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Preemption

Preemption

In the last several years, banks have been able to ignore state consumer protection laws because those laws have been “preempted” – wiped out – by federal bank regulations and court interpretations of federal laws.  Broad preemption of state law is a recent phenomenon.  For most of the 150 years since national banks were created, they were expected to comply with state law.  Preemption has harmed states’ ability to respond to financial abuses in both the banking and the non-bank world.  NCLC works to restore the states’ role as “first responders” to consumer abuses. 

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