UPDATE: LA Times story. New York Times story. USA Today story. Finally, here is the Forbes story. The bank kids do a good job in all these stories of sticking to their tired, false "patchwork" messaging. They seem to like that better than "balkanization" these days even if neither is accurate. What happened is this: The court simply put real corporate crime cops back on the beat enforcing their narrow set of non-preempted laws. The next step, reinstating all the other state laws OCC wrongly preempted, is up to Congress.

Original post: The Supreme Court has issued its decision in Cuomo vs. Clearinghouse and OCC, holding that when a state attorney general seeks to enforce state laws over national banks in his or her role as the state's chief law enforcer, he or she is not preempted by the overly-broad OCC preemption rules. However, the decision is not 100% on our side, as it is unclear how investigations could be conducted under the lines drawn by the court. In any case, we knew that win this case or not, we'd still need Congress and the President to go further to reinstate state rights, as the President has proposed. We'll have more after our legal eagles analyze the scope of the decision.

We were amicus in the case on the side of the states. Dow Jones via CNN Money. Lauren Saunders of the National Consumer Law Center has issued a statement: Excerpt: