THe baNKING laW JourNal
federal savings associations pursuant to the legal standard in Barnett. The alignment of preemption standards for these entities suggests that state law will not be preempted for subsidiaries, affiliates and agents of federal thrifts under the Home Owners’ Loan Act. It also suggests that preemption deter- minations for federal savings associations are subject to the same publication and judicial review provisions as national banks.
state enForcement oF Federal consumer Protection law
The CFP Act expressly provides for state enforcement of its provisions and regulations issued thereunder. As a general rule, a state attorney general or its equivalent may bring civil actions, in either state court or a district court within the state, in order to enforce the Act and Bureau regulations, and to secure remedies provided by the Act or other federal law.41 The state must bring suit in a court that has jurisdiction over the defendant. In addition, a state regulator may initiate suits or administrative proceedings to enforce the Act or its regulations, or to secure remedies, against entities that are licensed, chartered, incorporated, or authorized to do business under that state’s laws. Notwithstanding this grant of authority, the Act specifies that it does not affect provisions of any “enumerated consumer law” that relate to a state’s authority to enforce such laws.
However, state attorneys general are prohibited from enforcing provisions of the Act against national banks or federal savings associations.42 If a state court or federal district court within a state has jurisdiction over a national bank or federal thrift, the state’s attorney general may file suit against the bank or thrift in either court, but only to enforce a Bureau regulation pre- scribed under the Act or to secure a remedy provided for under federal law.
Prior to bringing an action or proceeding to enforce the Act or a Bureau regulation against a covered person, a state attorney general or regulator must provide notice and a copy of the complaint to the Bureau and any pruden- tial regulator of that person.43 If it is not practical to provide prior notice, the state must provide notice “immediately upon instituting the action or proceeding.” Once notice has been given, the Bureau may: (1) intervene as a party; (2) remove the action to an appropriate federal district court and