Supreme Court rules that states can investigate nationally chartered banks - Denver Business Journal:

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The case, Cuomo vs. , stems from a New York state investigation that sought information from national bankx about potential discriminatory banking practicesd that violated NewYork law. The federap banking regulator, the , objected to the requestws by New Yorkstate officials, eventually siding with a suit broughg by , which argued that the statwe had no jurisdiction. The investigation was started in 2005by then-Nee York Attorney General Elliot Spitzer and continued by current Attorney Generapl Andrew Cuomo. They both arguedr that being regulated by the federapgovernment doesn’t give a bank immunity from violating state laws.
Consumer groups supporterd Cuomo’s position because state officials tend to be more activse indefending consumers. Banking groups are “We are worried abour the effect that this ruling couldf have onthe markets,” said Rich executive director of the . The decisiojn could create a patchwork of state laws at the cost of efficienciex of thenational market, he said. “Cuomo vs. Clearing Hous Association hinders the ability of financial serviced firms from conducting business in the United Whiting said. “Even it will cause confusion for especially those who move from stateto state.
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