Article

Dreams of World Domination

Morrison & Foerster Financial Services Report Vol. 4, No. 2

Summer 2008

The Firm obtained a favorable National Bank Act preemption decision in Leae v. U.S. Bank, pending in Los Angeles Superior Court.  The action challenged the bank’s ability to charge check-cashing fees to non-depositors.  The court held that plaintiff’s claim brought under California’s unfair competition law was preempted by OCC’s regulations, specifically by 12 C.F.R. § 7.4007(b) (providing that state laws concerning “checking accounts” and “disclosure requirements” may not be applied to national banks). 

For more information, contact James McGuire at  jmcguire@mofo.com.

Close

Feedback

Disclaimer

Unsolicited e-mails and information sent to Morrison & Foerster will not be considered confidential, may be disclosed to others pursuant to our Privacy Policy, may not receive a response, and do not create an attorney-client relationship with Morrison & Foerster. If you are not already a client of Morrison & Foerster, do not include any confidential information in this message. Also, please note that our attorneys do not seek to practice law in any jurisdiction in which they are not properly authorized to do so.