United States National Bank of Oregon v. Independent Insurance Agents of America, Inc.

Summary

The Court unanimously held that section 92, authorizing certain national banks to act as insurance agents, was not repealed in 1918. Justice Souter explained that the 1916 statute's structure, language, and subject matter established that Congress placed the provision in the Federal Reserve Act, notwithstanding misplaced quotation marks suggesting otherwise. The Court also held that the Court of Appeals had authority to consider section 92's continued existence despite the parties' failure initially to contest it, and did not abuse its discretion by doing so. The Court reversed and remanded without deciding whether the Comptroller correctly interpreted the provision to permit nationwide insurance sales. There were no separate opinions.