Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Businessweek Archives

Defeat for States In Bank Regulation Lawsuit

? Give the Fed Your 2c Worth on Abusive Lending |


| The Yield Spread Premium: A Dirty Not-So-Secret In Real Estate ?

May 03, 2007

Defeat for States In Bank Regulation Lawsuit

Peter Coy

Linda A. Watters, pictured here, lost a Supreme Court appeal last month. Why should you care?

Because in turning down her appeal, the Supreme Court ruled that state regulators like Watters, who is commissioner of Michigan's Office of Financial and Insurance Services, have no say over the mortgage lending of national banks (like Wachovia) and their operating subsidiaries. The ruling in Watters v. Wachovia was a blow to consumer watchdog organizations, which believe that state regulators are tougher on mortgage lending abuses than federal regulators are. But the feds and the nationally chartered banks applaud the ruling, which saves them from getting tangled up in 50 separate jurisdictions. Watters, not one to give up quickly, said she hopes the decision "will spur greater cooperation between state and federal regulators for the benefit of consumers."

If you want to know more, read this article from, a website covering state government.

12:16 PM

TrackBack URL for this entry:

Here's o hoping this raises awareness.

Posted by: shaun mclane at May 7, 2007 08:46 AM

blog comments powered by Disqus