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Consumer Information

On January 7, 2004, the Office of the Comptroller of the Currency (OCC), which regulates nationally chartered banks, finalized two proposed rules that represent a significant shift in power between state and federal banking regulators. The first rule preempts virtually all state laws that apply to the activities of national banks and their operating subsidiaries and bars states from licensing, examining, and regulating state-chartered non-bank subsidiaries of national banks. The second rule gives the OCC the exclusive visitorial rights for national banks, which effectively bars states from identifying wrongdoing on the part of national banks and their subsidiaries and keeps states from bringing enforcement actions in either state or federal court.

Office of the Comptroller of the Currency

(Regulates National Banks)

Customer Assistance Group
1301 McKinney Street
Suite 3450
Houston, TX 77010