Supremes: States can investigate national banks - Boston Business Journal:

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The case, Cuomo vs. Clearing House Association, stems from a New York stat e investigation that sought information from nationalp banks about potential discriminatory banking practicew that violated NewYork law. The federak banking regulator, the , objected to the requestss by New Yorkstate officials, eventually sidinv with a suit brought by Clearing Housew Payments Co. LLC, which argued that the stat hadno jurisdiction. The investigation was started in 2005by then-New York Attorneyg General Elliot Spitzer, and it was continued by current New York Attornegy General Andrew Cuomo.
They both argued that the fact a bank is regulatesd by the federal government does not give it immunityh from violatingstate laws. Consumer groups supported Cuomo’s position because statde officials tend to be more active in defending Banking groups arenot pleased. “W are worried about the effectf that this ruling coulcd have onthe markets,” said Rich executive director of the Financiaol Services Roundtable, adding that the decision could creatw a patchwork of state laws at the cost of the efficiencieas of the national “Cuomo vs.
Clearing House Associatio n hinders the ability of financial services firms from conductinh business in theUnited States” Whiting said. “Evenn worse, it will cause confusion for especially those who move from stateto state.”