Banking

  • March 11, 2024

    DOL Sends Fiduciary Rule Rewrite To White House

    The U.S. Department of Labor transmitted its retirement security proposal that would broaden the definition of who qualifies as a fiduciary under the Employee Retirement Income Security Act to a White House office for final review over the weekend.

  • March 08, 2024

    Trump 'An Existential Threat' To Rule Of Law, Attys Warn

    Former President Donald Trump represents an "existential threat" to democracy and the rule of law, legal experts said Friday at a conference on white collar crime in San Francisco.

  • March 08, 2024

    Visa, Mastercard's Standing Challenge Fails In Swipe Fee Case

    A New York federal judge in a newly unsealed order rejected Visa and Mastercard's bid for summary judgment that claimed that merchants suing the card companies over allegedly anticompetitive conduct lack standing to do so under U.S. Supreme Court precedent.

  • March 08, 2024

    SEC's Climate Regs Face Multipronged Courtroom Attack

    The future of the U.S. Securities and Exchange Commission's long-awaited corporate climate disclosure regulations is up in the air as the agency stares down lawsuits challenging its authority to promulgate the rules, with even more parties threatening to force the agency to defend its decision in court for years.

  • March 08, 2024

    CFPB Seeks Public Stories Of Mortgage Closing 'Junk Fees'

    The Consumer Financial Protection Bureau said Friday it is asking for consumers to share their experiences with mortgage closing costs, material that could inform future agency action to curb rising fees.

  • March 08, 2024

    DOJ Eyes FCPA For New Whistleblower Rewards Program

    U.S. Department of Justice officials on Friday signaled a renewed emphasis on fighting foreign corruption, saying its planned whistleblower rewards program should prove useful in Foreign Corrupt Practices Act cases against private companies, and warned companies against running afoul of new rules barring the sale of personal data to foreign adversaries of the U.S.

  • March 08, 2024

    DC Judge Strikes 2 BofA Experts In $1.1B FDIC Premiums Suit

    Bank of America can't use a certified public accountant and an economics scholar it had enlisted to fend off a Federal Deposit Insurance Corp. suit accusing the financial institution of failing to pay $1.1 billion in premiums, a federal magistrate judge has determined, finding both experts offered inadmissible opinions.

  • March 08, 2024

    Experian Biased Jury In Credit Reporting Suit, 11th Circ. Told

    An attorney for a Florida resident who sued Experian alleging it inaccurately reported a discharged mortgage in his credit history told the Eleventh Circuit on Friday that a lower court judge allowed the company to introduce improper evidence at trial, arguing it caused jurors to deliver an unfavorable verdict against her client.

  • March 08, 2024

    Fed Sharpens Threat Safeguard Rules For Payment Utilities

    The Federal Reserve said Friday that it has finalized expanded risk-management requirements aimed at hardening key providers of payments infrastructure against cybersecurity disruptions, extreme weather and other threats to their critical operations.  

  • March 08, 2024

    UBS Luxembourg Must Face $50M Madoff Clawback Suit

    UBS Luxembourg can't escape a lawsuit seeking to claw back nearly $50 million the bank allegedly redeemed from Bernard L. Madoff feeder fund Fairfield Sentry Limited at highly inflated values, a New York bankruptcy judge ruled on Friday. 

  • March 08, 2024

    Kwok Judge Lets Gov't Keep $302M In Crypto For Restitution

    A New York federal judge has denied a request to return more than $300 million in assets to holders of cryptocurrrency issued by bankrupt Chinese exile Ho Wan Kwok's Himalaya Exchange, finding that the federal government has a continued interest in the property it seized.

  • March 08, 2024

    New Headache For Binance As 2nd Circ. Revives Investor Suit

    The Second Circuit on Friday revived a proposed investor class action against the embattled crypto exchange Binance Holdings Ltd. and its founder, disagreeing with a lower court that ruled the customers had not alleged their transactions were conducted in the U.S.

  • March 08, 2024

    Ex-Private Funds Leader With Perkins Coie Jumps To MoFo

    The former chair of Perkins Coie LLP's private investment funds group has jumped to Morrison Foerster LLP in Denver.

  • March 07, 2024

    Ginnie Mae Says Texas Bank Can't Use Oral Promises In Suit

    The Government National Mortgage Association told a Texas federal court Wednesday that even if it made oral promises not to void a Texas Capital Bank's interest in a first-priority lien on a multimillion-dollar emergency loan, those promises don't hold up legally and the case should be dismissed.

  • March 07, 2024

    Judges Say Facing Threats And Vitriol Now Part Of The Job

    Federal judges spoke Thursday about the challenges of the profession in the 21st century, describing how they've either received threats or know of warnings against colleagues, with one jurist saying she received 11 death threats during her first three months on the bench.

  • March 07, 2024

    Biden Touts Antitrust Stance As Move To Lower Housing Cost

    President Joe Biden in his State of the Union address praised his administration's position backing antitrust lawsuits against rental algorithm companies RealPage Inc. and Yardi, and he urged Congress to support his plan to build or renovate 2 million affordable units, establish a tax credit for first-time homebuyers and other steps aimed at lowering housing costs.

  • March 07, 2024

    Caliber Says Ex-Exec's Terms With Predecessor Still Apply

    Caliber Home Loans Inc. has urged a Dallas federal court to reject a former executive's bid to trim a lawsuit accusing him of raiding the company's workforce when he defected for a competitor, arguing that a contract breach claim still stands even though he worked for a predecessor when he signed the contract at issue. 

  • March 07, 2024

    Wells Fargo, Goldman Escape Some Climate Proxy Proposals

    The Goldman Sachs Group Inc. and Wells Fargo & Co. may exclude from their upcoming proxy statements shareholder proposals calling for reports on their clients' climate change commitments, according to the U.S. Securities and Exchange staff, which also wouldn't let Wells Fargo or Texas Instruments Inc. escape including separate labor and human rights-related proposals.

  • March 07, 2024

    Deputy AG Unveils DOJ Whistleblower Rewards Pilot Program

    Deputy Attorney General Lisa Monaco on Thursday said the U.S. Department of Justice will soon begin a pilot program to financially reward whistleblowers who alert prosecutors to significant corporate misconduct.

  • March 07, 2024

    IP Forecast: 2nd Circ. To Consider Whether Seltzer Is Beer

    The Modelo brand will head to the Second Circuit next week to argue that a Manhattan jury erred when it found that Corona's flavored seltzer is just about the same as beer in light of a contract that the companies entered. Here's a look at that case — plus all the other major intellectual property matters on deck in the coming week.

  • March 07, 2024

    Axos Bank Sued Over Money Market Account Reclassification

    Axos Bank has been hit with a proposed class action in California federal court, alleging that it reclassified customers' high-yield money market accounts into lower-yield investment accounts without informing them.

  • March 07, 2024

    American Airlines Says Frequent Flier Suit Belongs In Texas

    American Airlines said Texas is the proper forum for a proposed class action in California alleging it improperly terminated customers' frequent flyer accounts and wiped out the value of the miles they accrued, saying AAdvantage program membership decisions are made in its Fort Worth headquarters.

  • March 07, 2024

    Ex-SVB Counsel Farella Braun Seeks $49K In Unpaid Fees

    Farella Braun & Martel LLP, which previously represented Silicon Valley Bank's parent in a dispute over fraud coverage, has sued the Federal Deposit Insurance Corp. in a California federal court to extract nearly $49,000 in unpaid legal fees it says the agency must pay on behalf of the defunct lender.

  • March 07, 2024

    Jailed Reality Star Slammed For Raising 'Irrelevant' Evidence

    Less than a month ahead of trial, a Georgia Department of Revenue employee suing imprisoned former reality television star Michael "Todd" Chrisley has asked a Georgia federal judge to stop Chrisley from bringing in evidence she says is "irrelevant" to the defamation case she brought against him.

  • March 07, 2024

    Wells Fargo Charged For Unwanted Programs, Customer Says

    An Ohio resident is the latest to bring proposed class claims against Wells Fargo over the bank's recent disclosures that some of its customers were unwittingly enrolled in certain financial products offered by the bank as far back as 2007, and charged fees for them.

Expert Analysis

  • The Case For Post-Bar Clerk Training Programs At Law Firms

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    In today's competitive legal hiring market, an intentionally designed training program for law school graduates awaiting bar admission can be an effective way of creating a pipeline of qualified candidates, says Brent Daub at Gilson Daub.

  • Taking Action On Interagency Climate Financial Risk Guidance

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    Recent joint guidance from the Federal Reserve, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency on climate-related financial risk management for large institutions makes it clear that banks should be proactive in assessing their risks and preparing for further regulation, says Douglas Thompson at Snell & Wilmer.

  • CFPB, DOJ Signal Focus On Fair Lending To Immigrants

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    New joint guidance from the Consumer Financial Protection Bureau and the U.S. Department of Justice effectively broadens the scope of protected classes under the Equal Credit Opportunity Act to include immigration status, indicating a significant shift in regulatory scrutiny, say Alex McFall and Leslie Sowers at Husch Blackwell.

  • Attorneys Have An Ethical Duty To Protect The Judiciary

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    The tenor of public disagreement and debate has become increasingly hostile against judges, and though the legislative branch is trying to ameliorate this safety gap, lawyers have a moral imperative and professional requirement to stand with judges in defusing attacks against them and their rulings, says Deborah Winokur at Cozen O'Connor.

  • Best Practices For Defense Tech Startup Financing

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    Navigating the expanding and highly regulated defense technology sector requires careful planning and execution, starting at incorporation, so startups should prepare for foreign investor issues, choose their funding wisely and manage their funds carefully, say attorneys at WilmerHale.

  • Paths Forward For RE Buyers In Turbulent Market Conditions

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    Real estate borrowers are facing significant challenges in financing new acquisitions or developments amid escalating interest rates, but opportunistic debt funds may be able to help bridge through the present environment, say Jon Gallant and Jared Hodges at Knowles Gallant.

  • DOL's Retirement Security Rule Muddies Definitional Waters

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    The latest proposal changing how the Employee Retirement Income Security Act defines "investment advice," which the White House framed as a narrowly tailored regulation, would implement a sweeping regulatory overhaul that changes how the retirement services industry interacts with plans, participants and account owners, says Michael Kreps at Groom Law Group.

  • Why The Debt Maturity Wall Is Still A Figment, For Now

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    While the phenomenon of the debt maturity wall — a growing wall of staggered corporate debt maturities — has been considered a looming problem since the aftermath of the 2008 global financial crisis, it’s unlikely to have significant consequences before 2025 due to factors such as quantitative easing and evolved lending practices, says Michael Eisenband at FTI Consulting.

  • A Deep Dive Into FSOC's Expansion Of Nonbank Oversight

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    The Financial Stability Oversight Council's new nonbank guidance, designed to provide the council with added flexibility in risk response, not only modifies the process for designating nonbanks as systemically important institutions, but also sends a clear signal that the FSOC may assume a more active role in addressing financial stability risks across the economy, say attorneys at Simpson Thacher.

  • 9th Circ. ERISA Ruling Informs DOL's New Fiduciary Proposal

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    The Ninth Circuit's reasoning in its recent Bugielski v. AT&T decision illustrates the importance of the U.S. Department of Labor's proposals to expand the reach of Employee Retirement Income Security Act third-party compensation disclosure rules and their effect on investment adviser fiduciaries, says Jeff Mamorsky at Cohen & Buckmann.

  • AI Can Help Lawyers Overcome The Programming Barrier

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    Legal professionals without programming expertise can use generative artificial intelligence to harness the power of automation and other technology solutions to streamline their work, without the steep learning curve traditionally associated with coding, says George Zalepa at Greenberg Traurig.

  • Are CCOs Really In The SEC's Crosshairs?

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    U.S. Securities and Exchange Commission Enforcement Director Gurbir Grewal recently gave a speech to address the concerns of chief compliance officers in light of recent enforcement actions taken against them, but CCOs need to understand when to push back against management, quit, or report issues to the board or to regulators, say Brian Rubin and Adam Pollet at Eversheds Sutherland.

  • Total Stay Of CFPB Small Biz Data Rule Is Boon To Lenders

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    The Southern District of Texas’ nationwide halt of the Consumer Financial Protection Bureau’s Small Business Lending Rule would end if the CFPB wins a pending U.S. Supreme Court case, but the interim pause allows valuable extra time for financial institutions to plan their compliance strategies, say attorneys at Greenberg Traurig.

  • Key Takeaways From CFPB's Proposed Data-Sharing Rules

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    The Consumer Financial Protection Bureau's recently announced proposed rule for regulating personal financial data rights sheds light on the bureau's stance regarding practices like screen-scraping and may presage further activity that could involve more concrete enforcement actions, say attorneys at Wilson Sonsini.

  • Transparency And Explainability Are Critical To AI Compliance

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    Although there is not yet a comprehensive law governing artificial intelligence, regulators have tools to hold businesses accountable, and companies need to focus on ensuring that consumers and key stakeholders understand how their AI systems operate and make decisions, say Chanley Howell and Lauren Hudon at Foley & Lardner.

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