When state and federal laws are in conflict, 'The Supremacy Clause of the U.S. Constitution is clear: state law is preempted,' said Acting Comptroller of the Currency Michael Hsu in the letter.
Banks must have the ability to open or close accounts that present undue risk, "without concern that doing so will run afoul of state law." Hsu added that the OCC is monitoring developments in state law, and "will vigorously defend preemption" on both national security and financial stability grounds.
#anti-money-laundering-regulations #banking-regulations #federal-laws #state-laws #financial-stability
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