NASAA yesterday objected to proposed rules from the Office of the Comptroller of the Currency that would seek to significantly expand existing preemption standards applicable to national banks and their operating subsidiaries. In a comment letter to the OCC, NASAA President and Connecticut Securities Director Ralph A. Lambiase said "the potential impact of the OCC’s proposal on this country’s banking system and all consumers is enormous." Lambiase said NASAA believes the proposal "raises the legal and public policy questions of whether one federal regulatory agency can and should be preempting laws that were lawfully enacted by state legislatures to protect their citizens without explicit Congressional authority."
Please click here to view the NASAA comment letter to the OCC.
