Federal courts have authority to fashion federal common law in a few narrow instances. Through an examination of relevant precedent in the area of federal common law, this Comment identifies essential factors necessary for the fashioning of federal common law where the rights and duties of the United States are involved. It then applies the findings to the issue of whether state or federal law should govern in actions against officers and directors of federal savings and loan associations and federal credit unions for breach of fiduciary duties or breach of bylaws. This Comment also finds that some federal courts circumvent the limitations imposed on their authority to imply private rights of action by creating such rights under federal common law.
Raquel M. Prieguez,
Federal Common Law and the Need for Uniformity in the Regulation of Federal Savings and Loan Associations and Federal Credit Unions,
San Diego L. Rev.
Available at: https://digital.sandiego.edu/sdlr/vol29/iss4/8