Federal Appeals Court Upholds Preemption for National Bank Operating Subsidiaries.
Mondaq Business Briefing › Nbr. 2005, January 2005
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Federal Appeals Court Upholds Preemption for National Bank Operating Subsidiaries.
The U.S. Court of Appeals for the Second Circuit affirmed a district court decision, holding that the National Bank Act and OCC regulations preempt state regulation of a national bank operating subsidiary to the same extent that they preempt state regulation of the parent national bank. The decision is the first from a federal appeals court. Three other district courts have reached this same conclusion, each finding that a national bank operating subsidiary enjoys the benefits of federal preemption to the same extent as its pa...
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