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INDEPENDENT BANKERS ASS'N v. BOARD OF GOV. OF FED. R. SYS.

No. 73-1420.

500 F.2d 812 (1974)

INDEPENDENT BANKERS ASSOCIATION OF AMERICA, and Western Independent Bankers, Appellants, v. BOARD OF GOVERNORS OF the FEDERAL RESERVE SYSTEM.

United States Court of Appeals, District of Columbia Circuit.

Decided June 28, 1974.

Attorney(s) appearing for the Case

Peter B. Work, Washington, D.C., with whom James F. Bell, Washington, D.C., was on the brief, for appellants.

Regina C. McGranery, Asst. U. S. Atty., with whom Harold H. Titus, Jr., U. S. Atty. at the time the brief was filed, John A. Terry and Robert M. Werdig, Jr., Asst. U. S. Attys., were on the brief, for appellee. Earl J. Silbert, U. S. Atty., also entered an appearance for appellee.

Before BAZELON, Chief Judge, and TAMM and LEVENTHAL, Circuit Judges.

PER CURIAM:

At issue in this case is the validity of Regulation J, adopted by the Board of Governors of the Federal Reserve System on June 21, 1972. This new rule required that all checks cleared through the Federal Reserve System be paid immediately, and it applied to all users of the System's check cashing service, whether or not members of the System. Prior to this action, only checks cashed by banks within the forty-six...

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