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LINCOLN SAV. AND LOAN v. FEDERAL HOME LOAN BANK BD.

Civ. A. No. 87-0734.

670 F.Supp. 449 (1987)

LINCOLN SAVINGS AND LOAN ASSOCIATION, Plaintiff, v. FEDERAL HOME LOAN BANK BOARD, et al., Defendants.

United States District Court, District of Columbia.

October 2, 1987.

Attorney(s) appearing for the Case

Carter G. Phillips, Mark D. Hopson, Washington, D.C., for plaintiff Lincoln Sav. & Loan Assn.

Thomas J. Segal, Loretta R. Pitt, David Eisenstein, Charlotte Kaplow, Washington, D.C., for defendants Federal Home Loan Bank Bd. and Edwin Gray, Chairman.

MEMORANDUM

GESELL, District Judge.

Plaintiff Lincoln Savings and Loan Association ("Lincoln"), is a state-chartered, federally-insured thrift doing business in California. Lincoln challenges the Federal Home Loan Bank Board's (the "Board") Direct Investment Rule (the "Rule"), 52 Fed.Reg. 8188 (1987) (to be codified at 12 C.F.R. § 563.9-8) on two grounds: first, that the Board lacked statutory authority to adopt this regulation; and, secondly, that the...

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