No. 89-1793.

499 U.S. 315 (1991)


Supreme Court of the United States.

Decided March 26, 1991.

Attorney(s) appearing for the Case

Assistant Attorney General Gerson argued the cause for the United States. With him on the briefs were Acting Solicitor General Roberts, Deputy Solicitor General Shapiro, Paul J. Larkin, Jr., Anthony J. Steinmeyer, and John F. Daly.

Abbe David Lowell argued the cause for respondent. With him on the brief were Max Hathaway and Eugene Gressman.*

JUSTICE WHITE delivered the opinion of the Court.

When the events in this case occurred, the Home Owners' Loan Act of 1933, 12 U. S. C. §§ 1461-1470,1 provided for the chartering and regulation of federal savings and loan associations (FSLA's). Section 1464(a) authorized the Federal Home Loan Bank Board (FHLBB) "under such rules and regulations as it may prescribe, to provide for the...

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