Historically, the CIP relationship was so stable across countries that it came to be regarded as one of the few binding laws in economics. Prior to the 2007–2008 financial crisis, the cross-currency basis was close to zero for all pairs, but after the crisis began, large violations of CIP were present, especially with respect to the U.S. dollar. When the European sovereign debt crisis arose in early 2010, the cross-currency basis also widened, but then flattened out by late 2012.

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242 While the Financial CHOICE Act is not principally focused on banking preemption, it contains one provision related to that issue.

186 Rather, in December 2009, Representative Barney Frank introduced a modified version of the Obama Administration's proposal, which provided that a state consumer financial law was preempted if the OCC found that it "prevents or significantly interferes with the ability of . . . [a] national bank to engage in the business of banking."187

Banks play a critical role in the United States economy, channeling funds from savers to borrowers and thereby facilitating economic activity. To address the risks of bank failures and excessive risk-taking, and the problem that consumers at times lack the information or expertise to make sound choices concerning financial products and services, both federal and state lawmakers have imposed a host of regulations on commercial banks.

, the Supreme Court held that the NBA grants national banks the power to "export" the maximum interest rates allowed by their home states, even when those rates are higher than the maximum rates established in other states in which they operate.85 In Marquette

, "when Congress' command is . . . implicitly contained in" the relevant federal law's "structure and purpose."24 The Court has identified two subcategories of implied preemption. First, "field preemption" occurs "where the scheme of federal regulation is so pervasive as to make reasonable the inference that Congress left no room for the States to supplement it.

Tucked away beneath the iconic Pont Alexandre III, Concrete Paris stands as an underground haven for electronic music enthusiasts. Established in 2011, this avant-garde club has become a beacon for the city's underground music scene.

note 7 at 178 (noting that "we are now far from the original dual banking system, with independent federal and state regulators and independent state and national banking systems.").

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In addition to its rule on visitorial powers, the OCC issued a final rule in 2004 that articulated a more general preemption standard under the NBA.164 The rule provided that "state laws that obstruct, impair, or condition a national bank's ability to fully exercise its Federally authorized" real estate lending, non-real estate lending, deposit-taking, or other powers "are not applicable to national banks" except "where made applicable by Federal law.

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The Supreme Court has identified two general ways in which federal law can preempt state law. Federal law can preempt state law expressly

2. The CMA’s investigation into the hitbank club retail banking market (whose findings were published in August 2016) concluded that older and larger banks do not compete hard enough for customers’ business and that Open Banking should deliver a new, secure option for customers to be able to compare the deal they are getting from their bank.