HIGH COURT’S LATEST PREEMPTION RULING SHEDS LITTLE NEW LIGHT FOR BANKS, OTHER BUSINESSES

In opining on the scope of express preemption of state laws by the National Bank Act (“NBA”), the Supreme Court determined that Congress did not intend to establish a clear test. Instead, in enacting the relevant provisions of the Dodd-Frank Act of 2010, Congress intended preemption to be analyzed in accordance with the Court’s precedents on the issue dating back to the NBA’s enactment.