US States Can Enforce Their Laws On Banks

US States Can Enforce Their Laws On Banks

http://www.bloomberg.com/apps/news?pid=20601087&sid=azAlyoQMZDyA

New York and other states in the US can enforce their lending laws on the federally chartered banks, the Supreme Court has ruled while rejecting the argument that the US Office of the Comptroller of Currency had the exclusive authority to scrutinize these banks. The ruling is a victory for the consumer and the civil rights group but a setback for the country’s banks who have been protesting against the investigation by the New York State Attorney General into their lending practices. Obama administration had also argued that the country’s banks were solely regulated by the US Office of the Comptroller of Currency but have already proposed a regulatory overhaul in the near future. The decision is likely to result in stricter enforcement and adherence to laws.