News & Events

News & Events

6.13.2008

Washington Court of Appeals Affirms Preemption of State Law Claims In Connection With Lending Practices

Bookmark and Share

In McCurry v. Chevy Chase Bank, an appeal of a dismissal of a nationwide class action filed against Chevy Chase Bank, F.S.B., a three-judge panel of the Washington Court of Appeals, Division One, recently affirmed a ruling that “regulations issued by the federal Office of Thrift Supervision (“OTS”) … expressly preempt state statutes and judicial decisions that purport to regulate ‘loan related fees.'” In other words, federally licensed savings banks are subject only to OTS regulation regarding lending operations. View full article (PDF).