Federal Home Loan Bank Board v. Long Beach Federal Savings & Loan Association

Three district court orders entered in proceedings which began with the filing of a “Petition to Enforce Administrative Subpoenas and for Other Relief” are here under review. The second of these orders and an accompanying opinion are reported in Long Beach Federal Savings & Loan Ass’n v. Federal Home Loan Bank Board, D.C.S.D.Cal., 189 F.Supp. 589 .

The administrative proceeding began on April 19, 1960, when Federal Home Loan Bank Board adopted Order No. 13,372. In this order various violations of law and regulations and unsafe or unsound operations were stated as grounds for the appointment of a conservator for Long Beach Federal Savings & Loan Association and for the determination that an emergency existed requiring that immediate action be taken. By this order C. E. Ault was appointed supervisory representative in charge to take charge of the Association and its affairs, pending further disposition by the Board. Pursuant to this order Ault took possession and control of the premises, assets and property of the Association on April 22, 1960.

On May 12, 1960, the Board adopted Resolution No. 13,440. In this order the facts concerning the seizure of the Association were recited,…