Wachovia Argues Before U.S. Supreme Court
Lawyers for Charlotte based Wachovia Bank last week argued a case before the U.S. Supreme Court that could have implications beyond the banking world. The state of Michigan sued Wachovia after the company said its mortgage arm did not have to be licensed by the state to offer its products to Michigan residents. Two lower courts upheld Wachovia's position, which was supported by the U.S. Office of the Comptroller of the Currency (O.C.C.). Now, the other 49 states have filed briefs in support of Michigan, saying they should be able to regulate banks that operate in their states. WFAE's Craig Fahle spoke to University of Michigan Law Professor Michael Barr to find out what's at stake in the case.