National Bank Operating Subsidiaries Are Subject to Exclusive Visitorial Authority by OCC as the NBA and OCC Regulations Preempt State Visitorial Authority Law: \u3cem\u3eWatters v. Wachovia Bank\u3c/em\u3e

Abstract

The Supreme Court held that an Office of the Comptroller of Currency regulation that interpreted the National Bank Act to treat a national bank operating subsidiary by the same terms and conditions as the parent national bank worked in pari materia with the National Bank Act in preempting state law governing visitorial authority over non-national bank mortgage lending companies. Watters v. Wachovia Bank, N.A., 127 S. Ct. 1559 (2007)