Deputy Director and Chief Counsel John Bowman of the Office of Thrift Supervision (OTS), the agency that supervises the affairs of federally chartered savings associations, recently issued a brief legal opinion addressed to Standard & Poor's that confirms the agency's long held position that federal law and OTS regulations preempt state law. Addressing the predatory lending area specifically, the opinion states the agency's opinion that its regulations in the area "occupy the field."

http://www.ots.treas.gov/docs/5/560409.pdf