12 CFR 7.4007 - Deposit-taking by national banks
| Cite as | 12 CFR 7.4007 |
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54 practice notes
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Meetings:
Petition for Rulemaking to Preempt Certain State Laws; public hearing,
...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......
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Bank activities and operations and real estate lending and appraisals:
National banks; State law applicability,
...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......
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Hood v. Santa Barbara Bank & Trust, No. B184489.
...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......
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Montgomery v. Bank of America Corp., No. CV 07-1204 CASAJWX.
...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......
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39 cases
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Hood v. Santa Barbara Bank & Trust, No. B184489.
...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......
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Montgomery v. Bank of America Corp., No. CV 07-1204 CASAJWX.
...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......
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Smith v. Wells Fargo Bank, N.A., No. D045487.
...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......
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In re HSBC Bank, No. 13–md–2451(ADS)(AKT).
...of banking under 12 U.S.C. § 24 (Seventh); (2) impermissibly seek to regulate bank deposit-taking and operational powers as provided by 12 C.F.R. § 7.4007; and (3) improperly impose conflicting state standards on the establishment of charges and fees and the method of calculating them as pr......
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12 firm's commentaries
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Unclear Whether Latest Preemption Developments Create Clear Path Or Muddy Waters For Federally Chartered Banks
...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......
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Action Plan to Implement the New Dodd-Frank Preemption Rules
...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 ......
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Financial Services Report, Summer 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......
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Reed Smith Attorneys Obtain Significant Preemption Ruling on Behalf of National Penn Bank
...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
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Credit Reform and the States: The Vital Role of Attorneys General After Dodd-Frank
...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, ......