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ECCLES v. PEOPLES BANK

No. 101.

333 U.S. 426 (1948)

68 S.Ct. 641

92 L.Ed. 784

ECCLES ET AL. v. PEOPLES BANK OF LAKEWOOD VILLAGE, CALIFORNIA.

Supreme Court of United States.

Decided March 15, 1948.

Attorney(s) appearing for the Case

J. Leonard Townsend argued the cause for petitioners. With him on the brief were Solicitor General Perlman, Robert L. Stern and George B. Vest.

Samuel B. Stewart, Jr. argued the cause for respondent. With him on the brief was Luther E. Birdzell.

MR. JUSTICE FRANKFURTER delivered the opinion of the Court.

This is a proceeding under the Declaratory Judgment Act, 48 Stat. 955, 28 U.S.C. § 400. Its aim is to have declared invalid a condition under which the respondent became a member of the Federal Reserve System. The California State Banking Commission authorized the establishment of the respondent provided it obtained federal deposit insurance. This requirement...

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