Many in the financial services industry have kept a close eye on the federal preemption case Watters v. Wachovia brought before the U.S. Supreme Court in November 2006. It was the first banking preemption case heard by the U.S. Supreme Court in 10 years.
Linda Watters, commissioner of the Michigan Office of Financial and Insurance Services, is challenging the interpretation of regulations from the Office of the Comptroller of the Currency, which shields parent companies and their subsidiaries from state laws and the enforcement of state authorities.
While the outcome of this case might not directly impact credit unions, decisions concerning federal preemption affect the interpretation of state laws and how federal entities interact with state institutions. Protecting state authority and credit union dual chartering are core principles for NASCUS as an organization. This year, NASCUS will continue its efforts to protect these principles as they affect issues including unrelated business income tax, safety and soundness concerns and emerging regulatory issues.
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