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ARTICLE · 21 JANUARY 2009

Supreme Court Docket Report - October Term 2008

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Under the National Banking Act, national banks "are not subject to any visitorial powers except as authorized by Federal law." 12 U.S.C. § 484(a).

United StatesLitigation, Mediation & Arbitration
Andrew Tauber
Andrew Tauber
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Originally published January 16, 2009

Keywords: Supreme Court, National Banking Act, OCC Regulatory Powers, False Claims Act, Cuomo v. The Clearing House Ass'n, home mortgage lending, U.S. ex rel. Eisenstein v. City of New York, qui tam

The Supreme Court granted certiorari today in two cases of interest to the business community:

  • National Banking Act —Preemption—OCC Regulatory Powers
  • False Claims Act—Time To Appeal

National Banking Act —Preemption—OCC Regulatory Powers

Under the National Banking Act, national banks "are not subject to any visitorial powers except as authorized by Federal law." 12 U.S.C. § 484(a). The agency charged with implementing the Act, the Office of the Comptroller of the Currency ("OCC"), has promulgated a regulation interpreting the "visitorial powers" provision to mean that, with limited exceptions, only the OCC may exercise such powers over national banks. 12 C.F.R. § 7.4000(a)(1). That regulation further provides that

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