Davis Polk partner and Financial Institutions co-head David Portilla was quoted in Capitol Account discussing Comptroller of the Currency Jonathan Gould’s stance on preemption, which allows banks to operate with one set of national rules. 

The article noted it appears that the OCC is returning to a role it was once known for: promoting the idea that firms should set up shop as a national bank.

“Since 2008, we have been focused on primarily financial stability,” David said. “Jonathan is saying we need to be focused on the ability of the national banking system to grow.”

He added that “some of the areas where financial services are most dynamic – payments, digital assets – the state laws are patchwork, [but holders of an OCC charter can] harness the power of preemption.”

“Gould Comes Out Strong on Preemption,” Capitol Account (February 3, 2026) (subscription required)

Copy link to share post