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Washington
Inside Washington (05/12/2011)
* WASHINGTON (5/13/11)--House Democrats made efforts Wednesday to stop a bill that would delay the derivatives provisions of the Dodd-Frank Act. A day before a House Financial Services Committee vote on derivatives legislation, Democrats said the bill would weaken the regulatory reform law American Banker May 12). Rep. Barney Frank (D-Mass.) and other Democrats argued that Republicans were only seeking a delay in the hopes they could kill the new rules if they win in the 2012 elections. The derivatives bill, sponsored by Rep. Frank Lucas (R-Okla.) had been gaining momentum in the House. It passed the House Agriculture Committee by voice vote on May 4. The House Financial Services Committee was scheduled to vote Thursday on the bill and on measures to restructure the Consumer Financial Protection Bureau … * WASHINGTON (5/13/11)--A federal appeals court cited the Dodd-Frank Act in deciding a national bank will not have to comply with a Florida consumer protection statute that limits bank fees American Banker May 12. The 11th Circuit Court of Appeals affirmed a lower court’s decision to dismiss a case claiming JP Morgan Chase Bank was in violation of a state law prohibiting banks from charging check-cashing fees. Chief Judge Joel F. Dubina cited the Dodd-Frank Act, which referred to the Barnett standard established by the Supreme Court in 1996. Under the Barnett standard, state law cannot interfere with the business of banking. A lower court found that Office of Comptroller of Currency rules allow national banks to charge customers non-interest charges and fees. Dubina said the court adopted the reasoning of the Fifth Circuit Court’s decision in Wells Fargo Bank of Texas N.A. v. James, which employed the Barnett standard to determine that OCC rules preempted a similar statute in Texas …


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