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PEOPLES BANK v. ECCLES

No. 9338.

161 F.2d 636 (1947)

PEOPLES BANK v. ECCLES et al.

United States Court of Appeals District of Columbia.

Decided April 14, 1947.

Attorney(s) appearing for the Case

Mr. Samuel B. Stewart, Jr., of New York City, for appellant.

Mr. Joseph William Burns, of Washington, D. C., also entered an appearance for appellant.

Mr. J. Leonard Townsend, Asst. Gen. Counsel, of Washington, D. C., Board of Governors of the Federal Reserve System, with whom Mr. Edward M. Curran, of Washington, D. C., U. S. Atty. at the time the brief was filed, was on the brief, for appellees.

Before EDGERTON, CLARK and WILBUR K. MILLER, Associate Justices.

WILBUR K. MILLER, Associate Justice.

The principal question in this case is whether a drastically restrictive condition upon a state bank's membership in the Federal Reserve System was validly imposed by the Board of Governors of the System. A secondary question is whether the state member bank is prevented by waiver or by estoppel from challenging the validity of the condition.

The Peoples Bank of Lakewood Village...

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