First Fiduciary Corp. v. Commissioner of Banks

By complaint for declaratory judgment, First Fiduciary Corporation (First Fiduciary) sought a determination that the office of the Commissioner of Banks (OCB) lacked the authority it had asserted to regulate a corporate fiduciary that neither took deposits nor lent money. A judge of the Superior Court, proceeding on cross motions for summary judgment, ruled that First Fiduciary’s business was subject to regulation by OCB. We conclude that, because its activities are limited to corporate trusteeship and do not involve deposits, loans, or *458other areas of banking business, First Fiduciary is not…