Industry NewsMortgage

States get room to regulate lending

High court rules against 'expansive' definition of pre-emption
Published on Jun 29, 2009

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by CareyBot

Federal law doesn't entirely preempt states from passing consumer protection laws governing national banks and seeking to enforce those laws in court, the U.S. Supreme Court held today.

The 5-4 decision was a defeat for the banking industry and the Office of the Comptroller of the Currency, the federal regulator which maintained only it had the power to conduct bank examinations or enforcement actions against national banks.

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