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

No. 87-5363.

856 F.2d 1558 (1988)

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

United States Court of Appeals, District of Columbia Circuit.

Decided September 23, 1988.

Attorney(s) appearing for the Case

Rex E. Lee, with whom Carter G. Phillips, Washington, D.C., was on the brief, for appellant.

Thomas J. Segal, Associate Gen. Counsel, Federal Home Loan Bank Bd., with whom Jordan Luke, Gen. Counsel, Jack D. Smith, Deputy Gen. Counsel, Dorothy L. Nichols, Sr. Associate Gen. Counsel, Charlotte M. Kaplow, Asst. Gen. Counsel, and Steven W. Dimmick, Attorney, Federal Home Loan Bank Bd., Washington, D.C., were on the brief, for appellees.

Before BUCKLEY and D.H. GINSBURG, Circuit Judges, and GARTH, U.S. Senior Circuit Judge for the Third Circuit.

Opinion for the court filed by Circuit Judge BUCKLEY.

BUCKLEY, Circuit Judge:

Lincoln Savings and Loan Association appeals from a decision of the district court holding that the Federal Home Loan Bank Board had statutory authority to issue its Direct Investment Rule. The Direct Investment Rule requires thrift institutions insured by the Federal Savings and Loan Insurance Corporation to obtain approval before investing more than a certain percentage of their...

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