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). 

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