OCC FINAL RULES APPEAR IN FEDERAL REGISTER; HEARINGS SCHEDULED
The Office of the Comptroller of the Currency’s (OCC) final rules on national bank preemption and visitorial powers were published in the Federal Register on January 13, 2004, giving the rules an effective date of February 12, 2004. 69 Fed. Reg. 1895 (visitorial powers). 69 Fed. Reg. 1904 (preemption).
Congresswoman Sue Kelly, 19th District of New York, who chairs the House Financial Services Subcommittee on Oversight and Investigations, has said that she intends to hold hearings on the OCC's new rules beginning January 26, 2004. Senate Banking Committee Chairman Richard Shelby (Alabama) has stated that he will hold a “state of the industry” oversight hearing February 5, with testimony from officials of the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Conference of State Bank Supervisors, the OCC and the National Credit Union Administration. The hearing will focus on a variety of issues including federal preemption of state banking laws.
The final rule has generated strong opposition:
OCC documents explaining the rules on national bank preemption and the OCC’s visitorial powers include:
Mike Tomkies and Elizabeth Anstaett