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COMMUNITY BANK v. FEDERAL RESERVE BK. OF SAN FRANCISCO

No. 73-1808.

500 F.2d 282 (1974)

COMMUNITY BANK et al., Appellants, v. FEDERAL RESERVE BANK OF SAN FRANCISCO, and Board of Governors of the Federal Reserve System, Appellees.

United States Court of Appeals, Ninth Circuit.

July 22, 1974.

Attorney(s) appearing for the Case

James B. Irsfeld, Jr. (argued), of Irsfeld, Irsfeld & Younger, Hollywood, Cal., for appellants.

Michael Kimmel (argued), Dept. of Justice, Washington, D. C., for appellees.

Before TRASK and SNEED, Circuit Judges, and POWELL, District Judge.

OPINION

SNEED, Circuit Judge:

On June 21, 1972, the Board of Governors of the Federal Reserve System unanimously approved changes in Regulation J, 12 C.F.R. § 210, which governs the collection of checks and other items by Federal Reserve Banks. Appellant State Banks, who are neither members of nor affiliated with the Federal Reserve System, object to the amendments to Regulation J insofar as they affect nonmember and non-affiliated payor banks.

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