OCC Rules Unclaimed Property Laws Generally Not Preempted.
Mondaq Business Briefing › Nbr. 2004, May 2004
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Office of the Comptroller of the Currency
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OCC Rules Unclaimed Property Laws Generally Not Preempted.
The OCC issued an interpretive letter ("Letter 1006") ruling that its recent preemption and visitorial powers regulations (see the January 13, 2004 Alert) did not change the previous standards regarding the applicability of state escheat and unclaimed property laws to national banks. (Please click on the 'Next Page link at the bottom of this page to view the Alert mentioned above. Letter 1006 states that a state's framework regarding abandoned bank deposits generally will apply to a national bank. However, in accord...
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