ABA's Status of Important Banking Cases
March 2005


Status of Important Banking Cases

NEW THIS MONTH:

 Analysis:

  • Page 1:  A practical analysis by Robert M. Clark of the new Part 30 Guidelines that were published by the Office of the Comptroller of the Currency in early February.  These guidelines establish safety and soundness standards for residential lending activities of national banks.

Decision or Substantive Order:

  • Page 3: A significant ruling from the Eleventh Circuit upholding mandatory arbitration clauses that include a class action waiver. 

  • Page 4:  The United States District Court for the District of Maryland recently reached a similar (if somewhat shorter) decision in Jones v. Genus Credit Management Corp., et. al.,(Civ. No. JFM-04-1036, D. MD). The district court found that an arbitration clause was valid despite the fact that it contained a waiver of the right to proceed in a class action.
    Page 7:  A federal preemption victory in California involving “convenience checks.”  Armanini v. Bank One.

  • Page 8:  A settlement in Karis House, et al. v. Bank of America.

  • Page 10:  A ruling on federal preemption in the Simon Giftcard litigation, and the Attorney General for New York files suit.

  • Page 18:  The American Bankers Association files an amicus brief at the United States Supreme Court seeking a ruling on federal diversity jurisdiction for national banks.

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