Shortly after assuming office, the Acting Comptroller of the Currency finalized a proposal with no substantive changes establishing that interest rates governing loans made by national banks are those valid when the loan is made, not based on to whom a loan is subsequently sold as recent litigation declared.  The FDIC issued a separate but largely similar proposal at approximately the same time as the OCC and is now finalizing its own standards governing preemption for state-chartered banks.  This codifies longstanding practice and thus gives state-chartered banks a still firmer legal basis from which to expand intrastate with their own offerings or those of third- parties, including nonbanks.

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