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Banking Law Keyed to Barr, 3rd Ed.
First National Bank of Eastern Arkansas v. Taylor
Citation:
907 F.2d 775 (1990)Facts
In July 1987, First National Bank of Eastern Arkansas (FNB) began offering debt cancellation contracts to customers borrowing $10,000 or less. These contracts obligated FNB to cancel any unpaid loan balance remaining at the borrower’s death, regardless of the cause of death. The rates did not vary based on the borrower’s age or medical condition. The Comptroller of the Currency had authorized national banks to enter into such contracts through regulation 12 C.F.R. § 7.7495. In September 1987, the Arkansas Insurance Department notified FNB that these contracts were equivalent to credit life insurance and thus subject to state insurance laws, requesting that FNB cease offering them. FNB initially complied but then filed suit seeking a declaration that the Department’s action was preempted by the National Bank Act.
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