FDIC seeks to quash valid state AG prosecution

Law360 (May 21, 2021, 9:44 p.m. EDT) – The Federal Deposit Insurance Corp. has asked a California federal court to end a lawsuit alleging the agency violated its so-called state-of-the-art rule . chartered banks, arguing that state attorneys general at the origin of the litigation “fail to present a credible challenge.”

The FDIC defended its rule in a summary judgment offer filed Thursday in the case, where Democratic attorneys general in California, New York and several other states have accused the inappropriate regulator of “arbitrary and capricious” and want that the court overturn the settlement. .

Finalized last year, the FDIC rule allows loans from a crown corporation …

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