Full opinion text
PER CURIAM In this appeal, we vacate the district court’s order and remand with instructions to dismiss the amended complaint without prejudice. This disposition is addressed in three opinions — one by each member of the panel. Judge Moritz would affirm the dismissal with prejudice. Judge Matheson would vacate and remand with instructions to dismiss the amended complaint without prejudice on prudential-ripeness grounds. Judge Bacharach would reverse the dismissal of the amended complaint. By remanding with instructions to dismiss the amended complaint without prejudice, our disposition effectuates the judgment of the two panel members who would allow the Fourth Corner Credit Union to proceed with its claims. Finally, we deny the Federal Reserve Bank of Kansas City’s motion to strike the Fourth Corner Credit Union’s reply-brief addenda. MORITZ, Circuit Judge. The Fourth Corner Credit Union applied for a master account from the Federal Reserve Bank of Kansas City. The Reserve Bank denied the application, effectively crippling the Credit Union’s business operations. The Credit Union sought an injunction requiring the Reserve Bank to issue it a master account. The district court dismissed the action, ruling that the Credit Union’s raison d’étre — to provide banking services to marijuana-related businesses — would violate the Controlled Substances Act (CSA), 21 U.S.C. §§ 801-904. Because the district court correctly declined to lend its equitable power to illegal activity, I would affirm the dismissal with prejudice. Background In 2012, Colorado amended its constitution to legalize a wide array of recreational marijuana activity. See Colo. Const, art. XVIII, § 16. An industry of marijuana growers and retailers sprang up to supply this new market, but they face a significant obstacle: traditional banks are wary of serving marijuana-related businesses (MRBs). Many MRBs thus operate solely in cash, a restriction that “raise[s] significant public safety concerns for customers and employees” and “make[s] it more difficult for the state and federal government to regulate and audit [MRBs].” App. 215. The Credit Union aims to fill this banking void. Its purpose, according to its amended complaint, is to “provide much needed banking services to compliant, licensed cannabis and hemp businesses” and to marijuana-legalization supporters. Id. at 219. But there are many hurdles for a would-be depository institution to clear. The relevant hurdle here is obtaining a master account. A master account is, put simply, a bank account for banks. It gives depository institutions access to the Federal Reserve System’s services, including its electronic payments system. In the Credit Union’s words, “Without such access, a depository institution is nothing more, than a vault.” Id. at 225. The Credit Union applied to the Federal Reserve Bank of Kansas City for a master account. The Reserve Bank denied the application by letter, citing a host of concerns. In general, the Reserve Bank determined that the Credit Union simply posed too great a risk to the Federal Reserve System — in large part because of its “focus on serving [MRBs].” Id. at 78. In response, the Credit Union filed this suit. It sought a declaratory judgment that the Credit Union is entitled to a master account and an injunction requiring the Reserve Bank to issue it one. The Credit Union asserted that the Reserve Bank is required by statute to issue a master account to every applicant, citing 12 U.S.C. § 248a. The Reserve Bank moved to dismiss the complaint, arguing that (1) the Reserve Bank retains statutory discretion to deny master-account applications; (2) the district court couldn’t use its equitable power to facilitate illegal activity — namely, violations of the CSA; and (3) the Credit Union’s Colorado charter is preempted and void under the Supremacy Clause because it conflicts with the CSA. In apparent response to the Reserve Bank’s illegality argument, the Credit Union amended its complaint. In its amended complaint, the Credit Union repeatedly alleges that it will serve MRBs only if it’s authorized to do so by law. The Credit Union then moved for summary judgment on its claim, and the Reserve Bank renewed its motion to dismiss. The district court granted the Reserve Bank’s motion to dismiss and denied the Credit Union’s motion for summary judgment. The district court didn’t accept the Credit Union’s allegations that it would follow the law. And based on the principle that “courts cannot use equitable powers to issue an order that would facilitate criminal activity,” App. 707, the district court concluded that it couldn’t grant the Credit Union its requested injunction. The district court declined to reach the Reserve Bank’s preemption and statutory discretion arguments. The Credit Union filed a motion for reconsideration requesting, in part, that the court decide the preemption and statutory discretion issues. The district court denied that motion. The Credit Union appeals. Discussion The Credit Union argues that the district court erred in dismissing its claim based on the Reserve Bank’s illegality defense. This court reviews de novo the district court’s grant of the Reserve Bank’s motion to dismiss, applying the same standard as the district court. Doe v. City of Albuquerque, 667 F.3d 1111, 1118 (10th Cir. 2012). Specifically, we accept the well-pleaded allegations of the complaint' as true and construe them in the light most favorable to the Credit Union. Id. The Reserve Bank’s illegality defense is straightforward. It begins with the principle — which the Credit Union doesn’t dispute — that a court won’t use its equitable power to facilitate illegal conduct. See Warner Bros. Theatres, Inc. v. Cooper Found., 189 F.2d 825, 829 (10th Cir. 1951) (holding that “[a] court of equity should not permit” a party to “take advantage of an admittedly illegal arrangement”); see also Precision Instrument Mfg. Co. v. Auto. Maint. Mach. Co., 324 U.S. 806, 814, 65 S.Ct. 993, 89 L.Ed. 1381 (1945) (holding that clean-hands doctrine “presupposes [a court of equity’s] refusal ... to be the ‘abetter of iniquity’ ” (quoting Bein v. Heath, 47 U.S. 228, 247, 6 How. 228, 12 L.Ed. 416 (1848))); Cartlidge v. Rainey, 168 F.2d 841, 845 (5th Cir. 1948) (“It is well settled that equity will not lend its aid to the perpetration of criminal acts.”). By its own allegations, the Credit Union would use the court’s equitable relief to facilitate illegal activity. If given a master account, the Credit Union “intends to provide banking services to compliant state licensed cannabis and hemp businesses.” App. 204. But even if these businesses are “compliant” with Colorado law, their conduct plainly violates the CSA. See 21 U.S.C. § 841(a)(1) (“[I]t shall be unlawful for any person knowingly or intentionally ... to manufacture, distribute, or dispense, or possess with intent to manufacture, distribute, or dispense, a controlled substance.”). By providing banking services to these businesses, the Credit Union would — by its own admission — facilitate their illegal activity by giving them bank access that they currently lack. See App. 218 (“None of these [MRBs] have meaningful and stable access to traditional banking services.... The majority of MRBs are forced to operate in cash only, and to suffer the high cost of handling and safeguarding this cash.”). And, critically, the Credit Union concedes that it won’t be able to serve MRBs without the court’s equitable relief. See Aplt. Br. 5 (“Without a master accounts the Credit Union] cannot function.”). A court-ordered master account would thus serve as the linchpin for the Credit Union’s facilitation of illegal conduct. In response to the Reserve Bank’s illegality defense, the Credit Union argues that the MRBs it proposes to serve aren’t violating federal law. Specifically, it asserts that “[c]onduct in full compliance with a presumptively valid state medical or recreational marijuana law is legal under state and federal law until the state law is formally invalidated.” Aplt. Br. 54. But the Credit Union seemed to abandon this position at oral argument, and for good reason: the CSA, by virtue of the Supremacy Clause, is the law of the land. See U.S. Const. art. VI, cl. 2. Conduct prohibited by federal law is illegal, regardless of what Colorado law may permit. See Planned Parenthood of Kan. & Mid-Mo. v. Moser, 747 F.3d 814, 828 (10th Cir. 2014) (“[W]hen state or local law conflicts with federal law, federal law prevails.”). For the same reason, I would decline the Credit Union’s request to decide whether the CSA preempts Colorado law. Regardless of how we might resolve that issue, the MRBs’ conduct would remain federally illegal. The Credit Union also argues that it may legally serve MRBs pursuant to certain Executive Branch guidance documents. In 2014, then-Deputy Attorney General James Cole issued a DOJ memorandum outlining that agency’s marijuana-banking enforcement priorities. But while the Cole Memorandum suggested that the DOJ may decline to prosecute banks that meet certain criteria, the Memorandum also made clear that its guidance didn’t create a legal defense for violations of the CSA or certain money-laundering statutes. See App. 488 (explaining that “[t]his memorandum does not alter in any way the [DGJ’s] authority to enforce federal law, including federal laws relating to marijuana, regardless of state law” and doesn’t “provide[ ] a legal defense to a violation of federal law, including ... violation of the CSA, the money laundering and unlicensed money transmitter statutes, or the [Bank Secrecy Act]”). Likewise, the Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”), which is responsible for enforcing certain money-laundering statutes, issued its own marijuana-related guidance concurrently with the Cole Memorandum. The FinCEN Guidance purported to “clar-if[y] how financial institutions can provide services to marijuana-related businesses consistent with their [anti-money laundering] obligations.” App. 490. But this guidance, like the Cole Memorandum, didn’t nullify the CSA or federal money-laundering statutes. See id. n.3 (noting that certain conduct encompassed by the Cole Memorandum “may merit civil or criminal enforcement of the CSA”). And the Credit Union doesn’t explain how Executive Branch enforcement decisions could undermine substantive law. See Feinberg v. Comm’r of Internal Revenue, 808 F.3d 813, 816 (10th Cir. 2015) (“[I]n our constitutional order it’s Congress that passes the laws, Congress that saw fit to enact 21 U.S.C. § 841, and Congress that in § 841 made the distribution of marijuana a federal crime.”). Perhaps recognizing the gossamer-thin nature of its interpretation of federal law, the Credit Union alternatively argues that it won’t serve MRBs unless doing so is legal. Specifically, it argues that its amended complaint plausibly alleges that the Credit Union intends to abide by federal law and that the district court erred in declining to presume these allegations are true. See Order, App. 709 (referring to the Credit Union’s inconsistent allegations a “sleight of hand”). I agree with the district court: the Credit Union’s equivocations don’t allay my concern that the equitable relief it seeks will facilitate illegal activity. In its original complaint, the Credit Union left no doubt about its intent to serve MRBs. Indeed, the dearth of banking services for MRBs is the Credit Union’s founding purpose. And the Credit Union amended its complaint to suggest otherwise only after the Reserve Bank raised its illegality defense. Of course, this court looks only to the operative complaint to assess whether the Credit Union’s allegations are plausible. But that background sheds light on the amended complaint’s series of seemingly inconsistent allegations. On one hand, the Credit Union repeatedly asserts its intent to serve MRBs — an illegal course of conduct. On the other hand, the Credit Union insists that it will follow the law: - “Consistent with its state credit union charter, and in strict accordance with state and federal laws, regulations and guidance, [the Credit Union] intends to provide banking services to compliant state licensed cannabis and hemp businesses, their employees, [and] industry vendors.” App. 204. - “In March 2014, [the Credit Union’s founders] came together to organize a Colorado state-chartered credit union ... and thereby provide much needed banking services to compliant, licensed cannabis and hemp businesses .... The plan to serve the MRB segment of its prospective field of membership would only be executed if authorized by state and federal law.” Id. at 219. - “When [the Credit Union] is granted access to the Federal Reserve payments system it will have the ability to compete ... for the business of a newly emerging fast-growing industry. [The Credit Union] only intends to serve the potential MRB segment of its membership if authorized by state and federal law.” Id. at 237. - “[Large commercial] banks currently' deposit a substantial amount of state legal cannabis money into the Federal Reserve payments system. [The Credit Union] is a putative competitor that also seeks to provide services to MRBs.” Id. The Credit Union asserts that its promises to follow the law are plausible. And this court presumes that the amended complaint’s well-pleaded factual allegations are true and construes them in the light most favorable to the Credit Union. Doe, 667 F.3d at 1118. That principle might benefit the Credit Union if it unequivocally alleged that it won’t serve MRBs. But it never does. Instead, the amended complaint’s allegations are all conditional: if serving MRBs is illegal, then the Credit Union won’t serve them. We don’t owe the presumption of truth to illusory allegations. Cf. Kan. Penn Gaming, LLC v. Collins, 656 F.3d 1210, 1214 (10th Cir. 2011) (explaining that “in ruling on a motion to dismiss, a court should disregard all con-elusory statements of law and consider ... the remaining specific factual allegations”) (emphasis added). The Credit Union will either serve MRBs or it won’t — its allegations can’t depend on the answer to a legal question. As one court explained, “There is a significant difference between pleading alternative theories of law based upon given facts and pleading alternative statements of fact to support a given principle of law.” United States v. Gotti 771 F.Supp. 535, 540 (E.D.N.Y. 1991). The Credit Union’s promise to follow the law is particularly unworthy of credence because the amended complaint both asserts that the Credit Union plans to serve MRBs “in strict accordance with state and federal laws, regulations and guidance,” App. 204, while at the same time carefully avoiding any concessions regarding what the law actually is, see, e.g., App. 240 (“Whatever the law is, [the Credit Union] will obey.”). After setting aside the Credit Union’s non-committal, conclusory allegations, the amended complaint tells a clear story. The Credit Union “intends to provide banking services to compliant state licensed cannabis and hemp businesses, their employees, [and] industry vendors.” Id. at 204. The district court correctly declined to facilitate this illegality. In his separate opinion, Judge Bachar-ach suggests that the Credit Union, by seeking a declaratory judgment, implicitly promised to “abide by the [district court’s] ruling” regarding the legality of serving MRBs. Opinion of Bacharach, J., 1067. But the Credit Union never asked the district court to declare whether its plan to serve MRBs is legal. Instead, it sought a declaration regarding its supposed entitlement to a master' account under 12 U.S.C. § 248a. See App. 50-51 (“[The Credit Union] respectfully requests this Court issue a judgment declaring that [the Reserve Bank] must grant [the Credit Union] a master account ... pursuant to 12 U.S.C. § 248a(c)(2).”). The district court took up the illegality issue only when the Reserve Bank raised it as an affirmative defense. And when the Credit Union amended its complaint in response, not even that pleading sought a declaration that serving MRBs is legal. In dismissing the amended complaint, the district court answered a question that the Credit Union never asked. The Credit Union’s final argument is that the Reserve Bank failed to put forth evidence supporting the illegality defense. But as I’ve discussed, the Credit Union’s own allegations establish the defense, and the district court properly granted the Reserve Bank’s motion to dismiss on that basis. See Miller v. Shell Oil Co., 345 F.2d 891, 893 (10th Cir. 1965) (“If the defense appears plainly on the face of the complaint itself, the motion may be disposed of under [Rule 12(b)(6) ].”). Because I would affirm the district court’s dismissal based on the illegality defense, I would not decide whether the Credit Union is entitled to a master account under 12 U.S.C. § 248a or whether federal law preempts the Credit Union’s Colorado charter. And because the motion to dismiss disposes of the case, I would not address the Credit Union’s argument that the district court erred in denying the Credit Union’s motion for summary judgment. Accordingly, I would affirm the district court’s dismissal of the amended complaint, with prejudice. MATHESON, Circuit Judge. We should dismiss this case on ripeness grounds.- A. The Credit Union’s New Claim The Credit Union was formed primarily to serve MRBs. It requested a master account from the Reserve Bank to do so. The Reserve Bank denied the Credit Union’s application for a master account, citing the Credit Union’s “focus on serving marijuana-related businesses.” Aplt. App. at 485. The Credit Union sued. The Reserve Bank again expressed its misgiving about the Credit Union’s plan to serve MRBs in a motion to dismiss the original complaint. The Credit Union did not re-apply for a master account to alleviate the Reserve Bank’s concern about MRBs, but instead just amended its complaint to allege it will serve MRBs only if doing so is legal. Assuming this allegation is true, as we must, it raises ripeness concerns because this case has become divorced from the factual backdrop that gave rise to the original dispute. As the Reserve Bank points out, the new Credit Union — the Credit Union that excludes MRBs from its membership until serving them becomes legal — is a “fundamentally different] entity” than the one the Reserve Bank turned down. Aplee. Supp. Br. at 17. B. Ripeness “The ripeness doctrine aims to prevent courts from entangling themselves in abstract disagreements by avoiding premature adjudication.” Awad v. Ziriax, 670 F.3d 1111, 1124 (10th Cir. 2012) (quotations omitted). “A claim is not ripe for adjudication if it rests upon contingent future events that may not occur as anticipated, or indeed may not occur at all.” Texas v. United States, 523 U.S. 296, 300, 118 S.Ct. 1257, 140 L.Ed.2d 406 (1998) (quotations omitted). Ripeness has roots “both in the jurisdictional requirement that Article III courts hear only ‘cases and controversies’ and in prudential considerations limiting our jurisdiction.” Alto Eldorado P’ship v. Cty. of Santa Fe, 634 F.3d 1170, 1173 (10th Cir. 2011). “[E]ven in a case raising only prudential concerns, the question of ripeness may be considered on a court’s own motion.” Nat'l Park Hospitality Ass’n v. Dep’t of Interior, 538 U.S. 803, 808, 123 S.Ct. 2026, 155 L.Ed.2d 1017 (2003). In assessing prudential ripeness, this court has taken guidance from Abbott Laboratories v. Gardner, 387 U.S. 136, 87 S.Ct. 1507, 18 L.Ed.2d 681 (1967), abrogated on other grounds by Califano v. Sanders, 430 U.S. 99, 97 S.Ct. 980, 51 L.Ed.2d 192 (1977), which “instructs courts to assess ‘both the fitness of the issues for judicial decision and the hardship to the parties of withholding court consideration.’ ” United States v. White, 244 F.3d 1199, 1202 (10th Cir. 2001) (quoting Abbott Labs., 387 U.S. at 149, 87 S.Ct. 1507). 1. Fitness “First, on fitness, we focus on whether determination of the merits turns upon strictly legal issues or requires facts that may not yet be sufficiently developed.” Awad, 670 F.3d at 1124 (alterations and quotations omitted). The Credit Union’s amended complaint reveals this case is no longer based on sufficiently developed facts. In particular, the amended complaint does not and cannot tell us whether the Reserve Bank would grant a master account on the condition that the Credit Union will not serve MRBs unless doing so is legal. It cannot do so because, as the Credit Union explained to the district court, it has never approached the Reserve Bank about obtaining a master account on the terms now alleged. The Reserve Bank, in response to our call for supplemental briefing on ripeness, contends the Credit Union’s position that it will serve MRBs only if legal is merely an assertion made “in its briefs and during oral argument.” Aplee. Supp. Br. at 2. But that characterization is incorrect because it ignores that the Credit Union made this claim in its amended complaint. If the Credit Union were to apply again based on' its new “only if legal” position, the Reserve Bank may issue a master account, in which case there would be no dispute and a decision here would be only advisory. Or it might reject a master account for some other reason, in which case there may be a dispute, though different from the one that prompted this litigation. We cannot know what the facts would be, making this case premature. Accepting the amended complaint’s factual allegations as true does not obviate the ripeness problem. The sufficiency of the Credit Union’s amended complaint presents a legal question, but it does not automatically follow that the case is fit to decide. Indeed, we have found claims, and sometimes entire cases, unripe at the motion-to-dismiss stage. See, e.g., S. Utah Wilderness Alliance v. Palma, 707 F.3d 1143, 1157-61 (10th Cir. 2013) (dismissing case); Salt Lake Tribune Publ’g Co., LLC v. Mgmt. Planning, Inc., 454 F.3d 1128, 1140-41 (10th Cir. 2006) (dismissing claim); see also 5B C. Wright & A. Miller, Federal Practice and Procedure: Civil § 1350 n.ll and accompanying text (3d ed., Apr. 2017 update) (discussing adjudication of ripeness issues at the pleading stage through a motion to dismiss under Rule 12(b)(1)). Just because resolution of a legal question is possible, and may even be straightforward, does not mean it is ripe to decide. As the First Circuit has explained: The notion that disputes which turn on purely legal questions are always ripe for judicial review is a myth.... Put bluntly, the question of fitness does not pivot solely on whether a court is capable of resolving a claim intelligently, but also involves an assessment of whether it is appropriate for the court to undertake the task. Federal courts cannot— and should not — spend their scarce resources in what amounts to shadow boxing. Thus, if a plaintiffs claim, though predominantly legal in character, depends upon future events that may never come to pass, or that may not occur in the form forecasted, then the claim is unripe. Ernst & Young v. Depositors Econ. Prot. Corp., 45 F.3d 530, 537 (1st Cir. 1995) (citations omitted). A principal difference between Judge Bacharach’s opinion and the conclusion reached here is the level of confidence in predicting what would happen if the Credit Union were to ask the Reserve Bank for a master account based on a commitment to serve MRBs only if legal. He thinks the Reserve Bank would almost certainly deny the application and thus concludes there is no ripeness issue. See Op. of Judge Ba-charach at 1077-79.1 am much less certain what would happen. The Credit Union’s plan to serve MRBs was a key reason why the Reserve Bank denied the master account application. With that justification gone, we do not know what would happen under the Credit Union’s revised stance. The Reserve Bank’s letter to the Credit Union explained it was denying a master account based on the Credit Union’s planned MRB service and “[ojther factors” “[tjaken together.” Aplt. App. at 485. The other factors included: (1) “the nature of [the Credit Union’s] proposed business model”; (2) lack of capital; (3) failure to obtain insurance; and (4) its status as a “de novo depository institution.” Id. These other factors do not mitigate the ripeness concern that the amended complaint has spawned. First, the Reserve Bank based its master account denial on these “[ojther factors” “[tjaken together” with the MRB concern, suggesting its reasons collectively formed the basis for the denial. Id. In other words, the denial letter did not say whether any reason, standing alone, would have been enough to deny the master account. Second, the Reserve Bank identified some of these other concerns as intertwined with the Credit Union’s planned service of MRBs. For example, the denial letter tied the “de novo” justification to the MRBs. See id. (explaining the de novo issue was “of particular concern given [the Credit Union’s] focus on serving marijuana-related businesses”). Third, although the Reserve Bank’s lawyer told the district court he “seriously doubt[ed]” a promise from the Credit Union not to serve MRBs would make a difference, id. at 656, this was an inconclusive prediction. As discussed below, the Reserve Bank identifies many unanswered questions in its supplemental brief about an MRB-free Credit Union, suggesting the possibility of a different outcome. Despite its new position that it will serve MRBs only if legal, the Credit Union argues that submitting another master account application would be futile. This ignores why the Reserve Bank denied the first application. The Credit Union’s business plan was not part of its master account application, but the Credit Union’s planned service of MRBs was part of the reasoning for the Reserve Bank’s denial. The Credit Union has not sought a master account on the new condition that it will not serve MRBs unless legal, and its revised litigation position does not substitute for a new application to the Reserve Bank. The Credit Union has filed two complaints contemplating two very different financial entities, but it has submitted only one master account application. As the Reserve Bank points out, an MRB-free “application would raise numerous questions that have yet to be asked, much less answered.” Aplee. Supp. Br. at 17. Given the change in circumstances, submitting another application would hardly be an empty gesture. And even if the result is another denial, it would at least make the factual scenario created by the amended complaint real rather than hypothetical. In short, we do not know what would happen if the Credit Union were to seek a master account based on the new plan alleged in its amended complaint. As the Reserve Bank discerns, the Credit Union is attempting “to retroactively alter the nature of the dispute.” Id. at 2. The issues the Credit Union raises are not yet fit for judicial decision. 2. Hardship In the second part of our ripeness analysis, we assess the potential “hardship from withholding judicial review” by asking “whether the challenged action creates a direct and immediate dilemma for the parties.” Awad, 670 F.3d at 1125 (quotations omitted). The Reserve Bank faces no hardship. As for the Credit Union, the challenged action is the Reserve Bank’s denial of a master account, which the Credit Union argues should have issued within days of its initial request. Without a master account, the Credit Union contends, it cannot conduct its affairs. The Credit Union’s supplemental briefing also alludes to an unspecified “irremediable adverse consequence that would flow from requiring a later challenge,” Aplt. Supp. Br. at 13, but it provides no particulars on how a dismissal on ripeness grounds would alter the status quo. See Los Alamos Study Grp. v. U.S. Dep’t of Energy, 692 F.3d 1057, 1064 (10th Cir. 2012) (explaining the plaintiff bears the burden of showing ripeness). The Credit Union’s continued inability to conduct legal business is a hardship, but the scope of the hardship is far from clear. If a dismissal based on ripeness can be said to put the Credit Union in a direct or immediate dilemma, it can do what it never bothered to try — including while this case was pending — and ask the Reserve Bank for a master account now that it does not plan to serve MRBs so long as doing so is illegal. Indeed, this course, rather than continuing with this litigation, may be the Credit Union’s most efficient pathway to obtaining a master account. Judge Bacharach notes that “months may pass” before the Reserve Bank acts on any reapplication. Op. of Judge Bachar-' ach at 1080. But just as we do not know whether the Reserve Bank would grant a master account to an MRB-free Credit Union, we do not know how long the Reserve Bank might need to process such a request. He points out the Reserve Bank took approximately nine months to act on the Credit Union’s first application, see id., but that history may not be a good guide to the future. The original delay was more than likely based on concern over the Credit Union’s plan to serve MRBs. Without that complication, and with the benefit of thé detailed knowledge it has garnered about the Credit Union, the Reserve Bank may find disposition of a new application relatively straightforward. The Credit Union asserts that processing normally takes just five to seven business days. The ripeness problem here traces back to the Credit Union’s decision to amend its complaint. Under the circumstances discussed here, the Credit Union’s potential hardship does not overcome the fitness concerns outlined above. See Nat’l Park Hospitality Ass’n, 538 U.S. at 814-15, 123 S.Ct. 2026 (Stevens, J., concurring in the judgment) (explaining fitness “is the more important” inquiry and that hardship is “less important”). C. Conclusion As the Reserve Bank observes, the Credit Union “is apparently seeking court review of a decision that [the Reserve Bank] has never made and that the district court never considered.” Aplee. Supp. Br. at 16. I would dismiss this appeal as premature and remand to the district court to vacate the judgment and dismiss without prejudice. BACHARACH, J. This case involves the denial of a request for a master account. A master account is required to purchase services that are indispensable for all financial institutions. Without a master account, a financial institution must obtain these services through another institution serving as a “middleman.” To avoid the middleman, a financial institution must obtain a master account from one of the regional Federal Reserve Banks. The plaintiff, The Fourth Corner Credit Union, is a credit union that requested a master account from one of the regional Federal Reserve Banks (the Federal Reserve Bank of Kansas City). This request would ordinarily be considered routine for the Federal Reserve Bank of Kansas City. But the Federal Reserve Bank of Kansas City learned from a third party that Fourth Corner wanted to service marijuana-related businesses in a state that had legalized these businesses. The Federal Reserve Bank of Kansas City refused to grant the master account, prompting Fourth Corner to sue for a declaratory judgment and an injunction. The Federal Reserve Bank of Kansas City moved to dismiss, arguing in part that Fourth Corner would use the master account to violate federal drug laws. The district court agreed and dismissed the amended complaint. In my view, this ruling was erroneous for two reasons. First, the district court should have presumed that Fourth Corner would follow the law as determined by the court. Second, in the amended complaint, Fourth Corner promised to obey the law. By seeking a declaratory judgment, Fourth Corner acknowledged that the court was the sole arbiter of the law. Thus, the amended complaint indicates that Fourth Corner would obey a ruling that servicing marijuana-related businesses is illegal. I. Standard of Review In this appeal, we engage in de novo review. Shimomura v. Carlson, 811 F.3d 349, 358 (10th Cir. 2015). This review requires us to determine whether the amended complaint states a plausible claim for relief. Ashcroft v. Iqbal, 556 U.S. 662, 678, 129 S.Ct. 1937, 173 L.Ed.2d 868 (2009). In gauging the claim’s plausibility, we credit all of the amended complaint’s well-pleaded factual allegations and view them in the light most favorable to Fourth Corner. See Colby v. Herrick, 849 F.3d 1273, 1279 (10th Cir. 2017). II. The Amended Complaint and the District Court’s Dismissal In the amended complaint, Fourth Corner stated that it would service marijuana-related businesses only if authorized by federal law. Fourth Corner argued that servicing these businesses had been legalized by recent guidance from federal agencies. But in the amended complaint, Fourth Corner promised that “[wjhatever the law is, [Fourth Corner] will obey.” Appellant’s App’x at 240. Elsewhere in the amended complaint, Fourth Corner committed to obey the law, stating: [Fourth Corner’s charter] states [that Fourth Corner] is “authorized to conduct business pursuant to all of the powers conferred upon it by law, until this charter is suspended, revoked or otherwise surrendered in the manner directed by statute.” [Fourth Corner] takes this grant of authority to. mean it must comply with both state and federal law, and it intends to do so. Id. at 224-25. Four other allegations in the amended complaint reiterated Fourth Corner’s intent to obey the law: 1. The plan to serve the [marijuana-related business] segment of [Fourth Corner’s] prospective field of membership would only be executed if authorized by state and federal law. Id. at 219. 2. The proposed credit union’s business plan was straightforward — (i) build a Colorado state-chartered credit union around a culture of compliance; ... (iii) if service of [marijuana-related businesses] is authorized by state and federal law, charge credit union members that required enhanced monitoring service fees commensurate with the cost of the enhanced due diligence required by [federal guidance from the United States Department of the Treasury’s Financial Crimes Enforcement Network and a memorandum from the Department of Justice]; ... and (vi) become a regulatory partner with state and federal government to perform the “gatekeeper” function as envisioned by [the Financial Crimes Enforcement Network’s guidance] and the Bank Secrecy Act.... Id. at 219-20. 3. [Fourth Corner] only intends to serve the [marijuana-related business] segment of its prospective field of membership if authorized by law. Id. at 222. 4. [Fourth Corner] only intends to serve the potential [marijuana-related business] segment of its membership if authorized by state and federal law. Id. at 237. Fourth Corner also explained that if servicing marijuana-related businesses is illegal, Fourth Corner would confine its business to servicing members of social groups supporting the legalization of marijuana. This part of Fourth Corner’s business plan was legal, and no one has suggested otherwise. But servicing marijuana-related businesses is different, and the district court properly concluded that this part of Fourth Corner’s plan would have violated federal drug laws. Upon drawing this conclusion, the district court interpreted Fourth Corner’s promise to obey the law. In the district court’s view, Fourth Corner was promising to follow its own understanding of the law, not to obey the district court’s pronouncement of the law. Interpreted this way, the promise gave the district court little confidence that Fourth Corner would obey federal drug laws, for Fourth Corner had argued that servicing marijuana-related businesses was legal. Suspicious that Fourth Corner would follow its own understanding of the law rather than the court’s, the district court granted the motion to dismiss. III. Error in Dismissing the Amended Complaint This ruling was erroneous in two ways. First, the district court improperly discounted Fourth Corner’s stated intent to obey federal law. This allegation of intent constituted a factual allegation. See, e.g., United States v. Hayes, 477 F.2d 868, 873 (10th Cir. 1973) (recognizing that “actual intent or state of mind” involves a factual inquiry). And like any other factual allegation, this one should have been interpreted favorably to Fourth Corner (as the non-movant). See Part I, above. At a bench trial, the district court could freely decide whether Fourth Corner actually intended to obey federal law. See Mathis v. Huff & Puff Trucking, Inc., 787 F.3d 1297, 1305 (10th Cir. 2015) (indicating that in a bench trial, the district court “has the exclusive function of appraising credibility” (internal quotation marks omitted)). But here the district court evaluated the validity of Fourth Corner’s assertion at the motion-to-dismiss stage. At this stage, the district court must accept as true all of Fourth Corner’s well-pleaded factual allegations and view them in the light most favorable to Fourth Corner. See Part I, above. The district court was not free to scuttle these requirements. Second, the district court should have presumed that Fourth Corner would obey the ruling that servicing marijuana-related businesses is illegal. See, e.g., Royal Coll. Shop, Inc. v. N. Ins. Co. of N.Y., 895 F.2d 670, 682-83 (10th Cir. 1990) (discussing the presumption that a person obeys the law); NLRB v. Shawnee Indus., Inc., 333 F.2d 221, 225 (10th Cir. 1964) (“It is presumed that a person obeys the law and discharges the obligations imposed on him by law.”). This presumption is especially fitting here, where Fourth Corner acknowledged the court’s role as arbiter of the law by the very act of asking for a declaratory judgment. See Specht v, Jensen, 853 F.2d 805, 807 (10th Cir. 1988) (“[I]t is axiomatic that the judge is the sole arbiter of the law and its applicability.”). But even without this acknowledgment, the district court should have presumed that Fourth Corner would abide by the ruling. Nothing in the amended complaint overcame this presumption. Indeed, as explained above, the amended complaint indicated that Fourth Corner intended to obey the law. And by acknowledging the court’s role as arbiter of the law, Fourth Corner’s promise to obey the law meant that Fourth Corner would obey the court’s eventual pronouncement of the law. Nonetheless, the district court interpreted Fourth Corner’s promise to obey the law in a way that conflicted with the amended complaint as a whole and Fourth Corner’s acknowledgment of the court as arbiter of the law. As stated above, Fourth Corner effectively asserted that it intended to obey the district court. Given this assertion, it makes little sense to interpret Fourth Corner’s promise merely as a pledge to obey what Fourth Corner already thought the law was. At this stage of the proceedings, the only reasonable interpretation is that Fourth Corner promised to acquiesce in the district court’s pronouncement of the law. The district court’s contrary interpretation was erroneous because it rested on misapplication of the standard on a motion to dismiss and abandonment of the presumption that Fourth Corner would follow the law. IV. The Federal Reserve Bank of Kansas City’s Alternative Arguments for Affirmance The Federal Reserve Bank of Kansas City contends that we may affirm the dismissal on two alternative grounds: 1. Fourth Corner lacks a statutory right to a master account. 2. Fourth Corner’s charter is preempted because it poses an obstacle to Congress’s goals under the Controlled Substances Act. I would reject both arguments. A. Fourth Corner’s Statutory Right to a Master Account Fourth Corner argues that it is entitled to a master account under 12 U.S.C. § 248a(c)(2). The Federal Reserve Bank of Kansas City counters that federal law does not entitle' Fourth Corner to a master account. Though Fourth Corner relies on § 248a(c)(2), the Federal Reserve Bank of Kansas City contends that it obtained discretion under 12 U.S.C. § 342. According to Federal Reserve Bank of Kansas City, § 342 creates discretion on whether to issue a master account. The district court properly rejected this argument, for § 248a(c)(2) unambiguously entitles Fourth Corner to a master account. This interpretation of § 248a(c)(2) is supported by (1) repeated interpretations by the Board of Governors and regional Federal Reserve Banks, (2) the legislative history, and (3) the longstanding interpretation of this statute by other courts and academics. 1. The Meaning of § 248a(c)(2) Fourth Corner argues that the right to a master account is nondiscretionary under 12 U.S.C. § 248a(c)(2). This section was enacted as part of the 1980 Deregulation and Monetary Control Act and states: The schedule of fees prescribed pursuant to this section shall be based on the following principles: (2) All Federal Reserve bank services covered by the fee schedule shall be available to nonmember depository institutions and such services shall be priced at the same fee schedule applicable to member banks.... 12 U.S.C. § 248a(c)(2) (2012). In my view, this language unambiguously entitles Fourth Corner to a master account. a. The Statute’s Unambiguous Language Interpretation of § 248a(c)(2) begins with its language. Hughes Aircraft Co. v. Jacobson, 525 U.S. 432, 438, 119 S.Ct. 755, 142 L.Ed.2d 881 (1999); United States v. Handley, 678 F.3d 1185, 1189 (10th Cir. 2012). The statutory language does two things: It ensures universal access to certain bank services and provides uniform pricing for them. The statute uses the term “shall,” which indicates a congressional command. See Lopez v. Davis, 531 U.S. 230, 241, 121 S.Ct. 714, 148 L.Ed.2d 635 (2001) (“Congress used ‘shall’ to impose discretionless obligations.... ”). Thus, the statute commands Federal Reserve Banks to make all services covered by “the fee schedule” available to “nonmember depository institutions.” In this way, the statute establishes open access to Federal Reserve services for nonmember depository institutions. Fourth Corner is a nonmember depository institution; thus, Fourth Corner is entitled to obtain the services covered in the fee schedule. The Federal Reserve Bank of Kansas City and the Federal Reserve System’s Board of Governors, as amicus curiae, argue that the issuance of master accounts is omitted from the fee schedule’s list of services. Fourth Corner disagrees, invoking a catchall provision that requires Federal Reserve Banks to provide nonmember depository institutions with access to “any new services” offered through the Federal Reserve System. 12 U.S.C. § 248a(b)(8). For the sake of argument, I assume that the issuance of master accounts does not constitute a new service covered by this catchall provision. Even with this assumption, § 248a(c)(2) would require the issuance of master accounts, for all services offered by the Federal Reserve System are conditioned on the issuance of master accounts. Op. of Judge Moritz at 1053-54; see also Fed. Res. Banks, Operating Circular No. 7, Book-Entry Securities Account Maintenance and Transfer Services ¶¶ 3.19, 3.21, & 5.2 (eff. June 30, 2016) (stating that each entity with a Federal Reserve securities account must maintain a master account to send or receive transfers with assignment of credit to the sender and debit to the receiver). Without a master account, none of the fee schedule’s services would be available. Thus, a nonmember depository institution like Fourth Corner can operate only by obtaining its own master account or using a middleman that has a master account. Nonetheless, the Bank contends that it can deny a master account because the issuance of master accounts is not specifically listed in the services covered by § 248a(c)(2). This contention flies in the face of Congress’s unambiguous command to make services in the fee schedule available to nonmember depository institutions. See United States v. Walker, 947 F.2d 1439, 1443-44 (10th Cir. 1991) (rejecting a construction of a statute that “would allow a bank officer to circumvent [congressional] intent”). I would reject this effort to subvert congressional intent. The Federal Reserve Bank of Kansas City and the Board of Governors protest that Fourth Corner’s interpretation reads a new word into § 248a(c)(2): “all.” The statute does not say that Federal Reserve services “shall be available to all nonmember depository institutions.” Instead, the statute requires “all Federal Reserve bank services” to be made available to “nonmember depository institutions.” 12 U.S.C. § 248a(c)(2). Thus, the Federal Reserve Bank of Kansas City and the Board of Governors reason, regional Federal Reserve Banks need not make their services available to all nonmember depository institutions. I disagree. In my view, the statute would have the same meaning regardless of whether the word “all” preceded the phrase “nonmember depository institutions.” In either case, regional Federal Reserve Banks would be obligated to make the designated services available to all nonmember depository institutions. If the word “all” had been included, it would have served as an indefinite adjective, modifying the phrase “nonmember depository institutions.” See Bryan A. Garner, The Chicago Guide to Grammar, Usage, and Punctuation 60 (2016) (defining indefinite adjectives); see also United States v. Legg, 157 F.2d 990, 992 (4th Cir. 1946) (recognizing that “all” can constitute an indefinite adjective); Clapp v. Heiner, 51 F.2d 224, 226 (3d Cir. 1931) (same); Lewis v. Moore, 80 Mass. 184, 185 (1859) (same). Had “all” been included, the phrase “shall be available to all nonmember depository institutions” could have meant “shall be available to each and every nonmember depository institution.” See Webster’s Third New International Dictionary 54 (Philip Babcock Gove ed., 1993) (defining one adjectival form of “all”). But even without the word “all,” the phrase “shall be available to nonmember depository institutions” means “shall be available to each and every nonmember depository institution.” Omitting “all” resulted in the absence of a restrictive modifier for the phrase “nonmember depository institutions.” Without a restrictive modifier, the phrase “nonmember depository institutions” is an inclusive term that includes all nonmember depository institutions. See W. Minn. Mun. Power Agency v. Fed. Energy Regulatory Comm’n, 806 F.3d 588, 592 (D.C. Cir. 2015) (concluding that the terms “states” and “municipalities” include all states and municipalities because of the absence of language qualifying or restricting the terms “states” and “municipalities”); Gares v. Willingboro Twp., 90 F.3d 720, 726 (3d Cir. 1996) (interpreting the plain meaning of the noun phrase “prevailing plaintiffs” to include all prevailing plaintiffs); Leininger v. Pioneer Nat’l Latex, 115 Ohio St.3d 311, 875 N.E.2d 36, 43 (2007) (interpreting the term “Damages,” without a restrictive modifier, as “an inclusive term embracing the panoply of legally recognized pecuniary relief’ (internal quotation marks omitted)). In similar circumstances, drafters of statutes are often cautioned against unnecessarily inserting the adjective “all” before a plural noun (like “nonmember depository institutions”). See, e.g., 101 Pa. Code § 15.142(c) (stating that “it is almost never necessary to use” “indefinite adjectives” such as “all” “[i]f the subject of the sentence is plural”). For example, one drafting treatise states: a. Use adjectives such as “each,” “every,” “any,” “all,” “no,” and “some” (technically known as “pronominal indefinite adjectives”) only when necessary. b. If the subject of the sentence is plural, it is almost never necessary to use this kind of adjective (e.g., Majors of the Regular Army shall....; Majors of the Regular Army may not....). William P. Statsky, Legislative Analysis and Drafting 184 (2d ed. 1984) (emphasis added); see also Reed Dickerson, Legislative Drafting 81 (1954) (same quotation with a different example of plural nouns). Similarly, a scholar advises: “All” is frequently used unnecessarily to give a spurious kind of emphasis. Constructions may involve tireless circumlocution. For example— All those persons who are elected members of the Board shall hold office for three years. It is quite adequate to say— Elected members of the Board shall hold office for three years. G.C. Thornton, Legislative Drafting 77 (1970); see also Lawrence E. Filson & Sandra L. Strokoff, The Legislative Drafter’s Desk Reference § 22.10, at 297-98 (2d ed. 2008) (“The terms ‘any,’ ‘each,’ and ‘every’ should ideally be reserved for expressions that require unusual emphasis, or for those cases where the use of ‘a’ or ‘an’ might permit the unintended interpretation that the obligation is to be discharged (or the privilege exhausted) by applying it to a single member of the class instead of to all of them.”). As these drafting treatises suggest, it was unnecessary to put “all” before a plural noun like “nonmember depository institutions.” The meaning was the same with or without the adjective “all.” Either way, § 248a(c)(2) unambiguously entitled all nonmember depository institutions to a master account. b. Past Interpretations by the Board of Governors As noted above, the Board of Governors argues as amicus curiae that § 248a(c)(2) does not entitle all nonmember depository institutions to Federal Reserve services. This position is new and unique for the Board. Before this litigation, the Board of Governors had uniformly interpreted the 1980 Deregulation and Monetary Control Act to extend Federal Reserve services to all “depository institutions.” See, e.g., Poli cies: The Federal Reserve in the Payments System, Bd. of Governors of the Fed. Reserve Sys. (1990), available at http://www.federalreserve.gov/ paymentsystems/pfsArpaysys.htm (“Federal Reserve payment services are available to all depository institutions.... ”); Policies: Standards Related to Priced-Service Activities of the Federal Reserve Banks, Bd. of Governors of the Fed. Reserve Sys. (1984) (“The Monetary Control Act of 1980 ... has expanded the Federal Reserve’s role by requiring the Federal Reserve to provide its services to all depository institutions on an equitable basis.... ”), available at http://www. federalreserve.gov/paymentsystems/pfs_ standards.htm; Policies: Principles for the Pricing of the Federal Reserve Bank Services, Bd. of Governors of the Fed. Reserve Sys. (1980) (“Services covered by the fee schedule are available to all depository institutions.”), available at http://www. federalreserve.gov/paymentsystems/pfs_ principles.htm. Even now, the Board of Governors continues to announce on its website that the 1980 Deregulation and Monetary- Control Act gives “all depository institutions access to the Federal Reserve’s payment services.” Federal Reserve’s Key Policies for the Provision of Financial Services: About, Bd. of Governors of the Fed. Reserve Sys., https://www.federalreserve.gov/ paymentsystems/pfs_about.htm (last updated Oct. 28, 2016) (emphasis added). Thus, the amicus brief in this case appears to be the only time that the Board of Governors has doubted the right of every nonmember depository institution to access the Federal Reserve’s services — even though the adjectival “all” was omitted before the statutory phrase “nonmember depository institutions.” Ignoring its past pronouncements and current view expressed on its own website, the Board of Governors argues that we should defer to its litigation position here. I would not do so for two reasons. First, § 248a(c)(2) is not ambiguous. The plain text of § 248a(c)(2) indicates that nonmember depository institutions are entitled to purchase services from Federal Reserve Banks. To purchase these services, a master account is required. Thus, nonmember depository institutions, such as Fourth Corner, are entitled to master accounts. See Part IV(A)(1)(a), above. The Board of Governors’ current litigation position cannot trump the plain meaning of the statute. See Chevron, U.S.A, Inc. v. Nat. Res. Def. Council, Inc., 467 U.S. 837, 842-43, 104 S.Ct. 2778, 81 L.Ed.2d 694 (1984) (“If the intent of Congress is clear, that is the end of the matter; for the court, as well as the agency, must give effect to the unambiguously expressed intent of Congress.”). Second, this litigation position conflicts with the Board of Governors’ longstanding interpretation of the statute. Indeed, even now the Board of Governors continues to state on its webpage that federal law gives all depository institutions access to the Federal Reserve’s payment services. As a result, the Board’s current interpretation is “ ‘entitled to considerably less deference’ than a consistently held agency view.” Thomas Jefferson Univ. v. Shalala, 512 U.S. 504, 515, 114 S.Ct. 2381, 129 L.Ed.2d 405 (1994) (quoting I.N.S. v. Cardoza-Fonseca, 480 U.S. 421, 446 n.30, 107 S.Ct. 1207, 94 L.Ed.2d 434 (1987)); see also William N. Eskridge, Jr., Philip P. Frickey & Elizabeth Garrett, Legislation and Statutory Interpretation, 334 (2d ed. 2006) (“Agency litigating positions are generally not entitled to Chevron deference, in part because the agency is not exercising delegated authority when it takes litigating positions and in part because of fairness concerns that the agency as advocate will not develop interpretations solely through the use of neutral expertise.”). c.Interpretations by Officials with the Regional Federal Reserve Banks The Board of Governors’ past interpretations of the statute are widely shared by officials of the regional Federal Reserve Banks, who join the chorus of officials recognizing that the 1980 Deregulation and Monetary Control Act extends Federal Reserve services to all nonmember depository institutions. See, e.g., J.L. Jackson & Willis J. Winn, Foreword to Federal Reserve Bank of Cleveland 1980 Annual Report 2, 2 (1981) (stating that in light of the 1980 Deregulation and Monetary Control Act, “[o]ur services will now be available to all depository institutions”), available at https://www.clevelandfed.org/=/media/ contenVnewsroom%- 20and% 20events/pub-lications/annual% 20reports/ar% 201980% 20the% 20monetary% 20eontrol% 20act% 20mandate% 20for% 20ehange% 20pdf.pdf?la=en; Elijah Brewer III, The Depository Institutions Deregulation and Monetary Control Act of 1980, Econ. Perspectives, Sept.-Oct. 1980, at 3, 4 (stating that the 1980 Deregulation and Monetary Control Act requires the Federal Reserve to “grant all depository institutions access to [Federal Reserve] services”), available at https://www.chicagofed.org/digital_ assets/publications/economic_perspeetives/ 1980/ep_sep_octl980_partl_brewer.pdf; Lynn Elaine Browne, The Evolution of Monetary Policy and the Federal Reserve System Over the Past Thirty Years: An Overview, New Eng. Econ. Rev., Jan.-Feb. 2001, at 3, 8 (stating that the 1980 Deregulation and Monetary Control Act required the Federal Reserve to make Federal Reserve services “available to all depository institutions”), available at https://www. bostonfed.Org/-/media/Documents/neer/ neerl01a.pdf; Anatoli Kuprianov, The Monetary Control Act and the Role of the Federal Reserve in the Interbank Clearing Market, Econ. Rev., July-Aug. 1985, at 23 (stating that the 1980 Deregulation and Monetary Control Act required Federal Reserve services to be “made available to all depository institutions on equal terms”), available at https://www.richm0ndfed.0rg/-/ media/richmondfedorg/publications/ researeh/economic_review/1985/pd:fyer 710403.pdf; Gary C. Zimmerman, The Pricing of Federal Reserve Services Under the MCA, Econ. Rev., Winter 1981, at 22 (1981) (stating that the 1980 Deregulation and Monetary Control Act “provides for access by all depository institutions to major [Federal Reserve] services”), available at http://www.frbsf.org/education/files/81-l_22-40.pdf. d.Legislative History If § 248a(c)(2) were ambiguous, we could rely not only on this consensus of interpretation but also on Congress’s own expression of its intent. Doing so, we find that Congress hoped to do exactly what it did do: establish open access to Federal Reserve services. In the years leading up to enactment of the 1980 Deregulation and Monetary Control Act, Congress sought to establish open access to Federal Reserve services. See, e.g., H.R. Rep. No. 95-1590, at 20 (1978) (“The [House Committee on Banking Finance and Urban Affairs] believes that the wide access to Federal Reserve services for nonmember banks authorized by this bill will insure [sic] that a basic level of services is available to all banks throughout this country on a nondiscriminatory basis.”). This objective was ultimately implemented through 12 U.S.C. § 248a(c)(2). See, e.g., 126 Cong. Rec. 6250 (1980) (Conf. Rep.) (“House amendment includes a provision for the Federal Reserve to ... open access to [Federal Reserve] services to all depository institutions on the same terms and conditions as member banks.”). Thus, the legislative history supports the widespread agreement that the 1980 Deregulation and Monetary Control Act entitles every nonmember depository institution to Federal Reserve services. e. Interpretation of § 248a(c)(2) by Other Circuits and Academics This interpretation of § 248a(c)(2) is also supported by the case law and academic commentary. Two circuits have interpreted § 248a(c)(2) to establish open access to Federal Reserve services. See Greater Buffalo Press, Inc. v. Fed. Reserve Bank of N.Y., 866 F.2d 38, 40 (2d Cir. 1989) (stating that the 1980 Deregulation and Monetary Control Act made “check clearing services ... available to all banks”); Jet Courier Servs., Inc. v. Fed. Resene Bank of Atlanta, 713 F.2d 1221, 1222-23 (6th Cir. 1983) (stating that the 1980 Deregulation and Monetary Control Act made Federal Reserve services “available to all banks”). The Federal Reserve Bank of Kansas City argues that these interpretations appeared in dicta. But dicta or ,not, these interpretations support open access to Federal Reserve services. By contrast, no federal court has interpreted the statute as the Federal Reserve Bank of Kansas City and the Board of Governors do. Academics have agreed with our sister circuits, interpreting § 248a(c)(2) to entitle all depository institutions to Federal Reserve services. See, e.g., Timothy K. Armstrong, Chevron Deference and Agency Self-Interest, 13 Cornell J.L. & Pub. Pol’y 203, 231 n.148 (2004) (“[T]he [1980 Deregulation and Monetary Control Act] requires all services to be ... made available to all depository institutions on equal terms.”); Thomas C. Baxter, Jr. & James H. Freis, Jr., Fostering Competition in Financial Services: From Domestic Supenision to Global Standards, 34 New Eng. L. Rev. 57, 70 (1999) (“The Federal Reserve Banks are required by the [1980 Deregulation and Monetary Control Act] to provide all domestic depository institutions, including U.S. branches of foreign banks, with payments services ranging from currency and check collection to wire transfer and securities settlement.” (footnote omitted)); Fred H. Miller, Robert G. Bailen, & Hal S. Scott, Commercial Paper, Bank Deposits and Collections, and Commercial Electronic Fund Transfers, 39 Bus. Law. 1333, 1365 (1984) (“The [1980 Deregulation and Monetary Control Act] ... required the Federal Reserve, for the first time, to provide access to virtually all of its services to all depositary institutions on the same terms and conditions, and to charge for such services.”). These interpretations of § 248a(c)(2) support the widespread recognition that all nonmember depository institutions are entitled to Federal Reserve services. 2. Section 342 The Federal Reserve Bank of Kansas City and the Board of Governors contend that 12 U.S.C. § 342 cre