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Banking Law Keyed to Carnell, 7th Ed.
Blackfeet National Bank v. Nelson
Citation:
171 F.3d 1237 (1999)Facts
Blackfeet National Bank entered into a licensing agreement with American Deposit Corporation to market the “Retirement CD.” This product allowed customers to make an initial deposit with a chosen maturity date and a fixed interest rate for a period of one to five years. Upon maturity, the customer could withdraw up to two-thirds of the balance, with the remainder disbursed in equal periodic payments for the rest of the customer’s life. Even if the account reached a zero balance, the customer would continue to receive the same payments until death. If the customer died before full payment of the principal, the remainder would be paid to the customer’s estate. Blackfeet determined payment amounts using actuarial tables to minimize mortality risk. After Blackfeet advertised the Retirement CD in the Wall Street Journal, the Florida Insurance Commissioner initiated administrative proceedings against Blackfeet, contending that marketing the Retirement CD constituted engaging in the insurance business without proper licensing. Blackfeet relied on a “no objection” letter from the Office of the Comptroller of the Currency (OCC) that permitted the issuance of the Retirement CD as an authorized banking activity.
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