JPMorgan Chase (JPM) and other banks in the US are lobbying the Office of the Comptroller of the Currency for uniform national standards that would supersede state-imposed rules, Reuters reported Friday, citing three sources familiar with the matter.
The banks are seeking uniform US regulations on making loans, issuing bonds, providing investment banking services, and assessing money laundering risks without state interference, aiming to make it easier for them to operate, according to the report.
Lenders are focusing on the concept of preemption, where federal law takes precedence over state laws for national banks, one of the sources told Reuters.
Citigroup (C) declined to comment, while JPMorgan, Wells Fargo (WFC), Goldman Sachs (GS), Bank of America (BAC), Morgan Stanley (MS), and the Office of the Comptroller of the Currency did not immediately reply to requests for comment from MT Newswires.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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