Clarke v. Securities Industry Association
United States Supreme Court
479 U.S. 388 (1987)
Clarke, the federal Comptroller of the Currency (defendant), approved a national bank's application to open discount-brokerage affiliates in and outside California. The Securities Industry Association (SIA) (plaintiff), representing competing securities dealers, sued Clarke, arguing the approval violated the McFadden Act's branching restrictions. Clarke argued the SIA fell outside the zone of interests the McFadden Act protects and therefore lacked standing. The district court and court of appeals ruled for the SIA on the merits, and the Supreme Court granted certiorari.
Whether a party has standing to challenge a federal agency's implementation of a statute where the party's interest is inconsistent with or only marginally related to the zone of interests that the statute regulates or protects.