Federally chartered banks can't create subsidiaries that are exempt from state laws
Published: September 1, 2006U.S. Supreme Court , No. 05-1342
Issue: Mortgage Lending
Amicus Brief, filed 01 Sep 2006
Download the full brief (PDF)
CRL's amicus brief in support of Michigan Commissioner of Insurance and Financial Services Watters in Watters v. Wachovia Bank. CRL, along with a number of other consumer groups, argues that Michigan's mortgage broker licensing law applies to employees of a national bank's operating subsidiary notwithstanding the Office of the Comptroller of the Currency's regulation treating a national bank's operating subsidiary as the same as the national bank itself for preemption purposes before the U.S. Supreme Court. The Sixth Circuit ruled in favor of Wachovia.