The Supreme Court yesterday ruled that federal law governs mortgage lending, pre-empting state regulations of mortgage-lending activities by the non-bank operating subsidiaries of national banks.
Citing Barnett Bank of Marion Cty. v. Nelson (1996) in large part, the Court held that “the National Banking Act vests in nationally chartered banks enumerated powers and all ‘necessary’ incidental powers. 12 USC §24 Seventh. To prevent inconsistent or intrusive state regulation, the NBA provides that ‘[n]o national bank shall be subject to any visitorial powers except as authorized by Federal law…’ § 484(a).”
Opinion
12 USC §484(a)
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