1OCC Reaffirms Federal Preemption Regulations
On June 9, the Office of the Comptroller of the Currency (OCC) responded to a letter from the Conference of State Bank Supervisors (CSBS), denying CSBS' request that the OCC rescind its federal preemption regulations and affirming that the preemption regulations are consistent with the Dodd-Frank Wall Street Reform and Consumer Protection Act, relevant Supreme Court precedent, Executive Order 14219, directing federal agency heads to rescind regulations deemed unlawful based on a best reading of their underlying statutory authority, and Executive Order 14267, requiring the removal of anti-competitive regulations. The OCC also rejected CSBS' claim that preemption regulations are anti-competitive, pointing to Supreme Court approval of the division between federal and state authority, as well as the benefits that federal preemption has historically provided to the national economy.
2Acting Comptroller of the Currency Outlines Regulatory Agenda
On June 3, Rodney E. Hood, the Acting Comptroller of the Currency, spoke at the US Chamber of Commerce Capital Markets Summit. In his remarks, Acting Comptroller Hood explained that his regulatory agenda includes the OCC's embrace of bank-fintech partnerships, an expansion of bank activities involving digital assets, the promotion of financial inclusion, and a desire to reduce regulatory burden in support of a dynamic banking sector.
3SEC Solicits Comment on Definition of Foreign Private Issuer
On June 4, the Securities and Exchange Commission (SEC) published a concept release (No. 2025 82) inviting public input on whether the definition of "foreign private issuer" (FPI) should be updated. FPI status affords non-US companies certain regulatory relief when accessing US capital markets, including reduced disclosure and filing obligations. Since the definition has not been revised substantively since 2003, the SEC seeks feedback on whether the definition adequately reflects today's evolving market landscape. Chairman Paul S. Atkins emphasized that the definition should maintain a balance between encouraging global issuers to list in the US and ensuring that US investors receive sufficient and comparable information, while also safeguarding domestic firms from competitive disadvantages.
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