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Court Decisions

Below is a list of court decisions of interest, a short summary of each case, and a link to the full text of the decision.

OCC v. Cuomo, No. 05-6001, and The Clearing House Association, LLC v. Cuomo (2d Cir., December 4, 2007)
Whether the "vested in the courts of justice" exception to the OCC's exclusive visitorial authority permitted the New York attorney general to exercise visitorial authority through the medium of the courts. Concluding that the OCC's interpretation of 12 U.S.C. 484 in 12 C.F.R. 7.4000 was reasonable and entitled to deference, a two judge majority affirmed the trial court's judgment granting declaratory and injunctive relief to the OCC prohibiting the New York attorney general from exercising visitorial authority over national banks.

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.

Kynal v. OCC, 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.

Spiegel Holdings, Inc., v. OCC, No. 03-334 KI (D. Or. Aug. 18, 2003)
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.

Bank of America, N.A. v. City of Daly City, California, Nos. C 02-4343, C 02-4943 (N.D. Cal. July 29, 2003)
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, 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.