Paul v. Palermo v. Federal Deposit Insurance Corporation

In this petition from the administrative procedures of the Federal Deposit Insurance Corporation (FDIC), Petitioner Paul Palermo challenges the FDIC’s characterization of his certificate of deposit account (CD) as jointly owned due to the appearance of his mother’s name on the signature card and the FDIC’s refusal to accept evidence that the CD was in fact individually owned by Palermo. In making its final determination, the FDIC relied on 12 C.F.R. § 330.7, which allows the FDIC to presume conclusively that two signatures on a signature card denotes a joint account. We conclude that the…