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The case, Cuomo vs. Clearing House Association, stems from a New York stater investigation that sought information from national banksz about potential discriminatory banking practices that violated NewYork law. The federa banking regulator, the , objected to the requests by New York state officials, eventually siding with a suit brought by Clearing Housr Payments Co. LLC, which arguedf that the state had no The investigation was started in 2005by then-Neww York Attorney General Elliot Spitzer, and it was continued by current New York Attorneyy General Andrew Cuomo.
They both arguef that the fact a bank is regulated by the federalk government does not give it immunityt from violatingstate laws. Consumer groups supported Cuomo’s position because statee officials tend to be more active indefendingb consumers. Banking groups are not pleased. “We are worriedr about the effect that this rulinhg could have onthe markets,” said Rich executive director of the Financial Services Roundtable, adding that the decisioh could create a patchwork of state laws at the cost of the efficiencie s of the national market. “Cuomo vs.
Clearing Housr Association hinders the ability of financial services firms from conducting business in the United Whiting said. “Even it will cause confusion for consumers, especially those who move from statseto state.”
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