A federal appeals court in Atlanta has upheld a 1995 decision allowing state insurance commissioners to regulate the so-called Retirement CD.

The U.S. Court of Appeals for the 11th Circuit also ruled that the Office of the Comptroller of the Currency improperly allowed Browning, Mont.-based Blackfeet National Bank and other banks to underwrite the annuity-like product. "The comptroller's interpretation of the (National) Bank Act is an unreasonable expansion of the powers of national banks beyond those intended by Congress," the court wrote.

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