Wachovia prevails in Supreme Court

[Eugene]

Source: Associated Press

Posted on Tue, Apr. 17, 2007

Wachovia prevails in Supreme Court
PETE YOST
Associated Press

WASHINGTON -- The Supreme Court ruled Tuesday that state financial
regulators must step aside in a battle over who oversees subsidiaries
of national banks.

The 5-3 decision is a victory for the 1,600 national banks, which say
they should not have to face a dual system of federal-state regulation
in a growing area of their business.

States and many private groups including the AARP, representing retirees,
say a regulatory framework that includes the 50 states as well as federal
bank examiners can better protect millions of consumers.

-snip-

The Bush administration supported Wachovia's position in the case.

Wachovia took advantage of a rule adopted by the U.S. Office of the
Comptroller of the Currency in 2002. It enabled the comptroller to push
states out of the regulatory picture regarding subsidiaries of national
banks.

-snip-

Read more: http://www.charlotteobserver.com/122/story/88500.html

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Alternate AP headline: Court: States Must Step Aside on Banks

[SpiralHawk]

1. "All your money and regulations are belong to us.' - republicon cronies

"So shut up, sit down, and write us a check."

- republicon cronies

[gulfcoastliberal]

2. Big business wants only federal courts & regulation - less expensive

with 1 shop stopping for all legislative needs. Plus judges more sympathetic to big corporations and less concerned with citizen rights. "States rights" are dead.