12 CFR 7.4007 - Deposit-taking by national banks

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54 practice notes
  • Meetings: Petition for Rulemaking to Preempt Certain State Laws; public hearing,
    • United States
    • Federal Register March 21, 2005
    • March 21, 2005
    ...state law, governs the deposit, lending, and other activities of national banks, except as specifically provided in the OCC rules. See 12 CFR 7.4007-7.4009. The National Bank Act does not expressly address the law applicable to a national bank outside states where it has branches. Indeed, p......
  • Bank activities and operations and real estate lending and appraisals: National banks; State law applicability,
    • United States
    • Federal Register August 05, 2003
    • August 5, 2003
    ...otherwise consistent with national banks' Federal lending authority: (1) Contracts; (2) Torts; (3) Criminal law; \7\ \7\ See note 5 in 12 CFR 7.4007 regarding the distinction drawn by the Supreme Court in Easton v. Iowa, 188 U.S. 220, 238 (1903) between ``crimes defined and punishable at co......
  • Hood v. Santa Barbara Bank & Trust, No. B184489.
    • United States
    • California Court of Appeals
    • September 28, 2006
    ...also authorize national banks to employ special purpose savings services "without regard to state law limitations." (12 C.F.R. § 7.4007(b)(2)(vii).) The RAL process involves the creation of a special purpose savings account to receive the tax refund. State laws purporting to limit......
  • Montgomery v. Bank of America Corp., No. CV 07-1204 CASAJWX.
    • United States
    • United States District Courts. 9th Circuit. United States District Courts. 9th Circuit. Central District of California
    • September 24, 2007
    ...the contents of [defendants'] disclosure is also expressly preempted by OCC regulations." Mot. at 19. Defendants contend that 12 C.F.R. § 7.4007(b)(2) is the controlling regulation because it "expressly preempts efforts to impose statelaw `disclosure requirements' upon national ba......
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39 cases
  • Hood v. Santa Barbara Bank & Trust, No. B184489.
    • United States
    • California Court of Appeals
    • September 28, 2006
    ...regulations also authorize national banks to employ special purpose savings services "without regard to state law limitations." (12 C.F.R. § 7.4007(b)(2)(vii).) The RAL process involves the creation of a special purpose savings account to receive the tax refund. State laws purporting to lim......
  • Montgomery v. Bank of America Corp., No. CV 07-1204 CASAJWX.
    • United States
    • United States District Courts. 9th Circuit. United States District Courts. 9th Circuit. Central District of California
    • September 24, 2007
    ...attack the contents of [defendants'] disclosure is also expressly preempted by OCC regulations." Mot. at 19. Defendants contend that 12 C.F.R. § 7.4007(b)(2) is the controlling regulation because it "expressly preempts efforts to impose statelaw `disclosure requirements' upon national banks......
  • Smith v. Wells Fargo Bank, N.A., No. D045487.
    • United States
    • California Court of Appeals
    • December 29, 2005
    ...Rule regarding bank activities and operations, and the regulations took effect on February 12, 2004. . . . The Final Rule included 12 C.F.R. § 7.4007, which states in relevant part that `[a] national bank may exercise its deposit-taking powers without regard to state law limitations concern......
  • Lussoro v. Ocean Fin. Fed. Credit Union, 18-CV-7400 (PKC) (ST)
    • United States
    • United States District Courts. 2nd Circuit. United States District Court (Eastern District of New York)
    • April 22, 2020
    ...the FCUA and its implementing regulations are the applicable federal law. However, given the similarities between the two laws, compare 12 C.F.R. § 7.4007 (regulations pursuant to the NBA), with 12 C.F.R. 701.35 (regulations pursuant to the FCUA), the Court finds that arguments regarding th......
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12 firm's commentaries
  • Unclear Whether Latest Preemption Developments Create Clear Path Or Muddy Waters For Federally Chartered Banks
    • United States
    • Mondaq United States
    • July 6, 2011
    ...subsidiaries to those applicable to national banks and their subsidiaries; amend the deposit-taking and general lending regulations at 12 C.F.R. §§ 7.4007 and 7.4008, and the real estate lending regulation at 12 C.F.R. § 34.4, to remove the portions of such regulations which provide that st......
  • Action Plan to Implement the New Dodd-Frank Preemption Rules
    • United States
    • Mondaq United States
    • October 13, 2010
    ...N.A. v. Nelson, 517 U.S. 25 (1996). See, e.g., 12 C.F.R. §§ 559.3(h)(1), 560.2. Barnett Bank, 517 U.S. at 32. Id. at 33. 12 C.F.R §§ 7.4006, 7.4007, 7.4008, 7.4009, Section 1044 of Dodd-Frank. Sections 1044 and 1046 of Dodd-Frank. Section 1044 adds the new preemption standard to the NBA by ......
  • Financial Services Report, Summer 2008
    • United States
    • JD Supra United States
    • June 3, 2008
    ...The SEC The court plaintif's claim brought under California's unfair competition preempted by OCC's regulations, specifically by 12 C.F.R. § 7.4007(b) (providing that state laws concerning "checking accounts" and "disclosure requirements" may not be applied to national banks). For more info......
  • Reed Smith Attorneys Obtain Significant Preemption Ruling on Behalf of National Penn Bank
    • United States
    • LexBlog United States
    • May 16, 2012
    ...federal court and defended that removal on the grounds that plaintiff’s claims are completely preempted by federal law, specifically, 12 C.F.R. § 7.4007, or, alternatively, that they “implicate significant federal issues” given their interaction with 12 C.F.R. § 7.4007. While the court reje......
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1 books & journal articles
  • Credit Reform and the States: The Vital Role of Attorneys General After Dodd-Frank
    • United States
    • Iowa Law Review Nbr. 99-1, November 2013
    • November 1, 2013
    ...1996) (codified at 12 C.F.R. § 560.2(c)) (OTS); Bank Activities and Operations, 69 Fed. Reg. 1904, 1917 (Jan. 13, 2004) (codified at 12 C.F.R. §§ 7.4007(c), 7.4008(e)) (OCC). However, statements made by the OCC and the OTS have left some confusion. See CAROLYN L. CARTER & JONATHAN SHELDON, ......

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