Section 48 Preemption Issues

In Cuomo v. Clearing House Ass’n, L.L.C., 129 S. Ct. 2710 (2009), the Supreme Court upheld the Second Circuit’s injunction against the New York State Attorney General’s threat to issue executive subpoenas to a national bank in connection with an investigation under New York’s fair-lending laws, but it struck down the Office of the Comptroller’s expansive prohibition against bringing judicial enforcement actions. At issue was the Comptroller’s regulation promulgated under the National Bank Act, 13 Stat. 99, which barred a state from exercising “visitorial” powers with respect to national banks and “prosecuting enforcement actions, except in limited circumstances authorized by federal law.” The Court’s opinion stressed that the Comptroller’s regulations barring virtually all law enforcement actions, including valid, non-preempted...