Abrams v. Federal Deposit Insurance

OAKES, Chief Judge:

In this case, petitioners, the Attorney General for the State of New York (the “Attorney General”) and various not-for-profit corporations, seek review of a determination by the Federal Deposit Insurance Corporation (the “FDIC”) that New York’s not-for-profit corporations neither hold their assets in trust for charitable beneficiaries nor maintain separate accounts in different capacities or for different rights, and therefore are not entitled to more than $100,000 per depositor in federal deposit insurance. Because the FDIC has not adequately explained the basis for its…