Opinions differ on the extent to which the Dodd-Frank Wall Street Reform and Consumer Protection Act will affect the existing body of preemption case law and interpretations previously used by regulatory agencies. The relevant Dodd-Frank section, known as the Consumer Financial Protection Act of 2010, is supposed to be enacted July 21.

Despite the uncertainty, national banks and federal thrifts are striving to identify state laws that may apply to them, said Jeremy T. Rosenblum, Vice Chair of Ballard Spahr’s Consumer Financial Services Group. “We’re advising them that they need to survey state laws, see if they are preempted, then change their documents and procedures and do it quickly,” he said.