Dodge v. Comptroller of the Currency

744 F.3d 148 (2014)

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Dodge v. Comptroller of the Currency

United States Court of Appeals for the District of Columbia Circuit
744 F.3d 148 (2014)

Facts

Lawrence Dodge (plaintiff) was the chief executive officer (CEO) of the federally insured savings bank, American Sterling Bank (the bank). In 2007, Dodge began to use the bank to make strange loans to his preferred political organizations, nonprofits, and projects he was personally invested in. Dodge withheld information about his personal involvement in the loans and repeatedly reported the loans as performing assets and qualifying capital. These reports misled supervisors about the bank’s capitalization. The Office of Thrift Supervision and subsequently the Office of the Comptroller of the Currency (OCC) (defendant) examined the bank and issued a cease-and-desist order removing Dodge from the position as CEO, barring him from participation in any other federally insured financial institution, and assessing a $1 million penalty. The OCC claimed it had the authority to impose the order under § 1818(e)(1) of the Federal Deposit Insurance Act (FDIA). Dodge filed a petition for review of the order.

Rule of Law

Issue

Holding and Reasoning (Rogers, J.)

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