INDEPENDENT INSURANCE AGENTS OF AMERICA, INC., Petitioner,
v.
BOARD OF GOVERNORS OF the FEDERAL RESERVE SYSTEM, Respondent,
Merchants National Corporation, The National Association of Casualty and Surety Agents, The National Association of Life Underwriters, The National Association of Professional Insurance Agents, and The National Association of Surety Bond Producers, Intervenors.
United States Court of Appeals, Second Circuit.https://leagle.com/images/logo.png
Argued December 4, 1987.
Decided January 25, 1988.
Attorney(s) appearing for the Case
Jonathan B. Sallet, Washington, D.C. (Jamie S. Gorelick, Jay L. Alexander, Miller, Cassidy, Larroca & Lewin, Washington, D.C., on brief), for petitioner and ins. agent intervenors.
Richard M. Ashton, Assoc. Gen. Counsel, Washington, D.C. (Richard K. Willard, Asst. Atty. Gen., U.S. Dept. of Justice, Michael Bradfield, Gen. Counsel, Douglas B. Jordan, Bd. of Governors of Fed. Reserve System, Washington, D.C., on brief), for respondent.
James A. McDermott, Indianapolis, Ind. (Stanley C. Fickle, Barnes & Thornburg, Indianapolis, Ind., on brief), for intervenor Merchants Nat. Corp.
Paul B. Galvani, Martin E. Lybecker, William L. Patton, Alan G. Priest, Mark P. Szpak, Ropes & Gray, Washington, D.C., on brief as amici curiae for ins. co. associations.
John J. Gill, Gen. Counsel, Michael F. Crotty, Assoc. Gen. Counsel, American Bankers Assn., and Richard Whiting, Ass'n of Bank Holding Companies, Washington, D.C., on brief as amici curiae for American Bankers Ass'n and Ass'n of Bank Holding Companies.
John L. Warden, H. Rodgin Cohen, Michael M. Wiseman, Lauretta E. Murdock, Charles S. Sullivan, Sullivan & Cromwell, New York City, on brief as amicus curiae for New York Clearing House Ass'n.
Linley E. Pearson, Atty. Gen., J. Gordon Gibbs, Jr., Chief Counsel, Samuel L. Bolinger, Deputy Atty. Gen., Indianapolis, Ind., on brief as amicus curiae for Indiana Dept. of Financial Institutions.
James T. McIntyre, Jr., Leslie A. Dent, Hansell & Post, Washington, D.C., on brief as amicus curiae for Ins./Financial Affiliates of America, Inc.
James F. Bell, Ernest Gellhorn, Carol R. Van Cleef, Imran M. Raschid, Jones, Day, Reavis & Pogue, and Arthur E. Wilmarth, Jr., George Washington Univ. Nat. Law Center, Washington, D.C., on brief as amicus curiae for Conference of State Bank Supervisors.
Before NEWMAN, CARDAMONE, and PIERCE, Circuit Judges.
United States Court of Appeals, Second Circuit.
JON O. NEWMAN, Circuit Judge:
The Independent Insurance Agents of America ("IIAA") petition for review of an order of the Board of Governors of the Federal Reserve System ("the Board" or "the Fed") permitting two Indiana state banks recently acquired by the Merchants National Corporation, a bank holding company, to resume specified insurance activities permitted under Indiana state law. The Board's approval rested upon a determination that the non-banking prohibitions...
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