American Insurance Association v. Robert L. Clarke, Comptroller of the Currency

Opinion for the court filed by Circuit Judge BUCKLEY.

BUCKLEY, Circuit Judge:

The American Insurance Association appeals from a summary judgment entered by the district court. Appellant' challenges the Comptroller of the Currency’s concurrence in a proposal by Citibank to form a subsidiary to offer municipal bond insurance. We affirm the district court’s rejection of appellant’s claim that the Comptroller’s action violates the National Bank Act, but we reverse the court’s dismissal of appellant’s challenge under the Bank Holding Company Act.

I. BACKGROUND

Citibank, N.A. (“Citibank”), a national…