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SPGGC, LLP; Metabank; U.S. Bank, N.A. v. Kelly A. Ayotte

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The U. S. Court of Appeals for the First Circuit upheld an opinion of the U.S. District Court for the District of New Hampshire that the National Bank Act and the Home Owners Loan Act, and regulations issued under them, preempt a provision of the New Hampshire Consumer Protection Act to the extent that it attempted to regulate the issuance of gift cards by national banks and federal savings associations.

The court cited the Supreme Court's opinion in Watters v. Wachovia Bank, N.A. (below) in its discussion of the case. The gift cards issued in this case were issued by SPGGC, LLP (which operates Simons malls) as agent for U.S. Bank, N.A. and Metabank, under agreements with terms substantially different from those in an earlier agreement for gift card issuance involving Bank of America. On May 30, 2007, the court affirmed the decisions of the district court.

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