Supreme Court lets states challenge national banks' practices

06/30/2009 | Washington Post, The

The Supreme Court ruled that state attorneys general are allowed to pursue national banks that have allegedly broken state laws. The decision enhances the authority of states in relation to federal financial regulators. Banking groups and the Office of the Comptroller of the Currency argued that only the federal regulator has the authority. In Cuomo v. Clearing House Association, the Supreme Court disagreed with a 5-4 decision.

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