A Michigan banker’s $125,000 fine and ban from the industry is valid after the Sixth Circuit said that the FDIC administrative law judge who heard his appeal didn’t fall afoul of the Constitution’s appointments clause.
The US Court of Appeals for the Sixth Circuit on Friday rejected an attempt by Harry C. Calcutt III, the former chief executive of Northwestern Bank, to have a 2020 enforcement action voided on the grounds that the FDIC board was unconstitutionally structured and the administrative law judge that ruled in his case was unconstitutionally appointed.
The Federal Deposit Insurance Corp. fined Calcutt and banned ...
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