National Credit Union Administration v. First National Bank & Trust Company Page 23

National Credit Union Administration v. First National Bank & Trust Company general information

Media for National Credit Union Administration v. First National Bank & Trust Company

Audio Transcription for Oral Argument - October 06, 1997 in National Credit Union Administration v. First National Bank & Trust Company

Seth P. Waxman:

Thank you.

Justice Ginsburg, in response to your question about the States, the amicus brief submitted by the parties in support of our position advised us that 36 or 37 of the States permit... State regulators permit multiple groups within a single common bond and multiple groups with different bonds.

There... of the five States that have the exact language that the Federal statute has, either two or three have already interpreted that statute to permit the interpretation that the National Credit Union Administration has.

Was that after the Federal interpretation, or was it before the Federal--

Seth P. Waxman:

I don't know, but it's referenced, Justice Scalia, at page 3 and 4 in the amicus brief of the National Association of State Credit Union Supervisors.

--I mean, it may be a copy cat kind of thing.

I'd be more impressed--

Seth P. Waxman:

The--

--if it came sooner rather than later.

Your time has expired.

[Laughter]

Seth P. Waxman:

--Thank you, Mr. Chief Justice.