FNB was the other bank whose 1974 collapse threatened the payment system, and its subsequent unwinding by the Fed was deemed by the Second Circuit not to be judicially reviewable:
Absent clear evidence of grossly arbitrary or capricious action on the part of [the Fed or the Treasury Department] . . . it is not for the courts to say whether or not the actions taken were justified in the public interest, particularly where it vitally concerned the operation and stability of the nation’s banking system.
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