American Deposit Corp. v. Schacht

CUMMINGS, Circuit Judge.

The National Bank Act (“Bank Act”) arguably permits a national bank to sell an innovative investment product known as the “Retirement CD.” The Illinois Insurance Code (“Insurance Code”), however, prohibits selling this product without a certificate of authority from the Director of Insurance. Defendant Blackfeet National Bank (“Blackfeet”) has no such certificate and sued for a declaration that the Illinois Insurance Code cannot stand in the face of the National Bank Act. The district court concluded that the sale of the Retirement CD was the “business of insurance”…