How to Fight Back Against Bad Agency Decisions
With so many prominent Dodd-Frank regulations expected to be finalized and Financial Stability Oversight Council designations anticipated in 2013, expect a significant uptick in judicial challenges to administrative actions by financial institutions.
Tools, such as a rediscovery of the Administrative Procedure Act and statutory cost-benefit analysis requirements, have already been successfully used in comments or court challenges involving actions proposed to be taken by the FSOC and the Securities and Exchange Commission. Here is a summary of the requirements and defenses that usually form the basis for any administrative challenge. These tools can be used by banks to challenge unauthorized or defective rules or agency determinations. Such challenges, therefore, are usually brought only in egregious cases. To read the full analysis, please click here.