Administrative Agency Civil Procedure Finance & Banking

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FERC Civil Penalties May Be Subject to Full Judicial Review

A Federal District Court recently held that a proposed civil penalty assessed by FERC was subject to a full trial de novo where the respondent elects to forego a hearing before an Administrative Law Judge, a matter of first...more

The Scope Of SEC Defendants' Jury Trial Right: Part 2

This is the second of four articles examining the scope of the Seventh Amendment jury trial right for civil defendants in U.S. Securities and Exchange Commission enforcement actions. The previous article explained why the...more

Novel Reading Of Statute Widens CFPB Jurisdiction

Tucked away in a seemingly innocuous paragraph in a complaint, the Consumer Financial Protection Bureau has asserted an extraordinary and potentially far-reaching expansion of its authority. On June 6, 2016, the CFPB...more

In Apparent First, Eleventh Circuit Extends Five-Year Statute of Limitations to Declaratory Relief and Disgorgement Actions by SEC...

A federal appellate court recently held that the five-year statute of limitations in 28 U.S.C. § 2462 applies to actions by the Securities and Exchange Commission for declaratory relief and disgorgement. The decision extends...more

2nd Cir. Joins 7th & D.C. Requiring Exhaustion to Challenge SEC ALJs

The Second Circuit has affirmed dismissal of “diva of distressed” Lynn Tilton’s constitutional challenge to the SEC’s administrative forum, holding that issue isn’t reviewable by the courts until an appeal after two levels of...more

Second Circuit Rejects Challenge to SEC Venue Decision

The second circuit joined the two other circuits which have rejected challenges to the SEC’s venue selection decisions, concluding that district courts do not have jurisdiction to hear the suits presenting the question while...more

Federal Reserve Bank Ruled a Federal Supervisory Agency Under the BSA

In a case of first impression, a district court held that a regional Federal Reserve Bank was a supervisory agent as defined by the Bank Secrecy Act (“BSA”). The BSA requires the reporting of any suspicious activity that may...more

Is the CFPB Constitutional?

Is the Consumer Financial Protection Bureau (CFPB) constitutional? A panel of the D.C. Circuit Court of Appeals is currently considering the issue after hearing oral argument in PHH Corporation v. CFPB....more

CFPB Suffers First Official CID Challenge

On April 21, 2016, Judge Richard J. Leon of the United States District Court for the District of Columbia ruled on the first judicial challenge to the Consumer Financial Protection Bureau’s (“CFPB,” or “Bureau”) authority to...more

Federal Court: CFPB Overstepped Jurisdiction in Issuing CID to For-Profit Colleges Accreditor

Judge Richard J. Leon of the U.S. District Court for the District of Columbia on April 21, 2016, ruled that the Consumer Financial Protection Bureau (CFPB) did not have authority to issue a Civil Investigation Demand (CID) to...more

CFPB Cannot Force For-Profit College Group to Comply With Investigative Demand

On April 21, the United States District Court for the District of Columbia ruled that due to a lack of authority under existing consumer protection laws, the Consumer Financial Protection Bureau (“CFPB”) cannot require a...more

CFPB lacked authority to issue CID issued to college accrediting organization, D.C. federal district court rules

The D.C. federal district court has ruled that the CFPB exceeded its statutory authority when it issued a CID to the Accrediting Council for Independent Colleges and Schools (ACICS) in August 2015....more

MetLife Opinion Turns the Tables on FSOC: Back to the Drawing Board

U.S. District Court Judge Rosemary Collyer recently released her opinion invalidating the decision of the Financial Stability Oversight Council (FSOC or the Council) to designate MetLife a systemically important financial...more

SOX Whistleblower Receives $250,000 Award Related to State Wage Act Complaints

The ARB recently concluded that a former program manager was entitled to recover more than $250,000 in back pay and benefits under Section 806 of SOX based on his discipline and constructive discharge. The ARB clarified that...more

D.C. Circuit Appears Poised to Overturn First CFPB Enforcement Action to Reach the Court: Five Key Takeaways From Yesterday’s Oral...

Major financial firms almost never litigate with their regulators. As a result, regulators often take aggressive enforcement positions with little fear of judicial scrutiny. That’s been especially true for the Consumer...more

D.C. Circuit Judge Expresses Concern That CFPB Concentrates “Huge Power” in Single Director

Yesterday’s oral argument in the CFPB v. PHH Corporation appeal included sharp questioning about the constitutionality of the Consumer Financial Protection Bureau’s (CFPB) single-director structure, which the parties agreed...more

Judge Garland’s ERISA Jurisprudence Reflects His Methodical and Moderate Reputation

With President Obama’s recent nomination of Judge Merrick B. Garland of the U.S. Court of Appeals for the D.C. Circuit to the U.S. Supreme Court, we thought our loyal readers would be interested to learn a little about Judge...more

U.S. District Court Overturns FSOC Designation of MetLife as a Systemically Important Financial Institution

On March 29, 2016, MetLife scored a victory as Judge Rosemary Collyer of the U.S. District Court for the District of Columbia invalidated the Financial Stability Oversight Council’s (FSOC) designation of MetLife as a...more

Will Supreme Court Hear A Challenge to SEC Venue Decisions?

The SEC continues to prevail in actions brought challenging its venue selections. On March 28, 2016, the Supreme Court denied a request for a writ of certiorari in Bebo v. SEC, 799 F. 3d 765 (7th Cir. 2015). Ms. Bebo’s case...more

When is an Administrative Action Barred by the Dodd-Frank Act’s Three-Year Statute of Limitations? Never, According to the CFPB

Corporate defendants are entitled to the protections afforded by statutes of limitations, which bar claims for conduct long-past and are “vital to the welfare of society.” See, e.g., Gabelli v. S.E.C., 133 S. Ct. 1216, 1221...more

FinCEN Issues Advisory on FATF-Identified Jurisdictions with AML/CFT Deficiencies

On March 21, 2016, the Financial Crimes Enforcement Network (FinCEN) issued an Advisory (FIN-2016-A002) on the Financial Action Task Force (FATF)-identified jurisdictions with strategic deficiencies in anti-money laundering...more

SEC Administrative Case Reinforces Current Emphasis on Internal Controls

Consistent with its current focus on internal control over financial reporting (ICFR), the Securities and Exchange Commission recently sanctioned a company and individuals for failing to adequately evaluate and audit the...more

ARB Rejects SOX Claim of Employee Who Threatened Co-Worker

On February 18, 2016, the ARB dismissed a former employee’s whistleblower retaliation claim under Section 806 of SOX, concluding that he failed to show that his protected activity contributed to the decision to terminate his...more

New York State Division of Tax Appeals Addresses Unauthorized Insurance Company Taxation

A New York State Division of Tax Appeals administrative law judge (ALJ) issued three determinations addressing the tax implications for unauthorized insurance companies, both life and non-life. Significant uncertainty has...more

Another SEC Insider Trading Case As An Administrative Proceeding

The SEC filed another settled insider trading case. In the Matter of Abdallah Fadel, Adm. Proc. File No. 3-17111 (February 10, 2016). While the case is straight forward, what may be of interest is the fact that it is the...more

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