How the 2023-2024 Supreme Court Term Will Affect the Financial Services Industry - Part I: Supreme Court Impact on Federal Banking Law Preemption
Three-Part Webinar Series for Regulated Financial Services Companies
As noted in our recent Advisory, key decisions from the 2023-2024 U.S. Supreme Court term presage a "seismic shift" in administrative law that could trigger "a tsunami of lawsuits" against the federal government. At a minimum, the financial services industry is facing significant uncertainty as to what regulations and regulatory decisions will survive legal challenges. Among the near-term implications of the Court's rulings for financial services companies are increased litigation challenging agency actions; more incentive for the federal banking agencies to act less transparently; a greater need for the federal banking agencies to more completely address significant comments in the rulemaking process; and further contested enforcement actions.
Part I: Supreme Court Impact on Federal Banking Law Preemption
This webinar will explore how the U.S. Supreme Court's decisions in Cantero v. Bank of America, N.A. and Loper Bright Enterprises v. Raimondo may impact federal preemption of state law as applied to federally charted banking institutions. In Cantero, the Court unanimously reaffirmed state laws are preempted if they "prevent or significantly interfere" with a national bank or federal savings association's exercise of its federally granted powers. That preemption standard, which Congress codified in 2010, is the basis for the preemption regulations and numerous advisory opinions issued by the Office of the Comptroller of the Currency. What is the status of those regulations after Loper Bright? What guideposts will the courts need to apply the standard going forward, including in Cantero itself on remand?
Meet the Speakers
