Clarke v. Securities Industry Association

479 U.S. 388 (1987)

Purchase the Printed Copy at bsmsphd.com

Nature of the Case

To access this section all you need to do is click here and register.

Facts

The Securities Industry Association (P) sued the comptroller of the currency claiming that legal authority was exceeded in permitting two national banks to open offices that sold discount brokerage services. Ps contended that such approval violated the McFaddin Act, which limits the general business of a national bank to its headquarters, and limits its branches to those kind of in-state branches that states permit state banks to establish. A 'branch' was defined as any place of business at which deposits are received, or checks paid, or money lent.' The Comptroller had decided that the discount brokerage offices were not branches as defined by the statute.