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THe DoDD-FraNK aCT aND FeDeral PreemPTIoN

34 Id. See Nationsbank of N.C., N.A. v. ariable Annuity Life Ins. Co., 513 U.S. 251, 257 (1995) (citing Chevron U.S.A. Inc. v. Natural Res. Def. Council, Inc., 467 U.S. 837 (1984)) (noting that if a statute is ambiguous or silent, judgment of agency charged with administering the statute is given “controlling weight” if agency’s 35

construction is permissible); but see (because administrative agencies are

atters, 550 U.S. at 41 (Stevens, J., dissenting) not designed to protect states’ interests, “when

an agency purports to decide the scope of federal preemption, a healthy state sovereignty calls for something less than Chevron deference”).

respect

for

36 Dodd-Frank § 1043. Dodd-Frank § 1044(a). Marquette National Bank of Minneapolis v. First of Omaha Serv. Corp., 439 U.S. 299, 309-10 (1978). 37 38

Dodd-Frank § 1046. Dodd-Frank §§ 311-12 (although authority is to be transferred to the OCC one year after enactment, the Secretary of the Treasury may extend this transfer date for up to six additional months). The OTS is abolished 90 days after this transfer date. Dodd-Frank § 313. 39 40

41 Dodd-Frank § 1042(a). Id. Dodd-Frank § 1042(b). The Act defines a “covered person” as a person that offers or provides a consumer financial product or service, as well as any affiliate that 42 43

45 48 51 49 46 44 47 50 52 provides such services. Dodd-Frank § 1002(6). Dodd-Frank § 1042(c). Dodd-Frank § 1042(d). 557 U.S. ___, 129 S. Ct. 2710 (2009). 12 U.S.C. § 484(a). 12 C.F.R. § 7.4000 (2009). Cuomo, 129 S. Ct. at 2721. Id. Dodd-Frank § 1047(a). The amended section See, e.g., Dodd-Frank § 1042.

references

the

Cuomo

decision.

21

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