Otero Savings and Loan Association, a Colorado Corporation v. Federal Home Loan Bank Board and Federal Savings and Loan Insurance Corporation

I

LOGAN, Circuit Judge:

THE LEGALITY OF OTERO’S CHECK-IN PROGRAM UNDER 12 U.S.C. § 1832

Because its accounts are insured by the FSLIC, Otero is deemed an “insured institution” within the meaning of 12 U.S.C. § 1724, and is therefore a “depository institution” by definition under 12 U.S.C. § 1832(b)(5). As such, Otero is subject to § 1832(a), which provides:(a) No depository institution shall allow the owner of a deposit or account on which interest or dividends are paid to make withdrawals by negotiable or transferable instruments for the purpose of *282making transfers to third parties, except that…