Document: 127 S. Ct. 1559 (2007) Linda A. WATTERS, Commissioner, Michigan Office of Insurance and Financial Services, Petitioner, v. WACHOVIA BANK, N.A., et al. No. 05-1342. Supreme Court United States. Argued November 29, 2006. Decided April 17, 2007. *1564 E. John Blanchard, for petitioner. Robert Long, respondents. Sri Srinivasan, the States as amicus curiae, by special leave Court, supporting Michael Cox, Attorney General, Thomas L. Casey, Solicitor Counsel Record, Lansing, Michigan, Assistant Petitioners. Lori McAllister, William J. Perrone, Dykema Gossett PLLC, MI, Stuart C. Stock, Keith Noreika, Emily Johnson Henn, Covington & Burling LLP, Washington, DC, Respondents. Justice GINSBURG delivered opinion Court. Business activities national banks are controlled National Bank Act (NBA or Act), 12 U.S.C. § 1 seq., regulations promulgated thereunder Comptroller Currency (OCC). See §§ 24, 93a, 371(a). As agency charged Congress with supervision NBA, OCC oversees operations their interactions customers. NationsBank N. C., N.A. Variable Annuity Life Ins. Co., 513 U.S. 251, 254, 256, 115 810, 130 Ed. 2d 740 (1995). The exercises visitorial powers, including authority to audit bank's books records, largely exclusion other governmental entities, state federal. 484(a); CFR 7.4000 (2006). NBA specifically authorizes federally chartered engage in real estate lending. 371. It also provides that shall have power "[t]o exercise ... all such incidental powers be necessary carry on business banking." 24 Seventh. Among may conduct certain through "operating subsidiaries," discrete entities authorized solely bank itself could undertake, subject same terms conditions those applicable bank. 24a(g)(3)(A); 5.34(e) Respondent Wachovia Bank, a bank, conducts its lending Mortgage Corporation, wholly owned, state-chartered entity, licensed an operating subsidiary OCC. is uncontested this suit Wachovia's business, if conducted itself, would OCC's superintendence, registration requirements authority. question dispute whether mortgage remain outside governance licensing auditing agencies when conducted, not division department but subsidiary. In accord Courts Appeals addressed issue,[1] we hold subsidiary, *1565 licensing, reporting, regimes several which operates. I banking association North Carolina corporation engages State elsewhere. Michigan's statutory regime exempts banks, both state, from regulation, requires brokers, lenders, servicers subsidiaries register State's Services (OIFS) submit supervision. Mich. Comp. Laws Ann. 445.1656(1), 445.1679(1)(a) (West 2002), 493.52(1), 493.53a(d) 1998).[2] From 1997 until 2003, was registered OIFS registrant, required, inter alia, pay annual fee, file report, open records inspection examiners. 445.1657, 445.1658, 445.1671 493.54, 493.56a(2), (13) 1998). Petitioner Watters, commissioner OIFS, administers laws. She "general control" over has examinations investigations enforce against registrants. 445.1661, 445.1665, 445.1666 493.58, 493.56b, 493.59, 493.62a 1998 Supp.2005). investigate consumer complaints take enforcement action she finds complaint "being adequately pursued appropriate federal regulatory authority." 445.1663(2) 2002). On January 1, became owned Bank. Three months later, advised it surrendering registration. Because had become maintained, were preempted. Watters responded letter advising no longer Michigan. filed her official capacity commissioner, District Western They sought declaratory injunctive relief prohibiting enforcing prescriptions Mortgage, interfering exclusive thereunder, they urged, vest supervisory preempt application state-law controls at issue. Specifically, challenged preempted provisions two statutesthe Brokers, Lenders, Licensing Secondary Loan Act. (1) require lendersincluding themselvesto fees *1566 before authorize deny revoke registrations, 445.1652(1) Supp.2006), 445.1656(1)(d) 445.1657(1), 445.1679(1)(a), 493.52(1) 1998), 493.53a(d), 493.55(4), 493.61; (2) submission financial statements retention documents particular format, 445.1657(2) 445.1671, 493.56a(2) 1998); (3) grant registrants, 445.1661 493.56b Supp.2005); (4) actions covered 445.1665 445.1666, 493.58-59, response, argued that, because contended Tenth Amendment Constitution prohibits superintendence subsidiaries. granted summary judgment relevant part. 334 F. Supp. 957, 966 (W.D.Mich.2004). Invoking two-step framework Chevron U.S.A. Inc. Natural Resources Defense Council, Inc., 467 837, 104 2778, 81 694 (1984), court deferred Comptroller's determination regulation only extent parent performed functions. F.Supp.2d, 963-965 (citing, e.g., 5.34(e)(3), 7.4006 (2004)). rejected Watters' argument. 965-966. Sixth Circuit affirmed. 431 F.3d 556 (2005). We certiorari. 547 ___, 126 2900, 165 915 II A Nearly hundred years ago, McCulloch Maryland, 4 Wheat. 316, 579 (1819), held law supreme respect banking. Though issue short-lived, system reemerged Civil War era. Atherton FDIC, 519 213, 221-222, 117 666, 136 656 (1997); B. Hammond, Banks Politics America: Revolution (1957). 1864, enacted establishing still place today. Act, ch. 106, 13 Stat. 99;[3]Atherton, U.S., 222, 666; Marquette Nat. Minneapolis First Omaha Service Corp., 439 299, 310, 314-315, 99 540, 58 534 (1978). vested nationally enumerated "all To prevent inconsistent intrusive impairing system, provided: "No any except Federal ...." 484(a). since NBA's enactment, repeatedly made clear *1567 control shields unduly burdensome duplicative regulation. See, Beneficial Anderson, 539 10, 123 2058, 156 (2003) (national protected "possible unfriendly legislation" (quoting Tiffany Mo., 18 Wall. 409, 412, 21 862 (1874))). Federally laws general daily do conflict purposes NBA. Davis Elmira Savings 161 275, 290, 16 502, 40 700 (1896). Atherton, 223, 666. For example, usury govern maximum rate interest can charge loans, 85, contracts "are governed construed laws," Commonwealth, 9 353, 362, 19 701 (1870), banks' "acquisition transfer property [are] based law," ibid. However, "the [national banks], nor wise affect operation, so far see proper permit. Any thing beyond abuse, usurpation single cannot give." Farmers' Mechanics' Dearing, 91 34, 23 196 (1875) (internal quotation marks omitted). "interpret[ed] grants `powers' normally limited by, rather ordinarily pre-empting, contrary law." Barnett Marion Cty., Nelson, 517 25, 32, 116 1103, 134 237 (1996). Franklin Square New York, 347 373, 375-379, 74 550, 98 767 (1954). permitted regulate where doing does significantly interfere regulator's powers. But impair authority, under must give way. 32-34, 1103 (federal permitting sell insurance small towns statute selling most types insurance); 377-379, 550 (local restrictions burdened advertise). lending, provides: "Any make, arrange, purchase loans extensions credit secured liens interests estate, 1828(o) title prescribe order." 371(a).[4] Beyond genuine dispute, burden own power, just curtail hinder efficient *1568 33-34, 1103; Franklin, 550. 34.4(a)(1) (2006) (identifying registration). particular, immune control: vests examine inspect 484(a) ("No law.").[5] Harmoniously, exempt coverage. 445.1675(a) This simply matter Legislature's grace. Cf. post, 1570-1571, n. 17. For, parties recognize, preemptive force, i.e., spare kind here involved. Brief 12; Respondents 14; Amicus Curiae 9. conditioned State, subjected investigative machinery surely business: registration, inspection, imposed operate.[6] Diverse engagement banking, observed century precisely what designed prevent: "Th[e] legislation view erection extending throughout country, independent, conferred concerned, which, applicable, might impose limitations various numerous States." Easton Iowa, 188 220, 229, 288, 47 452 (1903). did intend, explained, "to field attempt promote welfare stability direct .... [C]onfusion necessarily result possessed exercised independent authorities." Id., 231-232, 288. Recognizing burdens undue duplication produce, included express command: ." supra, 1566, 1568; 1569 (acknowledging been "exemp[t] more than 140 years"). "Visitation," explained "is act superior superintending officer, who visits into manner conducting observance regulations." Guthrie Harkness, 199 148, 158, 26 4, 50 (1905) 7.4000(a)(2) (defining "visitorial" "(i) [e]xamination bank; (ii) [i]nspection records; (iii) [r]egulation *1569 pursuant law; (iv)[e]nforcing compliance concerning activities"). therefore, confer examination done banks.[7] B While conceding applied see, 12, argues survives preemption separately some law, characterizes them "affiliates" contends even though multistate control. 17-22. disagree. Since 1966, recognized "incidental" Seventh 31 Fed.Reg. 11459-11460 (1966); 5.34(e)(1) ("A permissible directly either part of, to, banking...."). That commissioner. ("[N]o one disputes (Seventh) use nonbank ."). licenses banks. 5.34(e)(3) ("An section authorization, apply bank.");[8] *1570 Currency, Related Organizations: Handbook 53 (Aug.2004) (hereinafter Handbook) ("Operating otherwise provided regulation."). 1999, defined regulated "financial" subsidiaries; simultaneously, distinguished affiliates subsidiariestyped subsidiaries" OCCwhich directly, "subject banks." Gramm-Leach-Bliley (GLBA), 121(a)(2), 113 1378 (codified 24a(g)(3)(A)).[9] purposes, treats economic enterprise. 64. reference "business line," applying "activities subsidiary." Ibid.[10] earlier noted, contest Nor supervise Still, seeks above undertaken examination, supervision, engaged 1566-1569, too activity never reach extends itself. Rather, analyzing hampers focused corporate structure. 1103. And treated equivalent *1571 (except otherwise). A., 256-261, upheld agents sale annuities. material function qualifying within banking," Seventh, carried out entity [the activity] [themselves]." Clarke Securities Industry Assn., 479 388, 107 750, 93 757 (1987) acting subsidiaries, offer discount brokerage services).[11] Security significant interference regulators characteristic condition banking" aspect business. 1566-1569; 1576 1982, broadly lending); 1581, 20 oversight parents"). security should adhere assigned whose coincides completely Wells Fargo Boutris, 419 949, 960 (C.A.9 2005) (determination subdivisions "essentially internal organization"). meant written 484(a)'s ban affiliates. points 481, speak argument fails reasons. First, ascribe intention regarding 1864 481 484, 1933 added examining definition "affiliate" 221a. 1966. 1569-1570. Over past four decades, during emerged important instrumentalities indicated doubt conditions" themselves. Second, ignores distinctions among "affiliates." defines term include "any corporation" 221a(b). An therefore type "affiliate." unlike functions tightly tied specification *1572 1569-1570, 10. Notably, amended confirming "engag[e] directly," 24a(g)(3)(A), GLBA, providing affiliates, nonbanking activities, securities insurance, connection activities. 1843(k), 1844(c)(4). 15 6701(b) (any person sells obtain license so).[12] C consequence banks," (2006): "Unless bank." Investment Securities; Activities Operations; Leasing, 66 Fed. Reg. 34784, 34788 (2001). promulgate legal courts, attract deference. 1582-1585. beside point, our interpretation statute, level deference owed academic question. Section merely clarifies confirms already conveys: itself; impaired impeded law. 371.[13] thus properly read protect hindrance empowered do. comes 371, 24a(g)(3)(A). OCC, regulators. (in *1573 case, law), agree, governs incorporation-related issues, formation, dissolution, subsidiaries.[14] located matters address. 1566-1567. subjecting OCC-licensed multiple audits surveillance rival regimes. III alternative argument, violates Constitution, unavailing. previously "[i]f delegated expressly disclaims reservation York States, 505 144, 156, 112 2408, 120 (1992). Regulation prerogative Commerce Necessary Proper Clauses. Citizens Alafabco, 52, 58, 2037, 46 (per curiam). Amendment, implicated here. * reasons stated, Affirmed. THOMAS took consideration decision case. STEVENS, whom THE CHIEF JUSTICE SCALIA join, dissenting. immunizing nondiscriminatory regulating brokers lenders. executive whenever concludes Notwithstanding absence today endorses agency's incorrect sovereign yield power. impact Court's federal-state balance dual makes set forth full my dissent. (or NBA), 99, incorporation 5, id., 98, 8, Seventh), 54, 116. maintain meaningful role corporations core circumscribed forbidden making 28, 108.[1] Moreover, shares *1574 well holdings, taxation, 41, 111; while lend money, capped rates charge, 20, 105. Originally, anticipated "existing surrender charters re-incorporate new charters."[2] happen. Instead, after initial post-National decline, institutions thrived.[3] What competitive mix known system. consistently generally interstitial, comply rules counterparts. early 1870, articulated principle remained lodestar jurisprudence: exempted legislation, with, efficiency performing serve government.... course nation. All Their acquisition property, right collect debts, liability sued incapacitates discharging duties government becomes unconstitutional." (1870) (emphasis added).[4] Until today, faithful "forbid" "impair significantly" 33, (1996).[5] alone recognizing vital plays Although system's main virtue divergent treatment *1575 banks,[6] usually operate effectively. 1934, Brandeis congressional recognition embodied long string statutes: "The policy equalization adopted ever applied, provision taxation. amendments Reserve thereto expressed conferring establish branches; fiduciary; deposits; capitalization. appears influence securing 1913 loan mortgage." Lewis Fidelity Deposit Co. Md., 292 559, 564-565, 54 848, 78 1425 (footnotes, citations statutes, omitted).[7] reasons, Plant City Dickinson, 396 122, 133, 90 337, 312 (1969), "[t]he equality firmly embedded statutes governing system." So embedded, fact, standards" "open modification Currency." 138, 337. intact, radically transformed antecedent brought considerably bear institutions. Yet despite changes like Most significantly, established System oversee monetary availability credit. 2, 9, 38 252, 259. required member oversight. Ibid. Also signal importance, collapsed Great Depression, deposit newly Corporation. Banking Glass-Steagall 48 168; 1935, 49 684. these steps many regulation,[8] continued along *1576 existing M. Malloy, Law (2d ed.2005). addition systemic overhauls, time modified recount detail, importance gradually relaxed prohibition 1913, make farm land, 273, succeeding years, mortgage-lending enlarged cover vicinity Sept. 7, 1916, 39 754, "secured first upon forest tracts managed respects," Aug. 15, 1953, 510, 67 614. substantially expanded 1974, Housing Community Development Title VII, 711, 88 Stat 716, 1982 broad language, now codified 371(a), authorizing "loans estate." Garn-St Germain Depository Institutions IV, 403, 96 1510. enabled evenhanded competition certainly reflect purpose advantage.[9] curtailed ability affiliate companies. century, routinely investment affiliated companies same. put end that. "[E]nacted depositors repetition widespread closings occurred Depression," Board Governors, FRS Company Institute, 450 46, 61, 101 973, 36 (1981), prohibited (both national) affiliating banks.[10] Congress' view, speculative turn contributed commercial Depression-era failures.[11] focus depositorsas opposed stockholdersthat basis legislative ensure solvency. scant forbade owning *1577 company similar fear ownership undermine safety soundness banks:[12] "Except hereinafter nothing herein contained [a bank] account stock corporation." 308(b), 709 added). remains These forbid affiliations, however, began experimenting forms. One forms involved subsidiaries." position "that acquire controlling corporation's "functions on." 11459 (1966). declined categorical foreclose finding aggressive "incidental powers" 11460. eventually restricted structures,[13] neither disavowed endorsed silence, 1996 once again attempted expand issued undertake allowed directly. 5.34(d), (f) (1997) (authorizing "acquire [activities] different bank," "part determined Currency"); 61 60342 overruled 1999 1338. GLBA seminal piece inasmuch repealed Act's affiliations between 101, 1341. More corporations. engaging considered "financial subsidiary," 121, 1380, heightened obligations, 371c-1(a)(1). GLBA's excluded 24a(g)(3). By negative implication, then, purely activitieswhich termed mentions namecould avoid being Compare *1578 371c(b)(2) (exempting restrictions) 371c(e) (clarifying "subsidiaries"). Taken together, worked rejection directly.[14] Apart implicit mention sum, incorporated perform traditional "license" so. fact acquiesced expansive plainly insufficient preemption. familiar learning ultimate touchstone pre-emption analysis." Cipollone Liggett Group, 504, 516, 2608, 407 (1992) divining purpose, hoped hew text basic rule, central "[i]n cases `start assumption historic police superseded unless manifest Congress.'" Medtronic, Lohr, 518 470, 485, 2240, 135 (1996) Rice Santa Fe Elevator 331 218, 230, 1146, 1447 (1947)). Had so, avoided untenable conclusion evinces quite opposite purpose. "[n]o exemption "shall act"), extended blanket not, suggestion, ante, 1571-1572, complex history demonstrates, legislated extensively "affiliates"an affiliate[15]and moreover given extensive (providing examiner thorough affairs affiliate, he *1579 report his findings Currency"). lavished attention far-reaching without expanding scope speaks volumes about intent, lack thereof. Consistent presumption preemptiona understand rejectI likens afterthought, musing "recogniz[es] produce." Ante, 1568. logic, believes impliedly exist. surprising unlikely. Not reduce much surplusage, silence greater dignity command. Perhaps explains why none Circuits relied force Each instead asked laws.[16] Stranger still, reasoning suggest moment 11459. true, point last gone yoke regulation; heedless rights shy litigation. respondents us predate regulations. ignore limits "when way." 1567. intones "significant impairment" refrain remembering useful toolnot tool, best toolto discover intent. "take[s] want forbid, explicitly granted." "normally" wants little said exactly wants. puts great weight Bank's "history... interpreting neglects interpretive rule applies failed (as often does) explicit 31, "In event, courts consider statute's `structure purpose,' nonspecific nonetheless reveal *1580 clear, implicit, pre-emptive intent." nowhere holds strong indicia intent arguably trenches After all, case emphasized basically Did Congress, enacting Statute, intend constitutionally aside State?" 30, answer resounding no. Even delve impairment question, very 445.1651 seq. 2002 493.51 2005), conflicts objects Congressional legislation." Enacted consumers abuses, Acts servicers, lenders statements, oversight, 2005). provide "depository institution[s]," covered.[17] covers law.[18] Corporation accepting deposits. 1997, holding respondent (Neither Michigan.) There evidence, reason believe, Mortgage's 2003 whatsoever methods Neither there discernible granting immunity evenhandedly competitors. mere feeble justification longstanding "policy equality" clearly outweighs. City, Again, will hamper *1581 here, purporting lodge authorities eagerness infuse threatens vitality banksa odds unbroken government. especially troubling blithely preempts consumers. Consumer protection quintessentially "field traditionally occupied," Rice, 1146;[19] reluctant conclude "clear Congress" IV lacks phrase "same reflects Indeed, obliquely suggests much, salting analysis references GLBA. 1571-1572. cursory review shows (and perhaps Court) assign it. there, serves describe not. 24a(g)(3) "other banks"). slanting reference, Far demonstration language uncontroversial acknowledgment parents.[20] titled "Operation Law," 1352, devotes 3,000 words explaining preempt. Leave oddity addresses exquisite detail (according respondents) uses elsewhere statute. importantly, 104(d)(4) preempted" disparate depository institutions, "prevent[s] *1582 institution thereof Act," "conflict[s] permit 1357 added) 6701(d)(4)). No claims discriminatory, "prevent" follows them. assuming something preemption, nonencroachment "term condition" historical matter, always encroached Wall., (observing nation"). acknowledges usury, contract, 1566-1567, notwithstanding vary across operate," backdrop close industry toward preventing unsound practices liquidity lead insolvency all-pervasive." Philadelphia 374 321, 352, 83 1715, 10 (1963). V pressing questions ("State bank"). Without answering "necessary consequence" statutes. differently, issue) administrative assume displace duly legislature. begin knows how laws.[21] lines primary managing funds implicitly immunize *1583 regulation.[22] vast obvious difference decide broker, travel agent characterized approve entry businesses, N.C., 258, (1995) (upholding annuity sales). lesser imply competitors.[23] almost 337.[24] Were inclined am not) conferral find actually When 7.4006, effect *1584 believe reach, 34790 (2001) Taking word, own, predicts court's proceed. merit deferential standard easily disrupt balance. sure, expert opinions entitled "some weight," technical" background extensive." Geier American Honda Motor 529 861, 883, 146 914 (2000). "[u]nlike represent yet relative ease comprehensive detailed ramifications 908, (STEVENS, J., dissenting).[25] reason, purports healthy sovereignty calls less 911-912, 1913; 512, 2240 (O'Connor, concurring dissenting part) ("It determining deference"). justifications advanced withstand analysis. "expressly acknowledged "`subject banks.'" 24a(g)(3)). noted folded "`same conditions'" implementing (citing (2001)). According "[a] fundamental component descriptions characteristics 34788. incorrect. above, offhand says 1581-1582. support position: "Simply put, existence parroting change meaning statute." Gonzales Oregon, 546 243, 257, 904, 163 748 particularly word federalism implications rulean inexplicable elision "fundamental component" need unfettered 65 12905-12910 (2000), Exec. Order 13132, 64 43255, 43257 (1999) (requiring *1585 "federalism implications" chosen policies hesitate preempting laws). describes "as departments divisions 34788, operation 484(a), desire "controlling costs, improving effectiveness accurate profits, decentralizing management decisions [and] separating operations." 11460). obvious, realize benefits straightforward expedient dissolving "department" "division" advantage maintaining separate subsidiaries' liabilities. Bestfoods, 524 51, 118 1876, 141 43 (1998) deeply ingrained systems liable acts subsidiary" omitted)). "corporate structure," "internal governance," 1573 2005)); Dole Food Patrickson, 538 468, 474, 1655, 155 643 ("In issues structure matters"). complying regulations, nevertheless insulating owners liability. protecting liabilities justify drive seeking refuge arms parents, harm competitors lucky enough benefactor, hamstring States' result, cornerstone. VI novelty today's merits final comment. Whatever says, agree preclude Bill Rights remind ruling affects allocation sovereigns. adopting undergird well-established With rare exception, found commanded it, Cipollone, 517, precluded obedience sovereigns, Florida Lime Avocado Growers, Paul, 373 132, 142-143, 1210, 248 (1963), occupied left room *1586 additional Napier Atlantic Coast Line R. 272 605, 613, 207, 71 432 (1926). Almost invariably Congress. Never sole implement Accordingly, respectfully NOTES [1] Indiana Turnbaugh, 463 325 (C.A.4 2006); Burke, 414 305 (C.A.2 2005); (C.A.6 (case below); 949 [2] office branch 445.1652(1)(b) 2006), 445.1675(m) [3] June 3, originally "An ..."; altered 1874 Act." Ch. 343, 123. [4] adopt uniform prescribing standards sets criteria standards. 1828(o)(2)(A) standards... consider(i) risk posed credit; safe sound insured institutions; credit."). [5] 2 Taylor, 37.02, p. 37-5 ("[OCC] charter [national] (footnote [6] 69 1908 (2004) ("The multiple, unpredictable, local prevents banks] costly burdensome, interferes plan manage risks, subjects uncertain potential exposure."). [7] Ours indeed "dual 1573-1576, 1585. license, inspect, dissent refers "competitive featured 131, (1969). 1575, 1580, 1583, Those words, ripped context. McFadden (Branch Banks), 44 1228, 36, branches "only when, where, [branches]." 130, 337 ("[W]hile absolute [McFadden Act] places deliberately settled intended foster equality.... [The] concern ha[s] advantages Logan Walker Trust 385 261, 87 492, 17 343 (1966))). "[W]here `power' permission, applies." us, allowance 1567-1568. [8] further "If, determines violation condition, unsafe remedial action, requiring divest liquidate discontinue specified activities." [9] subsequently revised track 5.34(e)(1), (3); Subsidiaries Operating Subsidiaries, 12905, 12911 1578 (dissent's grudging "may acquiesced" do). [10] "for limits, dividend restrictions," 56, 60, 84, 371d, results consolidated parent." Likewise, accounting reporting assets combined. 5.34(e)(4)(i), 223.3(w) differently. consolidate fairly maintained [Wachovia Mortgage's] Bank" resulted company's 8. becoming exposed experienced nondepository institution. [11] 308, (1978) (holding home rate, regardless restrictive borrower's declining subsidiaries). [12] protests matter. Our modest: demonstrates formal 1569-1570; cf. 1577-1578. [13] itselfindependent regulationpreempts pertinent dissent's lengthy discourse dangers vesting agencies. 1582-1585; 1585-1586 (maintaining "[w]hatever accusing "endors[ing] command"). [14] assert status. "There security, so." G. Barnett, Passage (1902) (reprint 1983) Barnett). 728 733. 73-74 (estimating 800 1877, noting "remarkable increase number banks" decades 19th century). McClellan Chipman, 164 347, 357, 41 461 (1896) (explaining "a dealings exception cessation frustrate created, discharge States"). Anderson Luckett, 321 233, 248, 599, 692 (1944) ("This pointed laws, infringe performance functions"); ("Nothing, course, undiscriminating legislation") Scott, Dual System: Model Competition Regulation, 30 Stan. L.Rev. 8-13 perceived system). (1966) passing "Congress continuing 1864"). "two interrelated varying degrees extent, federally-chartered institutions." Graham, 1.04, 1-12 (Nov.2006). noteworthy principal cites decided (OCC) 1568-1569. Institute Camp, 401 617, 1091, 28 367 (1971), collective Similarly, Assn. FRS, 468 137, 2979, 82 invalidating enter third-party paper. Macey, Miller, Carnell, (3d ed.2001) (describing alleged misdeeds large ways irresponsible speculation, interest"). Holding 1956, 70 133; Amendments 1970, 84 1760. ample conclusion, understood contemporary commentators. 145 Cong. Rec. 29681 ("Recently, interpreted therein erroneous [GLBA] overturns (statement Representative Bliley)). [15] 221a(b) owns controls). [16] 325, 331-333 2006) conflicted NBA); 305, 315-316 (same); 556, 560-563 below) 962-967 (same). [17] observes coverage," 1568, "banks," "national." 1564-1565 (noting "Michigan's regulation" added)). [18] protection, whereas quoted depositors. 1567, [19] General Motors Corp. Abrams, 897 F.2d 41-43 1990) ("Because states, compelling evidence area"). [20] 11460 maintains [21] 253(a), (d) Communications Commission [state] requirement" prohibit interstate intrastate telecommunications service"); 1254(g) (preempting chapter" Secretary Interior "set superseded"); 5125(d) Transportation hazardous waste transportation preempted). [22] indirect Riegle-Neal Interstate Branching Efficiency 1994, 114, 108 2367 43(a)). jump procedural hoops (specifically, notice comment, letters rules) "conclud[ing] community reinvestment, fair establishment branches." terms, [23] recent adoption source 93a (2004). Both generic authorizations rulemaking ("[T]he responsibilities office"); 371(a) order"). Needless say, textual foundation assertion [24] touch Hillsborough County Automated Medical Laboratories, 471 707, 713, 105 2371, 85 714 (1985) ("We pre-empted statutes"); Sav. de la Cuesta, 458 141, 154-159, 102 3014, 73 664 (1982) savings-and-loan associations due-on-sale clauses state-court doctrine unenforceable); FCC, 486 57, 59, 65-70, 1637, 100 (1988) (finding FCC's "regulations technical quality cable television signals" standards). My confined (like here) "purpor[t] settle preemption" "reflec[t] effort transform judicial inquiry fait accompli." Note, Unwarranted Regulatory Preemption Predatory Lending Laws, 79 N.Y.U.L.Rev. 2274, 2289 [25] Mendelson, Preemption, 737, 779-790 (2003-2004) (arguing insensitive concerns).

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