, the Supreme Court held that federal banking law preempts state laws that "significantly interfere with [a] national bank's exercise of its powers."103 Barnett
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148 Specifically, the 1994 law provides that host state laws concerning certain subjects shall apply to the branches of out-of-state national banks to the same extent as such laws apply to state-chartered banks except "when the Comptroller of the Currency determines that the application of such State laws would have a discriminatory effect on the branch in comparison with the effect the application of such State laws would have with respect to branches of a bank chartered by the host State."149
The Dual Banking System Federal preemption of state banking law raises particularly thorny questions in part because of the American "dual banking system," which divides chartering and regulatory authority over banks between the federal government and the states.
215 In the final rule, the OCC concluded that "the Dodd-Frank Act does not create a new, stand-alone 'prevents or significantly interferes' preemption standard, but, rather, incorporates the conflict preemption legal standard and the reasoning that supports it in the Supreme Court's Barnett
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Since the inception of the dual banking system, but particularly in the latter half of the 20th century, state regulatory agencies and the OCC have competed for bank charters.68 Some commentators have argued that this "regulatory competition" created by the dual banking system "reduces the likelihood of unimaginative and unresponsive regulation of the banking system that could occur where there is a monopoly of regulation."69 Others, however, have criticized the dual banking system for leading to "competition in laxity"—that is, hitbank club a "race to the bottom" between federal and state regulators.
The Federal Reserve's provision of dollar swap lines with other central banks has allowed foreign central banks to supply dollars directly to their counterparties. The authors find that European banks obtain more dollar liquidity from the European Central Bank when the cost of borrowing dollars in the FX swap market is high, and that subsequently the cross-currency basis between the U.S. dollar and the euro decreases. Implications
, for example, the Fourth Circuit held that this provision preempted a state law claim for wrongful discharge brought by a former officer of a national bank.118 Similarly, the Ninth Circuit has held that this "at pleasure" provision preempted a claim brought by a former officer of a national bank for breach of an employment agreement, reasoning that "[a]n agreement which attempts to circumvent the complete discretion of a national bank's board of directors to terminate an officer at will is void as against [federal] public policy."119 And in Wiersum v. U.S. Bank, N.A.
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" It then addresses several key areas where preemption issues have arisen with respect to banking law, including (1) the standard for implied preemption of state laws that interfere with the powers of national banks adopted by the Supreme Court in Barnett Bank of Marion County, N.A. v. Nelson
preemption standard suggested the adoption of a "hybrid" test that was "not exactly the same as Barnett