FIRST NAT. BANK OF LAMARQUE v. SMITH

No. 77-2804.

610 F.2d 1258 (1980)

FIRST NATIONAL BANK OF LAMARQUE et al., Plaintiffs-Appellants, v. James E. SMITH, Comptroller of the Currency, Defendant-Appellee, State Insurance Board of the State of Texas et al., Defendants-Appellants.

United States Court of Appeals, Fifth Circuit.

February 1, 1980.


Attorney(s) appearing for the Case

James Patrick Cooney, E. D. Vickery, Houston, Tex., Thomas Pollan, Asst. Atty. Gen., Austin, Tex., for plaintiffs-appellants.

William L. Bowers, Jr., Sp. Asst. U. S. Atty., Houston, Tex., Ford Barrett, Asst. Chief Counsel, Comptroller of the Currency, James V. Elliott, Atty., Thomas P. Vartanian, Washington, D. C., for defendant-appellee.

Before GOLDBERG, FAY and ANDERSON, Circuit Judges.


FAY, Circuit Judge:

In this action for declaratory judgment, five national banks in Texas question the authority of the Comptroller of the Currency to issue certain letter directives pertaining to credit life and disability insurance. The contested letters prohibit the banks from distributing credit life insurance income to bank officers, directors, controlling stockholders, or any other "insiders". Holding that the letter directives are a valid exercise of the Comptroller...

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