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United States League of Savings Association v. Depository Institutions Deregulation Committee
Citations: 710 F.2d 841; 228 U.S. App. D.C. 330; 1983 U.S. App. LEXIS 26660Docket: 81-2059
Court: Court of Appeals for the D.C. Circuit; June 17, 1983; Federal Appellate Court
The case United States League of Savings Association v. Depository Institutions Deregulation Committee addresses whether the Depository Institutions Deregulation Committee (DIDC) has the authority to issue a regulation eliminating interest rate ceilings on certain time deposits at federally insured banks and thrift institutions. The district court previously invalidated this regulation, asserting that the DIDC's authority under the Depository Institutions Deregulation and Monetary Control Act of 1980 (1980 Act) was constrained by section 102 of the 1975 Act, which mandated the maintenance of interest rate ceilings through March 31, 1986. Following the district court's decision, Congress enacted the Garn-St. Germain Depository Institutions Act of 1982, which specifically repealed section 102 of the 1975 Act. This change means that the DIDC's authority to eliminate interest rate ceilings must now be assessed under the revised legal framework, rather than being restricted by the provisions of the 1975 Act. The court remanded the case to the district court to determine the validity of Rule 115 in light of the new statutory context. The determination will focus on whether the new law allows for the elimination of interest rate ceilings on protected accounts and whether Rule 115 establishes any new ceilings that differ from previous rates. In summary, the decision clarifies that the DIDC's ability to regulate interest rates is now governed by the updated legislative framework, necessitating a reevaluation of the legality of its regulation concerning interest rate ceilings.