People of the State of California v. Federal Deposit Insurance Corporation

UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF CALIFORNIA 6 PEOPLE OF THE STATE OF Case No. 20-cv-05860-JSW CALIFORNIA, et al., 8 Plaintiffs, ORDER RESOLVING CROSS- MOTIONS FOR SUMMARY v. JUDGMENT 10 FEDERAL DEPOSIT INSURANCE Re: Dkt. Nos. 47, 56 CORPORATION, Defendant.

14 In this case, Plaintiffs1 allege that Defendant, the Federal Deposit Insurance Corporation 15 (“FDIC”), violated the Administrative Procedure Act (“APA”) when it promulgated a portion of a 16 final rule entitled Federal Interest Rate Authority Rule. See 85 Fed. Reg. 44,146 (July 22, 2020) 17 (“FDIC Rule”). Currently before the Court are the parties’ cross-motions for summary judgment. 18 The Court has considered the parties’ papers, the amicus briefs, the administrative record (Dkt. 19 Nos. 44-1 through 44-3), and relevant legal authority. The Court HEREBY DENIES Plaintiffs’ 20 motion and GRANTS the FDIC’s cross-motion. 21 //

23 Plaintiffs are the States of California, Illinois, Minnesota, New Jersey, New York, and North Carolina,…