Opinion ID: 1041298
Heading Depth: 2
Heading Rank: 2

Heading: The OCC’s interpretation of Section 92a

Text: Congress has charged the Comptroller of the Currency with the enforcement of banking laws, Clarke v. Sec. Indus. Ass’n, 479 U.S. 388, 403-04 (1987), and it has authorized the OCC “to prescribe rules and regulations to carry out the responsibilities of the office,” 12 U.S.C. § 93a; see also Clarke, 479 U.S. at 403-04 (recognizing the “great weight” which must be accorded the OCC’s reasonable interpretations of banking laws). 4 Relevant here are the regulations at 12 C.F.R. § 9.7 (“Rule 9.7”), which the OCC promulgated in 2001, pursuant to notice-and-comment rulemaking procedures, to “address[] the application of 12 U.S.C. 92a in the context of a national bank engaging in fiduciary activities in more than one state.” Fiduciary Activities of National Banks, 66 Fed. Reg. 34792 (July 2, 2001). Importantly, Garrett raises arguments only as to the meaning of Rule 9.7, and not to the reasonableness of the regulations themselves, see Chevron, U.S.A., Inc. v. Natural Res. Def. Council, Inc., 467 U.S. 837, 843 (1984);1 thus, we limit our inquiry accordingly. Rule 9.7, entitled “Multi-state fiduciary operations,” states, in pertinent part: