Stroock Special Bulletin
"Important National Bank Act Preemption Decision"
On March 9, 2016, the United States District Court for the Southern District of New York issued an important decision, dismissing putative class claims as preempted by the National Bank Act (“NBA”) and regulations promulgated by the Office of the Comptroller of the Currency (“OCC”). Although the claims against defendants Department Stores National Bank (“DSNB”) and Macy’s Inc. (“Macy’s”) specifically related to debt cancellation programs, the Court’s adoption of preemption principles is of interest. A copy of the decision is attached to this article.