National banks would have to comply with state consumer laws unless they get an exemption from their federal regulator, as a result of an amendment approved yesterday by the House Financial Services Committee. There could be a residual effect on federal credit unions.

Under the amendment, which was attached to a bill establishing the Consumer Financial Protection Agency, national banks would have to comply with state laws, even if they are tougher than federal laws and regulations, unless their federal regulator deems it a competitive disadvantage.

The NCUA has previously preempted state lending requirements for federal credit unions. Although the amendment doesn't mention federal credit unions, it could result in changes in how much leeway all federally regulated financial institutions have in complying with state regulations.