The United States Supreme Court’s recent decision in Cuomo v. Clearing House Assoc’n marks a significant shift in the Court’s conception of the statutory banking regulation scheme and represents a dramatic departure from decades of precedent in this area. The decision, which allows state attorneys general to sue national banks for alleged violations of state law, promises to have a serious impact on the way that banks do business in this country. This article provides a summary of this holding and outlines the potential impact of what could be characterized as one of the most important banking decisions to be handed down in decades.
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