Commissioner Of Corporation's Authority To Audit Is Preempted By Federal Law

Does the National Bank Act and OCC regulations preempt the authority of the California Commission of Corporations to audit an operating subsidiary of a national bank?

Yes, according to the Ninth Circuit Court of Appeals in Wells Fargo Bank N.A. v. Boutris, 05 C.D.O.S. 7154 (Aug. 12, 2005).

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