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Banking Law Keyed to Carnell, 7th Ed.
American Insurance Association v. Clarke
Citation:
865 F.2d 278 (1989)Facts
Citibank, N.A., a national bank chartered under federal law and wholly-owned subsidiary of Citicorp (a registered bank holding company), notified the Comptroller of the Currency of its intention to establish a subsidiary called American Municipal Bond Assurance Corporation (AMBAC) to offer municipal bond insurance. Under Citibank’s proposal, AMBAC would analyze a municipality’s creditworthiness and offer insurance in the form of a “standby credit.” If a municipal bond issuer defaulted, AMBAC would pay the interest and principal due to bondholders upon presentation of documentary proof of nonpayment, and would then be subrogated to the bondholders’ rights against the issuer. The purpose of this arrangement was to reduce the issuer’s borrowing costs by substituting the bank’s well-known credit for the issuer’s less familiar creditworthiness. The Comptroller approved the proposal, concluding that AMBAC’s activities were permissible under both the National Bank Act and Bank Holding Company Act. The American Insurance Association, representing property and casualty insurance companies, challenged this approval in court.
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