Role of the Office of Thrift Supervision and Office of the Comptroller of the Currency in the Preemption of State Law

Pursuant to a congressional request, GAO provided information on the Office of Thrift Supervision's (OTS) and the Office of the Comptroller of the Currency's (OCC) role in the preemption of state law, focusing: (1) OTS' and OCC's authorities and processes for using preemption opinions and regulations; (2) how the Alternative Mortgage Transaction Parity Act of 1982 preempts state law and the views of selected state officials on its effect; and (3) OTS' and OCC's disclosure procedures for communicating their preemption opinions to federally chartered financial institutions and affected states and the views of selected state officials on these procedures.