In this episode of Unwritten Law, NCLA’s Mark Chenoweth and John Vecchione are joined by NCLA Senior Litigation Counsel Russ Ryan to discuss the Supreme Court’s surprising refusal to review Alpine Securities v. FINRA, a critical case challenging FINRA’s extensive, privately delegated enforcement powers. Russ breaks down why the decision matters, how FINRA’s unusual enforcement process undermines due process, and why the Supreme Court’s denial of certiorari leaves unresolved crucial constitutional questions about private entities exercising governmental authority.

The conversation also covers NCLA’s ongoing efforts to rein in similar private regulators and celebrates a recent victory in the First Circuit involving Father Lemelson and the Equal Access to Justice Act.