National banks won a major victory Tuesday when the Supreme Court ruled that the federal government, not states, has the pre-eminent role in regulating banks' mortgage business, even if conducted by subsidiaries. The Court found that the National Banking Act pre-empts state regulation of banks -- and that the pre-emption extends to their subsidiaries, which are "equivalent" to the banks. Some say the ruling could impact the direction of the growing investigation into the subprime lending business.
April 18, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
National banks won a major victory Tuesday when the Supreme Court ruled that the federal government, not states, has the pre-eminent role in regulating banks’ mortgage business, even if conducted by subsidiaries.
By a 5-3 vote in Watters v. Wachovia Bank, the Court found that the National Banking Act pre-empts state regulation of banks — and that the pre-emption extends to their subsidiaries, which the Court said are “equivalent” to the national banks themselves.
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