Ruling against N.Y. lending probe upheld
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New York state doesn’t have the legal authority to investigate the residential real estate lending practices of national banks including JPMorgan Chase & Co. and Wells Fargo & Co., a federal appeals court ruled.
It is “beyond genuine dispute that state law may not significantly burden a national bank’s own exercise of its real estate lending power,” the U.S. 2nd Circuit Court of Appeals in Manhattan decided.
The appeals panel upheld a lower-court ruling that said federal law gave the U.S. Office of the Comptroller of the Currency exclusive regulatory authority over national banks and barred New York’s probe of their lending practices.
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