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06/17/83 United States League of v. Depository Institutions

UNITED STATES COURT OF APPEALS FOR THE DISTRICT OF COLUMBIA CIRCUIT


June 17, 1983

UNITED STATES LEAGUE OF SAVINGS ASSOCIATION

v.

DEPOSITORY INSTITUTIONS DEREGULATION COMMITTEE, ET AL., APPELLANTS 1983.CDC.148 DATE DECIDED: JUNE 17, 1983

UNITED STATES COURT OF APPEALS FOR THE DISTRICT OF COLUMBIA CIRCUIT

Appeal from the United States District Court for the District of Columbia.

APPELLATE PANEL:

Robb and MacKinnon, Senior Circuit Judges, and Harold H. Greene,* Judge, United States District Court for the District of Columbia.

PER CURIAM DECISION

This case involves the question whether the Depository Institutions Deregulation Committee has the authority to issue a regulation which would eliminate interest rate ceilings applicable to certain categories of time deposits at federally insured commercial banks and thrift institutions. The district court struck down the regulation challenged in this action, *fn1 holding that the DIDC's general authority to phase out interest rate ceilings under the Depository Institutions Deregulation and Monetary Control Act of 1980 (1980 Act) *fn2 was limited by section 102 of Pub. L. No. 94-200 (1975 Act). *fn3 Construing the two statutes together, the district court held that both interest rate ceilings and differentials on protected accounts must be maintained through March 31, 1986. *fn4

Subsequent to the district court's decision, however, Congress enacted the Garn-St. Germain Depository Institutions Act of 1982, Pub. L. No. 97-320, section 326(a) of which specifically provides that "section 102 of [the 1975 Act] is repealed." Thus, applying the law as it now exists, *fn5 the validity of Rule 115 depends not upon a determination of whether the DIDC's actions are barred by the 1975 Act but rather upon whether interest rate ceilings on protected accounts may be eliminated under the new statutory scheme. *fn6 Accordingly, this case is remanded to the district court to enable it to make such a determination.

So ordered.

APPELLATE PANEL: FOOTNOTES

* Sitting by designation pursuant to 28 U.S.C. ยง 292(a).


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