Federal thrifts may not be as immune to state consumer protection laws as some legal experts have believed. In the first decision of its kind, the West Virginia Supreme Court has ruled that Chevy Chase Bank must comply with the state's debt collection act.

"We are aware of no federal laws or regulations that expressly preempt the specific field of debt collection by federal savings associations," the court said.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.