Andrew M. Cuomo, Attorney General of New York v. The Clearing House Association, L.L.C., et al.
Administrative Law, National Bank Act
12 U.S.C. § 484(a), a provision of the National Bank Act, prohibits the exercise of
"visitorial powers" as to national banks, except where those powers are authorized
by federal law, vested in the courts of justice, or exercised by Congress or a House
or committee thereof. The Office of the Comptroller of the Currency has issued a
regulation (12 C.F.R. § 7.4000) interpreting § 484(a) to preempt state enforcement
of state laws against national banks, even when the state laws are not substantively
preempted. The questions presented are:
1. Whether 12 C.F.R. § 7.4000 is entitled to judicial deference under Chevron
U.S.A., Inc. v. Natural Resources Defense Council, Inc., 467 U.S. 837 (1984).
2. Whether 12 C.F.R. § 7.4000 is invalid because it is inconsistent with the
authoritative construction of the National Bank Act by this Court in First National
Bank in St. Louis v. Missouri, 263 U.S. 640 (1924).
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