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CITYFED FINANCIAL v. OFFICE OF THRIFT SUPERVISION

Nos. 94-5254, 94-5255.

58 F.3d 738 (1995)

CITYFED FINANCIAL CORP., et al., Appellants, v. OFFICE OF THRIFT SUPERVISION, United States Department of Treasury and Jonathan L. Fiechter, Acting Director of the Office of Thrift Supervision, Appellees.

United States Court of Appeals, District of Columbia Circuit.

Decided July 11, 1995.

Attorney(s) appearing for the Case

Frank J. Eisenhart argued the cause, appellants. With him on the briefs for CityFed Financial Corp. were Arthur W. Leibold, Jr., Bettina L. Alexander and Neil R. Crowley.

Ronald W. Stevens and Douglas M. Kraus were on the briefs, for appellants Gordon E. Allen, et al.

Dirk S. Roberts, Asst. Chief Counsel, U.S. Dept. of Treasury, argued the cause, for appellees. With him on the brief were Carolyn B. Lieberman, Acting Chief Counsel, Thomas J. Segal, Deputy Chief Counsel, and Kerry W. Kircher, Sr. Trial Atty., U.S. Dept. of Treasury.

Before: EDWARDS, Chief Judge, ROGERS and TATEL, Circuit Judges.

Opinion of the Court filed by Circuit Judge TATEL.

TATEL, Circuit Judge:

In June of 1994, the Office of Thrift Supervision issued a temporary cease and desist order against CityFed Financial Corporation that froze virtually all of CityFed's assets. According to OTS, the Corporation failed to use those assets to comply with the net worth requirements for its subsidiary bank, City Federal Savings and Loan, which OTS had placed into receivership several years...

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