Since the enactment of the Dodd-Frank Act, there has been disagreement among experts as to whether the Act rolled back federal preemption of state banking laws. Some argue that preemption was rolled back at least partially, while others contend that the regulatory reform law left preemption largely untouched.

Alan Kaplinsky, a partner at Ballard Spahr, believes that a sea change in preemption did occur, and he warns national banks not to follow those who say that not much has changed.

"Banks would not be going through that kind of trouble if they believe it's business as usual, and a bank that thinks it's business as usual will be sadly mistaken when state attorneys general or class-action lawsuits get filed for them not following state law," Mr. Kaplinsky said.