Preemption developments: early implementation of the Dodd-Frank act amendments affecting national banks and federal savings banks

With the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) in 2010, Congress exercised new authority in an area previously dominated by developments in federal regulation and case law. For at least a decade prior to 2010, case law and regulations primarily dictated whether and to what extent the National Bank Act (NBA) and the Home Owners' Loan Act (HOLA) preempted state laws attempting to govern national banks and federal savings institutions. This article begins with a discussion of the Dodd-Frank Act's amendments that changed the preemption of state laws under the NBA and HOLA. Next, this article explores the final regulations promulgated by the OCC in response to those amendments. Finally, this article surveys select recent court opinions addressing preemption in the field of banking and financial services.