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Banking Law Keyed to Carnell, 7th Ed.
Arnold Tours, Inc. v. Camp
Citation:
472 F.2d 427 (1972)Facts
In 1966, South Shore National Bank purchased the fourth largest travel bureau in New England and began operating it as a department of the bank. The Comptroller of the Currency had issued rulings and regulations, specifically 12 C.F.R. § 7.7475, authorizing national banks to provide travel services for their customers. Arnold Tours and forty-one other independent travel agents filed a class action lawsuit challenging the authority of national banks to engage in the travel agency business. The plaintiffs contended that operating a travel agency was not within the “incidental powers” granted to national banks under 12 U.S.C. § 24, Seventh. The travel agency operated by South Shore was a full-scale operation providing comprehensive travel services including booking transportation, accommodations, providing travel information, and other related services. Despite the Comptroller’s authorization since 1959, only 122 out of approximately 4,700 national banks were engaged in the travel agency business by 1967 when this action was brought.
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