Preemption Extends to Second-Tier Op-Subs, Ability to Export Rates
August 15, 2006
Federal preemption of state laws is available to second-tier operating subsidiaries to the same extent as it is to federally chartered parent thrifts, according to a new interpretive opinion from the Office of Thrift Supervision. The opinion was issued July 20 in response to an inquiry by a thrift regarding a joint venture with a company that owned a mortgage banking subsidiary. The identities of the companies were withheld...