Agency: 
Board of Governors of the Federal Reserve System
Scheme Nickname: 
Office of Financial Institution Adjudication

The Office of Financial Institution Adjudication (OFIA) hears cases for several financial institutions, including the Federal Reserve System. Administrative law judges at OFIA hear cases under a large number of Federal Reserve System statutes, as listed in 12 CFR 263.1 and 263.50. These statutes include the Federal Deposit Insurance Act, the Securities Exchange Act, and the Bank Holding Company Act, among others.

Once the hearing is complete, the administrative law judge at OFIA files a recommended opinion and decision with the Federal Reserve Board of Governors for final determination. Parties have the opportunity to take exception to the administrative law judge's decision or parts of the opinion, and can request an oral hearing (which the Board may deny). The Board issues the final agency decision.

The Board of Governors "in its discretion" may also designate itself or one of its members as the hearing officer (12 CFR 263.54-55), thus circumventing OFIA.

The CFR refers to the hearings in this scheme as "formal," and designates a second set of hearings as informal (See FRSXBOAR0002).

Comments/Notes on Adjudication Structure: 
Although the ALJ hears cases in the initial instance, he or she is not authorized to issue a final opinion. Instead, the ALJ sends his or her opinions to the Board of Governors, who issue the final decision. These decisions cannot be appealed within the agency. A list of statutes that ALJs at OFIA hear can be found in 12 CFR 263.1 and 263.50. Hearing practices and procedures can be found at 12 CFR 263.1-263.41 and 263.50-56.
Types of Adjudication: 
Type A
Verified by Agency: 
Not verified
Is this a Major Adjudication: 
Yes