Content area
Full Text
Mr. Gilleran recently addressed the Exchequer Club in Washington on the topic of vitality of the thrift charter xcerpts of his remarks are presented as our Open Forum.
In chartering and supervising federal thrifts, OTS has adopted regulations that establish a uniform framework governing thrift operations. HOLA and OTS regulations, adopted after full public notice and comment, pre-empt state law for the core operations of federal thrifts, including lending, deposit taking, subsidiaries, trust activities, and operations generally.
OTS regulations provide clear standards governing OTS opinions on whether state laws are pre-empted by distinguishing between the types of state laws that are pre-empted, and of equal importance, those that are not pre-empted. The latter include state contract, tort, criminal and other laws that further a vital state interest, provided a state law has only an incidental effect on core thrift activities or is not otherwise contrary to the purposes of enhancing safety and soundness and enabling federal thrifts to operate according to best practices. We apply these principles whenever considering a pre-emption issue.
Let me emphasize that OTS has and will continue to solicit the views of the states about regulations that may have an impact on their laws. We send advance copies of proposed...