The Office of Comptroller of the Currency is rewriting the rule laying out its visitorial powers of national banks following the Supreme Court's criticism of the agency's 2004 regulation.
Last month the court ruled that states could enforce through judicial proceedings non-preempted state laws against national banks and called the OCC's rule "bizarre." The rule said that the OCC had exclusive rights to examine and enforce all laws against national banks.
"There are portions of our rule that do not fit with the Court's decision and we are already looking at what needs to be done to amend the rule," the OCC said in a statement to American Banker. "In the meantime, we will continue to apply the rule in accordance with the scope of our exclusive visitorial authority as defined in the Supreme Court's decision."
The OCC did not state when it would complete its new rule.
