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Court
Decisions and OCC Briefs
Here
are links to recent Court Decisions and OCC Briefs of
interest. DECISIONS
Wachovia Bank, N.A. v. Burke, No. 3:03-cv-0738 (JCH) (D.Conn. May 25, 2004) Whether a national bank is required to obtain a state license in order to engage in a mortgage lending business through an operating subsidiary. Concluding that the State’s regulation of the mortgage subsidiary would impermissibly interfere with the national bank’s ability to engage in mortgage lending and it ability to operate through a subsidiary corporation, the Court granted a summary judgment in favor of the bank and its operating subsidiary.
Wayne Kynal, et al., v.
OCC, et al. No. C 02-2851 PJH (N.D. Cal. Nov. 25,
2003) Whether the OCC acted in an arbitrary and capricious manner when it denied permission to a national bank to make golden parachute payments to an executive officer who was terminated, and whether the FDIC acted outside of its statutory authority when it determined that premium payments on a split dollar life insurance policy were subject to the golden parachute regulations. The district court upheld all aspects of the decision of the OCC and FDIC to deny the bank permission to make the payments to the former executive.
Whether plaintiff Spiegel Holdings, Inc. (“SHI”) was entitled to declaratory and injunctive relief requiring the OCC to authorize the release of funds held in escrow pursuant to a Consent Order issued against First Consumers National Bank. Concluding that it lacked subject-matter jurisdiction over an action to affect an order issued under 12 U.S.C. § 1818, the Court dismissed the claims against the OCC.
Whether various federal statutes preempt municipal privacy ordinances. The OCC filed an amicus brief supporting plaintiffs’ claim that the National Bank Act preempted the ordinances. The Court granted summary judgment to plaintiffs on their claim that the Fair Credit Reporting Act preempted the ordinances and granted summary judgment to the municipalities on plaintiffs’ claim the Gramm Leach Bliley Act preempted provisions in the ordinances that interfered with financial institution’s cross-marketing activities. The case has been rendered moot by the municipalities’ repeal of their ordinances.
SPIEGEL HOLDINGS, INC., v. OCC
et al., No. 03-335 KI (D. Or. Apr. 28, 2003)
Whether plaintiff Spiegel Holdings, Inc. (“SHI”) was entitled to declaratory and injunctive relief requiring the OCC to authorize the termination of a letter of credit (“LOC”) that OCC had required First Consumers National Bank to obtain in a Consent Order. Concluding that it lacked subject-matter jurisdiction over an action to affect an order issued under 12 U.S.C. § 1818, the Court dismissed the claims against the OCC.
BRIEFS
American Bankers Association, et al. v. Bill Lockyer, et al., No. 04-16334 (9th Cir.) Whether section 625(b)(2) of the Fair Credit Reporting Act, 15 U.S.C. 1681t(b)(2) preempts the California Financial Information Privacy Act ("SB1"). The Office of Thrift Supervision, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, Board of Governors of the Federal Reserve System, National Credit Union Administration and Federal Trade Commission filed a joint amicus brief arguing that SB1 is preempted by FCRA, which establishes uniform national standards for information sharing among affiliated companies and prohibits states from imposing additional requirements or prohibitions on inter-affiliate information sharing. The amicus brief supports the position of Appellants, the American Bankers Association et al., that the district court decision below should be reversed.
Whether a mortgage loan should be nullified because the loan proceeds were in the form of a check instead of legal tender. OCC, as defendant, filed a motion to dismiss the complaint on Rule 12(b)(1) and Rule 12(b)(6) grounds.
Whether a national bank, for diversity jurisdiction purposes, is a citizen of each state in which it has a branch. OCC filed an amicus brief in support of the bank’s position, as upheld by the court below, that the bank was not a citizen of the state of Texas by virtue of having branches there.
Whether a national bank operating subsidiary may charge loan documentation fees without being subject to state law restrictions. OCC filed an amicus brief in support of the operating subsidiary’s argument that the National Bank Act preempts the state law restrictions. The court issued an order on 2/2/04 granting the operating subsidiary’s motion for summary disposition because the plaintiffs’ loan is exempt from the Michigan Consumer Protection Act.
WACHOVIA BANK, N.A. et al. v.
LINDA A. WATTERS, in her official capacity as Commissioner of the Michigan
Office of Insurance and Financial Services, No. 5:03-CV-0105
(W.D. Mich.) |
| Whether a national bank is required to obtain a state license to engage in a mortgage lending business through an operating subsidiary. OCC filed a brief as amicus curiae supporting national banks’ authority to engage in real estate lending through operating subsidiaries pursuant to federal law without obtaining a separate license from the state.
Whether a national bank is required to obtain a state license to engage in a mortgage lending business through an operating subsidiary. OCC filed a brief as amicus curiae supporting national banks’ authority to engage in real estate lending through operating subsidiaries pursuant to federal law without obtaining a separate license from the state.
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