- 23 - WFNNB is a bank. Congress did not provide an exception for deposits with “banks”; it provided an exception for “deposits with persons carrying on the banking business”. Congress did not define the term “banking business”, and, although petitioner presented expert testimony with respect to banks and banking, none of petitioner’s experts claim that the term “banking business” is a term of art or has a well-defined meaning. Indeed, petitioner’s expert, Robert L. Clarke, Comptroller of the Currency from December 1985 through February 1992, testified: “During the time I served as Comptroller of the Currency, the issues of what it means to be a ‘bank’ and exactly what constitutes the ‘banking business’ regularly confronted the Office of the Comptroller of the Currency ('OCC'), Congress and the court system, including the Supreme Court.” We conclude that the term “deposits with persons carrying on the banking business” is ambiguous.8 Cf. NationsBank, N.A. v. Variable Annuity Life Ins. Co., 513 U.S. 251, 258, n.2 (1995) (determining that Comptroller of the Currency may determine what is an “incidental powe[r] * * * necessary to carry on the business of banking” for purposes of 12 U.S.C. sec. 24: “We expressly hold the ‘business of banking’ is not limited to the enumerated powers in � 24 8 The parties dispute not only the meaning of the term “deposits with persons carrying on the banking business” but also the meanings of the subordinate terms “deposits” and “banking business”. We conclude that the subordinate term “banking business” is ambiguous. That is sufficient for us to conclude that the superior term, “deposits with persons carrying on the banking business”, is ambiguous.Page: Previous 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Next
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