National Credit Union Admin. v. First Nat. Bank & Trust Co., 522 U.S. 479, 12 (1998)

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490

NATIONAL CREDIT UNION ADMIN. v. FIRST NAT. BANK & TRUST CO.

Opinion of the Court

that the plaintiffs had prudential standing under the APA, we noted that it was incorrect to view our decision in Data Processing as resting on the peculiar legislative history of § 4 of the Bank Service Corporation Act, which had been passed in part at the behest of the data processing industry. See 400 U. S., at 46. We stated explicitly that "we did not rely on any legislative history showing that Congress desired to protect data processors alone from competition." Ibid. We further explained:

"In Data Processing . . . [w]e held that § 4 arguably brings a competitor within the zone of interests protected by it. Nothing in the opinion limited § 4 to protecting only competitors in the data-processing field. When national banks begin to provide travel services for their customers, they compete with travel agents no less than they compete with data processors when they provide data-processing services to their customers." Ibid. (internal citations and quotation marks omitted).

A year later, we decided Investment Company Institute v. Camp, 401 U. S. 617 (1971) (ICI). In that case, an investment company trade association and several individual investment companies alleged that the Comptroller had violated, inter alia, § 21 of the Glass-Steagall Act, 1932,5 by

permitting national banks to establish and operate what in essence were early versions of mutual funds. We held that the plaintiffs, who alleged that they would be injured by the competition resulting from the Comptroller's action, had standing under the APA and stated that the case was controlled by Data Processing. See 401 U. S., at 621.

5 Under § 21 of the Glass-Steagall Act, it is unlawful "[f]or any person, firm, [or] corporation . . . engaged in the business of issuing . . . securities, to engage at the same time to any extent whatever in the business of receiving deposits." § 21 of the Banking Act of 1933, 48 Stat. 189, 12 U. S. C. § 378(a).

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