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Our firm represents the largest national banks, both individually and collectively, on a broad range of preemption issues. We have been at the forefront of preemption litigation for the past two decades, securing uniform federal standards for national banks in their mortgage securitization, adjustable rate mortgage, ATM, check-cashing, garnishment, and subsidiary activities. Our work also encompasses advisory and counseling services with regard to preemption issues. This counseling practice has expanded as new and existing clients seek our guidance on the preemption provisions in the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
Representative Matters
- Advising a group of the largest national banks on the impact of Dodd-Frank’s preemption provisions on nationwide operations and activities.
- Representing the American Bankers Association on the formulation and passage of preemption provisions in the Dodd-Frank Act.
- Representing Wachovia Bank before the U.S. Supreme Court in Watters v. Wachovia Bank, N.A. (2007). The Court ruled for Wachovia, holding that a mortgage subsidiary of Wachovia Bank was not subject to state regulation.
- Representing Wells Fargo before the U.S. Court of Appeals for the Sixth Circuit in City of Cleveland v. Ameriquest Mortgage Securities (6th Cir. 2010). In the aftermath of the mortgage crises, the Sixth Circuit dismissed the City of Cleveland’s complaint against Wells Fargo and other mortgage lenders alleging that mortgage securitization activities created a public nuisance.
- Representing several banks before the U.S. Court of Appeals for the Sixth Circuit in Monroe Retail, Inc. v. RBS Citizens, N.A. (6th Cir. 2009), resulting in federal preemption of an Ohio statute that would prevent national banks from collecting garnishment service fees.
Accolades
- Chambers USA, Financial Services Regulation (2011)
- Banking (Compliance): John Dugan, Mark Plotkin, and Stuart Stock
- Banking (Enforcement & Investigations): Stuart Stock and D. Jean Veta
- Washington D.C. Super Lawyers (2010)
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