Watters v. Wachovia Bank, N. a — Stevens, J…

Summary

Justice Stevens, joined by the Chief Justice and Justice Scalia, dissents from the Court’s decision that the Office of the Comptroller of the Currency’s regulation pre‑empted Michigan’s mortgage‑broker licensing statutes. He argues that Congress never granted the OCC authority to displace state law and that the Court erred in treating the agency’s interpretation as binding. The dissent emphasizes the historic presumption against pre‑emption and the dual banking system’s reliance on state regulation.