Wilshire Oil Company of Texas v. Board of Governors of the Federal Reserve System

OPINION OF THE COURT

VAN DUSEN, Senior Circuit Judge.

This matter comes before us as a petition for review of a cease and desist order of the Board of Governors of the Federal Reserve System (the “Board”). The Board found petitioner, Wilshire Oil Company of Texas (“Wilshire”), to be in violation of the Bank Holding Company Act of 1956, as amended, 12 U.S.C. §§ 1841-1850 (1976) (the “BHC Act”). The only contested issue is whether Wilshire’s subsidiary, the Trust Company of New Jersey (“TCNJ”), is a “bank” under the BHC Act. Wilshire concedes that if TCNJ is a “bank,” then Wilshire is a “bank…