NEWS RELEASE
June 29, 2009
ABA Media Contact: John Hall
(202) 663-5473
E-mail: jhall@aba.com

                                  ABA STATEMENT ON SUPREME COURT DECISION ON       
                                      CUOMO v. THE CLEARING HOUSE ASSOCIATION

                                         by Edward L. Yingling, ABA president and CEO

      “We’re disappointed that the Supreme Court has decided to question the OCC’s role as the exclusive regulator for national banks.  Since 1864, the Comptroller of the Currency has been granted the primary “visitorial authority” over the banks that it charters.  This decision, which invalidates the OCC’s interpretation reflected in its regulation, changes over 140 years of settled law.

      “Without a uniform regulation and enforcement of the laws that apply to national banks – which often includes state law – those institutions will face a patchwork of duplicative and conflicting federal and state regulation and enforcement actions.  This will make it difficult to serve consumers in today's hi-tech, mobile society where people and bank services move constantly across state lines. 

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The American Bankers Association brings together banks of all sizes and charters into one association. ABA works to enhance the competitiveness of the nation's banking industry and strengthen America’s economy and communities. Its members – the majority of which are banks with less than $125 million in assets – represent over 95 percent of the industry’s $13.5 trillion in assets and employ over 2 million men and women.