State Farm Bank, F.S.B. v. Reardon

OPINION AND ORDER

EDMUND A. SARGUS, JR., District Judge.

This matter is now before the Court for consideration of the parties’ Cross-Motions for Summary Judgment. This case calls upon the Court to determine whether the Office of Thrift Supervision (“OTS”) has lawfully preempted, in part, Ohio law requiring independent mortgage brokers to obtain licenses from the State before marketing first and second mortgages. The Court concludes that, while the OTS may have the authority to extend federal preemption to agents of federal depository institutions, it has failed to comply with the Administrative…