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Tuesday, April 17, 2007


James M. Seymour

I need you guys.

Broox Peterson

I am sympathetic with the concerns of the states that the preeemptive reach of the OCC seems overly extensive and intrusive, but also believe that the Supreme Court decided the issue correctly based on the history of National Bank Act practice, jurisprudence and precedent. I am also less than confident that state regulation on top of OCC regulation is essential, particularly given the fact that most of the players in the recent subprime fallout were state-chartered. On the other hand, the OCC's "regulation" is intentionally minimalist, and enforced through examination, so consumer protection concerns probably will not be addressed as quickly as by State Attorneys General who are subject to the pressures of local outrage, which may be both good and bad. My opinion is that the states' forum for their concern should be Congress, since the focus of preemption litigation is determining Congressional intent, and if the states are right, then Congress can make its intent crystal clear.

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