A court overturned fines against bank officers.
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Federal bank regulators overstepped their authority by imposing fines on directors of a bank accused of violating banking regulations, the U.S. 7th Circuit Court of Appeals ruled. The court overturned $1.8 million in fines levied by the Comptroller of the Currency against five present and former directors of First National Bank of Mount Auburn, a suburban Chicago bank. The comptroller charged that directors repeatedly permitted the bank to make loans between 1979 and 1982 that exceeded its legal lending limit.
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