CLARKE V. SECURITIES INDUSTRY ASSOCIATION
479 U.S. 388 (1987)
NATURE OF THE CASE: This was a dispute over banks selling discount brokerage services.
FACTS: The Securities Industry Association (P) sued the comptroller of the currency
claiming that legal authority was exceeded in permitting two national banks to open offices
that sold discount brokerage services. Ps contended that such approval violated the McFaddin
Act, which limits the general business of a national bank to its headquarters, and limits
its branches to those kind of in state branches that states permit state banks to establish.
A 'branch' was defined as any place of business at which deposits are received, or checks
paid, or money lent.' The Comptroller had decided that the discount brokerage offices were
not branches as defined by the statute.
ISSUE:
RULE OF LAW:
HOLDING AND DECISION:
LEGAL ANALYSIS:
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