In a recent case called Madden v. Marine Midland Funding, the Second Circuit ruled that a loan owned by a debt collector violated New York's usury statute. The loan had been originally made by a national bank and was subsequently sold to the debt collector when it was in default. There's no question that the state usury law was preempted when the loan was held by the national bank. The Supreme Court's (awful) Marquette National Bank v. First of Omaha Service Corp. decision from 1978 makes that very clear. (The Court suddenly discovered in 1978 that over a century of legal understanding of the 1864 National Bank Act was somehow wrong and that banks had been leaving lots of money on the table.)
The debt collector argued that because the loan had been made by a national bank, it carried preemption of state usury laws with it as a permanent, indelible feature. "Applesauce!" proclaimed the Second Circuit: National Bank Act preemption of state usury laws extends no further than National Bank Act regulation. Preemption is part of a package with regulation, but once the loan passes beyond the hands of a National Bank, it loses its preemption protection and becomes subject to state usury laws. (Some of you might recognize that this is an argument I made several years ago. Plaintiff's counsel sent me a very nice email to this effect. You owe me a citation, 2d Circuit!).