SCOTUS Surprises Industry by Agreeing to Review NY AG’s Case on Federal Preemption
January 29, 2009
The U.S. Supreme Court has agreed to review a decision by a New York federal appeals court to uphold federal preemption of state regulators’ authority to enforce state fair lending laws against national banks. The SCOTUS’ Jan. 16 decision to hear the case, Cuomo v. Clearing House Corp., surprised industry lawyers. Given the same broad preemption principles that the court upheld in 2007 in...