. Cayne
Arnold & Porter
He is widely recognized for his successful preemption challenges to state and local enforcement actions against... | Read More
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.Close
Nancy L. Perkins
Arnold & Porter
She has a diverse practice including litigation, legislative, and regulatory work involving financial institutions. Her... | Read More
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.Close
Brian C. McCormally
Arnold & Porter
Prior to joining the firm in 2006, he served as Director of the Enforcement and Compliance Division of the OCC, and... | Read More
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.Close
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Strafford will process CLE credit for one person on each recording. All formats include program handouts.
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