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State bank regulators urge OCC to extend comment period on preemption standards

Jun 23 2011 Ted Knutson, Compliance Complete

State banking regulators have asked a federal regulator to extend by 60 days the comment period on standards for the preemption of federal banking rules over state regulations. The request for more consideration of the federal-state regulatory balance came in a letter Tuesday from the Conference of State Bank Supervisors to the Office of the Comptroller of the Currency. "The OCC has issued a set of preemption regulations that may affect millions of consumers across the country without meaningful consultation with the parties these regulations would affect," CSBS president and chief executive Neil Milner said in a letter to acting Comptroller John Walsh. Milner noted in his letter that it has been common for other financial regulators to lengthen the comment periods for rules mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

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