The U.S. Court of Appeals for the Fifth Circuit recently denied rehearing en banc in Jarkesy v. Securities and Exchange Commission, a case with significant implications for the use of administrative law judges (ALJs) by federal agencies, including the CFPB. The SEC is expected to file a certiorari petition with the U.S.… Continue Reading
administrative law judge
Tenth Circuit ruling on constitutionality of SEC administrative judges: implications for CFPB
By Barbara S. Mishkin on
Posted in CFPB Enforcement, Regulatory and Enforcement
Just before year-end, the U.S. Court of Appeals for the Tenth Circuit, in Bandimere v. United States Securities and Exchange Commission, set aside an SEC decision finding the petitioner liable for violating various securities law on the grounds that the SEC’s administrative law judge (ALJ) who conducted the proceeding was unconstitutionally appointed. … Continue Reading
D.C Circuit rejects constitutional challenge to SEC’s use of administrative law judges
By Barbara S. Mishkin on
Posted in CFPB Enforcement, Regulatory and Enforcement
A challenge to the constitutionality of the SEC’s use of administrative law judges (ALJ) was rejected by the U.S. Court of Appeals for the D.C. Circuit. In Raymond J. Lucia Companies, Inc. et al. v. Securities and Exchange Commission, the petitioners contended that the SEC’s decision imposing sanctions for violations of the Investment Advisors Act should be vacated because the ALJ rendering the initial decision was an “inferior Officer” who, pursuant to the Appointments Clause of Article II of the U.S.… Continue Reading
More on the CFPB’s administrative law judge job posting
By Barbara S. Mishkin on
Posted in CFPB Enforcement, Regulatory and Enforcement
We reported earlier this week that the CFPB had recently posted a job opening for an administrative law judge (ALJ) and that the government jobs website indicated that the position was closed. We saw this as suggesting that the position has been filled.
In response to our blog post, Judge James G.… Continue Reading
CFPB seeks to hire administrative law judge
By Barbara S. Mishkin on
Posted in CFPB Enforcement, Regulatory and Enforcement
The CFPB recently posted a job opening for an administrative law judge (ALJ). According to the government jobs website, the position is closed which suggests that it has been filled. A recent Politico article indicated that the CFPB posted the opening because it has ended its arrangement with the SEC to borrow ALJs. … Continue Reading