25 April 2017
On Friday, April 14, 2017, Judge Cooper of the U.S. District Court for the District of Columbia issued his final judgment in favor of FinCEN, upholding its Second Final Rule and denying reconsideration that FBME Bank had sought on certain points. To read, press here. At the same time, Judge Cooper lifted his preexisting stay and denied a full stay pending appeal. To read, press here. Consistent with its rights to seek appellate relief from the U.S. Court of Appeals for the D.C. Circuit, FBME then sought and obtained from Judge Cooper on Monday, April 17, a temporary, administrative stay of the Second Final Rule that will remain in place for at least 14 days (i.e., through Monday, May 1); that temporary stay ensures that the D.C. Circuit has time and opportunity to consider FBME’s stay request. To read, press here. Also on Monday, April 17, FBME initiated its appeal to the D.C. Circuit, press here, and filed an emergency motion asking the D.C. Circuit to reinstate a full stay pending appeal; if granted, such a stay would remain in place and protect FBME against implementation of the Second Final Rule until its appeal is resolved. To read, press here. The D.C. Circuit quickly ordered FinCEN to respond to FBME’s request for emergency stay by Friday, April 21, and FBME to reply by Monday, April 24. To read, press here. Consistent with that schedule, FinCEN has filed its stay opposition, press here, and FBME has filed its reply, press here, such that FBME’s request for stay pending appeal is now fully briefed, under submission, and awaiting ruling by the D.C. Circuit. FBME will report further on developments surrounding its stay request at the D.C. Circuit.