Commissioner Of Corporation's Authority To Audit Is Preempted By Federal Law
Question: 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?
Answer: 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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