NATIONAL ASS'N OF INS. AGTS., INC. v. BOARD OF GOV. OF FRS, No. 72-1938.

CourtUnited States Courts of Appeals. United States Court of Appeals (District of Columbia)
Writing for the CourtPER CURIAM
Citation489 F.2d 1268
PartiesNATIONAL ASSOCIATION OF INSURANCE AGENTS, INC., Petitioner, v. The BOARD OF GOVERNORS OF the FEDERAL RESERVE SYSTEM, Respondent, The National Association of Life Underwriters, Intervenor.
Docket NumberNo. 72-1938.
Decision Date09 January 1974

489 F.2d 1268 (1974)

NATIONAL ASSOCIATION OF INSURANCE AGENTS, INC., Petitioner,
v.
The BOARD OF GOVERNORS OF the FEDERAL RESERVE SYSTEM, Respondent,
The National Association of Life Underwriters, Intervenor.

No. 72-1938.

United States Court of Appeals, District of Columbia Circuit.

January 9, 1974.


489 F.2d 1269

Herbert E. Marks and Thomas J. Bacas, Washington, D. C., were on the brief for petitioner.

William N. Albus, Washington, D. C., was on the brief for intervenor.

Harlington Wood, Jr., Asst. Atty. Gen., and Walter H. Fleischer, and Robert S. Greenspan, Attys., Dept. of Justice, were on the brief for respondent.

Before BAZELON, Chief Judge, and McGOWAN and MacKINNON, Circuit Judges.

PER CURIAM:

This petition for direct review under Section 9 of the Bank Holding Company Act (12 U.S.C. § 1848) seeks to set aside a rule issued by the Federal Reserve Board which purports to interpret one of its own regulations (12 C.F.R. §§ 225.4(a)(9) and 225.128). It is variously asserted that, in doing so, the Board acted improperly without notice and hearing, failed to articulate adequate reasons, and lacked the support of substantial record evidence. The Board, in addition to challenging these assertions, contends that we are without jurisdiction to review the rule in question. We look to the setting in which the controversy arose.

The 1970 amendments to the Bank Holding Company Act extended its coverage to one-bank holding companies, and authorized the Federal Reserve Board to exempt from the general prohibition against engaging in non-banking activities such "activities . . . which the Board after due notice and opportunity for hearing has determined (by order or regulation) to be so closely related to banking or managing or controlling banks as to be a proper incident thereto." 12 U.S.C. § 1843(c)(8). The Board in 1971 gave notice of a proposed regulation identifying a number of activities to be considered permissible for bank holding companies, including "acting as insurance agent or broker principally in connection with extensions of credit . . .," and invited public comment

489 F.2d 1270
on its proposal. Petitioner participated actively in the hearings held on this proposal, urging among other things that the Board be more specific in its delineation of permissible insurance activities. Following the hearings, the Board promulgated in August, 1971, a regulation which enumerated permissible types of insurance activities. Thereafter petitioner challenged applications filed with the Board by individual bank holding companies for approval to engage in certain insurance activities, claiming that such activities fell outside the scope of the legislative authorization

The Board did not approve any of the bank holding companies' applications, nor schedule hearings on them. In September, 1972, the Board issued the rule under attack here, setting forth its views on the meaning...

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39 practice notes
  • Citizens to Save Spencer County v. U.S. E.P.A., BY-PRODUCTS
    • United States
    • United States Courts of Appeals. United States Court of Appeals (District of Columbia)
    • 17 Julio 1979
    ...140 See, e. g., National Ass'n of Insurance Agents, Inc. v. Board of Governors of Federal Reserve System, 160 U.S.App.D.C. 144, 146, 489 F.2d 1268, 1270 (1974) (affirming that notice and comment requirements of APA do not apply to interpretive 141 See 42 Fed.Reg. 57459 (3 November 1977). 14......
  • Aiken v. Obledo, Civ. No. S-75-76 TJM.
    • United States
    • United States District Courts. 9th Circuit. United States District Courts. 9th Circuit. Eastern District of California
    • 2 Noviembre 1977
    ...512 F.2d 688 (2nd Cir. 1975); National Ass'n of Ins. Agents Inc. v. Board of Governors of Federal Reserve System, 160 U.S.App.D.C. 144, 489 F.2d 1268 (1974); Reyes v. Klein, 411 F.Supp. 1241 (D.N.J.1976). As noted in National Ass'n of Ins. Agents, Inc., "This court long ago recognized the d......
  • American Civil Liberties Union v. F.C.C., Nos. 85-1666
    • United States
    • United States Courts of Appeals. United States Court of Appeals (District of Columbia)
    • 17 Julio 1987
    ...abstract stage at which it is now being sought." National Ass'n of Insurance Agents, Inc. v. Board of Governors of the Fed. Reserve Sys., 489 F.2d 1268, 1271 The challenge to the leased access rule does not pass muster under these guiding principles. We do not know who precisely will be aff......
  • Limerick Ecology Action, Inc. v. U.S. Nuclear Regulatory Com'n, Nos. 85-3431
    • United States
    • U.S. Court of Appeals — Third Circuit
    • 25 Abril 1989
    ...proceedings and hence a generic challenge would be "premature." National Association of Insurance Agents, Inc. v. Board of Governors, 489 F.2d 1268, 1271 At all events, we need not decide whether the Final Policy Statement could have been challenged at the time of issuance because it is con......
  • Request a trial to view additional results
39 cases
  • Citizens to Save Spencer County v. U.S. E.P.A., BY-PRODUCTS
    • United States
    • United States Courts of Appeals. United States Court of Appeals (District of Columbia)
    • 17 Julio 1979
    ...140 See, e. g., National Ass'n of Insurance Agents, Inc. v. Board of Governors of Federal Reserve System, 160 U.S.App.D.C. 144, 146, 489 F.2d 1268, 1270 (1974) (affirming that notice and comment requirements of APA do not apply to interpretive 141 See 42 Fed.Reg. 57459 (3 November 1977). 14......
  • Aiken v. Obledo, Civ. No. S-75-76 TJM.
    • United States
    • United States District Courts. 9th Circuit. United States District Courts. 9th Circuit. Eastern District of California
    • 2 Noviembre 1977
    ...512 F.2d 688 (2nd Cir. 1975); National Ass'n of Ins. Agents Inc. v. Board of Governors of Federal Reserve System, 160 U.S.App.D.C. 144, 489 F.2d 1268 (1974); Reyes v. Klein, 411 F.Supp. 1241 (D.N.J.1976). As noted in National Ass'n of Ins. Agents, Inc., "This court long ago recognized the d......
  • American Civil Liberties Union v. F.C.C., Nos. 85-1666
    • United States
    • United States Courts of Appeals. United States Court of Appeals (District of Columbia)
    • 17 Julio 1987
    ...abstract stage at which it is now being sought." National Ass'n of Insurance Agents, Inc. v. Board of Governors of the Fed. Reserve Sys., 489 F.2d 1268, 1271 The challenge to the leased access rule does not pass muster under these guiding principles. We do not know who precisely will be aff......
  • Limerick Ecology Action, Inc. v. U.S. Nuclear Regulatory Com'n, Nos. 85-3431
    • United States
    • U.S. Court of Appeals — Third Circuit
    • 25 Abril 1989
    ...proceedings and hence a generic challenge would be "premature." National Association of Insurance Agents, Inc. v. Board of Governors, 489 F.2d 1268, 1271 At all events, we need not decide whether the Final Policy Statement could have been challenged at the time of issuance because it is con......
  • Request a trial to view additional results

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