Banking agencies are alleged to have exceeded their congressional authorization, with potentially adverse consequences on banks and consumers.
By Arthur S. Long, Pia Naib, and Deric Behar
On February 5, 2024, several banking trade groups[1] (the Plaintiffs) sued the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Federal Reserve), and the Federal Deposit Insurance Corporation (FDIC) (collectively, the Agencies) in the US District Court for the Northern District