Federal preemption is taking another dimension through Illinois-based State Farm Bank. The Office of Thrift Supervision has issued a 17-page legal ruling sought by State Farm that state licensing and registration requirements that do not apply to a federal savings association also do not apply to the agents as long as they act exclusively on behalf of a particular thrift, undergo training by that thrift, and are subject to the thrift's supervision and control.
"Subjecting the association, through its agents, to state licensing and registration requirements impermissibly interferes with and burdens the association's deposit and lending operations. Such requirements are tantamount to …
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