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Nat'l Banks Exempt From Conn.'s Laws, Court Rules, But States Keep Fighting.(A)
Byline: LAURA MANDARO
A federal court ruled last week that states can't regulate federally chartered banks' mortgage units, the latest legal win for big banks.
No. 4 U.S. bank Wachovia sued Connecticut in January 2003 for being required to get a state mortgage lending license to operate there. In a ruling released Thursday, the judge agreed Wachovia's mortgage unit, as a subsidiary of a national bank, was exempt from state licensing rules and oversight.
Connecticut Attorney General Richard Blumenthal plans to appeal "this misguided ruling."
But it underscores the challenge facing New York Attorney General Eliot Spitzer. After wresting settlements from some of the largest mutual funds and brokerages, he's taking on mortgage lenders.
His suit targets a unit of First Tennessee Bank that allegedly kept billing a customer after he paid off his mortgage. The case was a "direct challenge to federal banking regulators," said his office at the time.
The Connecticut case, along with a California district court ruling last year rejecting the state's right to supervise Wells Fargo's mortgage operations, doesn't bode well for Spitzer, experts say.
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