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ICBA Statement Regarding OCC Preemption Action

Washington, D.C. (Jan. 7, 2004) - Statement of Independent Community Bankers of America President/CEO-Elect Camden R. Fine today on the Office of the Comptroller of the Currency's Federal Preemption Regulation:

"ICBA understands the impetus for OCC's action today. Indeed, ICBA has supported in various instances federal preemption of state laws as they apply to national banks. At the same time, to avoid disturbing the creative balance of the dual banking system, we would have preferred that OCC continue to take action in this area on a case by case basis, rather than adopt a broad general preemption regulation."