WASHINGTON May 25 A key U.S. banking regulator
released a proposal on Wednesday to revise rules intended to
limit its ability to pre-empt state consumer financial laws.
The changes are required by the Dodd-Frank financial
The revised rules that the Office of the Comptroller of the
Currency, which regulates national banks, laid out details of
the process it would undertake when it does decide to pre-empt
Under the proposal, the OCC would have to make
determinations on a case-by-case basis and must provide
substantial evidence of the reason for pre-empting a state
The OCC will also consult with the new Consumer Financial
Protection Bureau when making such decisions.
The rule is out for comment through June 27.
(Reporting by Dave Clarke, Editing by Dave Zimmerman)