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Banking Law Keyed to Carnell, 7th Ed.
Securities Industry Association v. Comptroller of the Currency
Citation:
577 F. Supp. 252 (1983)Facts
In 1982, Union Planters National Bank of Memphis applied to the Comptroller for approval to acquire Brenner Steed and Associates, a discount brokerage business, intending to offer securities brokerage services at branch offices in Tennessee and at correspondent banks in Tennessee and six other states. Similarly, Security Pacific National Bank applied to establish a new operating subsidiary for discount brokerage services at branch offices and potentially non-branch offices in California and other states. Both proposed operations would function as “discount” brokerages, buying and selling securities solely as agents for customers without purchasing or selling securities for their own accounts, engaging in underwriting, or providing investment advice. The Comptroller approved both applications in 1982. The Securities Industry Association then challenged these approvals, arguing that they violated the Glass-Steagall Act’s separation of commercial and investment banking and the McFadden Act’s restrictions on branch banking.
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