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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.

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