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INDEPENDENT INS. AGENTS OF AMERICA v. BD. OF GOV.

No. 80-1611.

646 F.2d 868 (1981)

INDEPENDENT INSURANCE AGENTS OF AMERICA, INC. and Independent Insurance Agents of Virginia, Petitioners, v. BOARD OF GOVERNORS OF the FEDERAL RESERVE SYSTEM, Respondent. Virginia National Bankshares, Inc., Intervenor.

United States Court of Appeals, Fourth Circuit.

Decided April 29, 1981.

Attorney(s) appearing for the Case

Thomas E. Wilson, Washington, D. C. (Wilkinson, Cragun & Barker, Washington, D. C., on brief) for petitioners.

Carl V. Howard, Board of Governors of the Federal Reserve System, Washington, D. C. (Alice Daniel, Asst. Atty. Gen., U. S. Dept. of Justice, Neal L. Petersen, Gen. Counsel, J. Virgil Mattingly, Jr., Asst. Gen. Counsel, Washington, D. C., on brief) for respondent.

Paul S. Ryerson, Washington, D. C., for intervenor.

Before HAYNSWORTH, Chief Judge, HALL, Circuit Judge, and MICHAEL, District Judge.

PER CURIAM:

The Independent Insurance Agents of America (IIAA) and the Independent Insurance Agents of Virginia petition for review of a Federal Reserve Board order approving the application of Virginia National Bankshares, Inc. (VNB) for permission to engage in the sale of credit-related property and casualty insurance through one of its subsidiaries.

The Bank Holding Act, 12 U.S.C. §§ 1841-1850, generally prohibits a bank holding company from engaging...

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