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Cuomo V. Clearing House: The Supreme Court Responds To The Subprime Financial Crisis And Delivers A Major Victory For The Dual Banking System And Consumer Protection, Arthur E. Wilmarth Jr.

GW Law Faculty Publications & Other Works

In Cuomo v. Clearing House Ass’n, L.L.C., the United States Supreme Court struck down a regulation issued by the Office of the Comptroller of the Currency (OCC), which barred state officials from filing lawsuits to enforce applicable state laws against national banks. In upholding the New York Attorney General’s authority to seek judicial enforcement of New York’s fair lending laws against national banks, Cuomo revealed a perspective on banking regulation that was significantly different from the Court’s approach only two years earlier in Watters v. Wachovia Bank, N.A. In Watters, the Court upheld another OCC regulation, which preempted the application …