Banking

  • September 27, 2023

    Trump Cries Foul As $250M NY Fraud Trial Looms

    Counsel for Donald Trump and the New York Attorney General's Office appeared in New York state court Wednesday ahead of the $250 million fraud trial slated to begin next week, and the former president again accused the presiding judge of flouting an appeals court's orders.

  • September 27, 2023

    BofA Must Face 'Inflammatory' Suit Over Wire Transfer Fees

    A North Carolina federal judge on Wednesday refused to toss a proposed consumer class action accusing Bank of America of charging unlawful hidden fees for incoming wire transfers, saying a lawsuit the bank criticized for "inflammatory rhetoric" adequately alleges the financial giant tried to skirt its duty to disclose all fees.

  • September 27, 2023

    SEC Doles Out $1.5M In Fines Over Insider Reporting Failures

    The U.S. Securities and Exchange Commission doled out more than $1.5 million in penalties Wednesday to five public companies and six individuals who agreed to settle the regulator's charges stemming from delayed reports about holdings and company stock transactions.

  • September 27, 2023

    Full DC Circ. Won't Review Mastercard, Visa ATM Class Cert.

    Mastercard and Visa lost their bid to have the D.C. Circuit rehear en banc its order upholding certification of three classes of consumers and ATM operators who accused the companies of imposing ATM fees in violation of antitrust laws, after the full court denied their petition Wednesday.

  • September 27, 2023

    Dems Urge SEC To Keep Scope 3 Disclosures In Climate Rule

    A group of Democratic lawmakers led by Sen. Elizabeth Warren, D-Mass., has urged the U.S. Securities and Exchange Commission to keep controversial Scope 3 emissions reporting requirements in a final rule on corporate climate disclosures that is anticipated to be finalized as early as next month.

  • September 27, 2023

    SEC Pursues Crypto Case In-House Despite High Court Battle

    The U.S. Securities and Exchange Commission has filed a rare litigated administrative proceeding against a pair of Chicago-area crypto promoters whom it accused of illegally raising $1.5 million in an unregistered offering, even as it fights for the future of its administrative courts before the U.S. Supreme Court.

  • September 27, 2023

    Subprime Credit Card Co. Can't Boot Class Suit To Arbitration

    Subprime credit card company Mercury Financial LLC can't force a cardholder's proposed class action over its allegedly unlicensed operation in Maryland into arbitration, a federal judge has determined.

  • September 27, 2023

    On Deck In JPML: Major Cyberattack, Uber Sexual Assaults

    When the Judicial Panel on Multidistrict Litigation meets Thursday in Lexington, Kentucky, it will consider whether to centralize suits over a massive security breach that affected numerous banks and insurers, as well as suits against ride-hailing giant Uber concerning sexual assaults by drivers.

  • September 27, 2023

    Ex-Bear Stearns Trader-Turned-Gov't Witness Avoids Prison

    A former metals trader at Bear Stearns, who prosecutors say testified to help secure the convictions of two of his ex-colleagues, was sentenced to time served in New York federal court Wednesday.

  • September 27, 2023

    Ex-Cay Clubs CFO Tells Fla. Judge Fraud Was Only $3.4M

    The convicted ex-chief financial officer of the Cay Clubs Resorts and Marinas told a Florida federal judge Wednesday that he shouldn't spend the rest of his life in prison for bank fraud because he wasn't the conspiracy's leader and the loss amount was $3.4 million — far less than what the government says.

  • September 27, 2023

    Rhode Island Bank Agrees To $9M DOJ Redlining Settlement

    One of the nation's oldest community banks has agreed to pay $9 million to settle government claims of racial discrimination in its residential mortgage lending in Rhode Island, the U.S. Department of Justice said Wednesday.

  • September 27, 2023

    Cannabis Banking Bill Advanced Out Of Senate Committee

    A key U.S. Senate committee on Wednesday moved forward a piece of legislation designed to normalize the cannabis industry's relationship with banks and other financial institutions.

  • September 27, 2023

    Gov't Shutdown Would Block New IPOs, SEC's Gensler Says

    If the U.S. Securities and Exchange Commission is forced to operate on a "skeletal" staff due to a looming government shutdown, companies would be prevented from going public and whistleblower complaints could go uninvestigated, agency chair Gary Gensler told Congress on Wednesday.

  • September 26, 2023

    FTC Says Celsius Founders Can't 'Jettison' Its Crypto Suit

    The U.S. Federal Trade Commission has told a New York federal judge that the co-founders of bankrupt crypto lender Celsius shouldn't be allowed to escape the agency's claims that they misused customer information, saying its complaint shows they had control of the business and directly participated in its downfall.

  • September 26, 2023

    SG Will Argue In SC Congressional Map, Whistleblower Cases

    The U.S. Supreme Court on Tuesday granted the solicitor general's request to participate in two October oral argument sessions related to disputes over whether a whistleblower is required to prove his former employer intended to retaliate against him, and the constitutionality of South Carolina's congressional map. 

  • September 26, 2023

    BlockFi's Ch. 11 Plan Confirmed With Opt-Out Releases Intact

    A New Jersey bankruptcy judge approved the Chapter 11 plan of cryptocurrency platform BlockFi Inc. on Tuesday, overruling opposition from the Office of the United States Trustee to the releases being granted by third parties because they had the opportunity to opt out of the release provisions.

  • September 26, 2023

    MV Realty Files For Chapter 11 Amid Investigations

    MV Realty and its affiliates in 33 states have filed for Chapter 11 bankruptcy as the company faces litigation in a handful of jurisdictions across the country, according to a recent voluntary petition from the company in Florida.

  • September 26, 2023

    BofA Accused Of Hurting Credit Scores By Canceling Autopay

    Bank of America failed to warn its credit card holders that their automatic bill payment settings would be canceled if they did not continuously use their cards, causing customers to fall behind on bills, according to a proposed class action now in California federal court.

  • September 26, 2023

    Trump Found Liable For Fraud In NY Attorney General's Case

    A New York state judge on Tuesday placed Donald Trump's assets in limbo and sanctioned his attorneys after ruling that the former president and his real estate company defrauded banks and insurers for years by exaggerating his net worth by billions of dollars.

  • September 26, 2023

    Williams Mullen Adds Tech-Focused IP Partner In Raleigh

    Southeast firm Williams Mullen announced that it expanded its intellectual property practice group with the addition of an experienced attorney in Raleigh, North Carolina, who focuses on technology-related patent work.

  • September 26, 2023

    6th Circ. Urged to Toss Texas Developer's Malpractice Suit

    An Ohio law firm has asked the Sixth Circuit not to revive a malpractice claim filed by a Texas-based real estate developer, arguing an Ohio federal court was correct to find the homebuilder and related parties either had no basis on which to state a claim or could recover no damages.

  • September 26, 2023

    The 2023 Law360 Pulse Social Impact Leaders

    Check out our Social Impact Leaders ranking, analysis and interactive graphics to see which firms stand out for their engagement with social responsibility and commitment to pro bono service.

  • September 26, 2023

    Why Law Firm ESG Is Likely Here To Stay

    As backlash to institutional efforts around environmental, social and corporate governance spreads in the U.S., experts say law firms are likely to take a long-term view and continue focusing on ESG principles, even if some of the wording and messaging around those efforts may change.

  • September 26, 2023

    Jail Is No Place To Prep For Trial, Bankman-Fried Tells Judge

    FTX founder Sam Bankman-Fried repeated his request to be released from jail for his upcoming criminal trial and be allowed to live in a temporary New York City residence, telling a Manhattan federal judge it's been "exceedingly difficult" to prepare at the Metropolitan Detention Center.

  • September 26, 2023

    Wells Fargo Settles Ex-Worker's Relocation Bonus Claims

    Wells Fargo Bank NA and the former worker who accused it of going back on its promise to pay her a bonus and additional benefits if she held off on her plans to relocate from Connecticut to Tennessee announced that they have come to an agreement resolving their dispute.

Expert Analysis

  • 2 Cases May Expand CFPB's Reach On Deceptive Practices

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    In two separate cases, the Consumer Financial Protection Bureau is asserting a broad interpretation of who is subject to the Consumer Financial Protection Act's prohibition on unfair, deceptive, or abusive acts and practices, raising questions about what an expansion of its authority might mean for consumer credit markets, say John Coleman and Leslie Meredith at Orrick.

  • Bracing For Regulatory Delays As Shutdown Looms

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    As a government shutdown looms, stakeholders should plan for regulatory delays and note that more regulations could become vulnerable to congressional disapproval under the Congressional Review Act, say Matthew Shapanka and Holly Fechner at Covington.

  • CFPB, FTC Actions Show Consumer Terms Need Fresh Eyes

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    Providers of consumer financial products and services should take recent statements and actions from the Consumer Financial Protection Bureau and Federal Trade Commission as an invitation to review their consumer-facing disclosures to ensure that the terms are clear, easy to understand and prominently displayed, say Christina Grigorian and Eric Hail at Katten.

  • What Large Language Models Mean For Document Review

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    Courts often subject parties using technology assisted review to greater scrutiny than parties conducting linear, manual document review, so parties using large language models for document review should expect even more attention, along with a corresponding need for quality control and validation, say attorneys at Sidley.

  • What Could Come Of CFPB, EU Consumer Finance Collab

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    A recent joint statement from the European Commission and Consumer Financial Protection Bureau focused on how technology is affecting consumers of financial services, potentially recognizing that legal protections are lacking because tech regulations lag behind its development, say attorneys at DLA Piper.

  • Participating In Living History Makes Me A Better Lawyer

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    My role as a baron in a living history group, and my work as volunteer corporate counsel for a book series fan association, has provided me several opportunities to practice in unexpected areas of law — opening doors to experiences that have nurtured invaluable personal and professional skills, says Matthew Parker at the Nebraska Department of Health and Human Services.

  • Opinion

    Private Equity Owners Can Remedy Law Firms' Agency Issues

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    Nonlawyer, private-equity ownership of law firms can benefit shareholders and others vulnerable to governance issues such as disparate interests, and can in turn help resolve agency problems, says Michael Di Gennaro at The Law Practice Exchange.

  • Don't Wait To Prepare For CFPB's Small Biz Lender Data Rule

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    Though federal courts in Kentucky and Texas have paused the rollout of the Consumer Financial Protection Bureau's small business loan reporting requirement, with more delays perhaps on the way, financial institutions should nonetheless turn to new agency guidance to prepare for the rule's eventual implementation, say Christopher Friedman and Shelby Lomax at Husch Blackwell.

  • Suit Alleging FDIC Overdraft Overreach May Not Make Waves

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    Regardless of its outcome, a lawsuit filed by a Minnesota community bank and state bankers trade group arguing against recent overdraft-related fee enforcement from the Federal Deposit Insurance Corp. is unlikely to ease pressure from other banking regulators for corrective action on nonsufficient fund fees, say John Stoker and Kate Wellman at Moore & Van Allen.

  • How To Protect Atty-Client Privilege While Using Generative AI

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    When using generative artificial intelligence tools, attorneys should consider several safeguards to avoid breaches or complications in attorney-client privilege, say Antonious Sadek and Christopher Campbell at DLA Piper.

  • How New Lawyers Can Leverage Feedback For Growth

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    Embracing constructive criticism as a tool for success can help new lawyers accelerate their professional growth and law firms build a culture of continuous improvement, says Katie Aldrich at Fringe Professional Development.

  • Key Elements Of The Proposed Credit Card Competition Act

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    Attorneys at Troutman Pepper examine the most noteworthy provisions in the recently proposed Credit Card Competition Act, including changes to payment card network access, Federal Reserve Board review, who would qualify as a covered institution, and routing restrictions.

  • Takeaways From Recent Developments In Bank-Fintech Space

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    Several recent consumer protection advancements affecting banks, technology and fintech companies, including the issuance of final regulatory guidance relating to third-party risk management, reemphasize the importance of closely assessing true lender issues in bank-fintech partnership arrangements, says Eamonn Moran at Norton Rose.

  • A Cautionary Tale Of Flawed Debt Accounting And SEC Fines

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    The U.S. Securities and Exchange Commission's recent improper-accounting charges against Malvern Bancorp and its ex-CFO highlight crucial practice issues, including the need to objectively evaluate borrowers' credit, say attorneys at Arnold & Porter.

  • Series

    ESG Around The World: Australia

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    Clive Cachia and Cathy Ma at K&L Gates detail ESG-reporting policies in Australia and explain how the country is starting to introduce mandatory requirements as ESG performance is increasingly seen as a key investment and corporate differentiator in the fight for global capital.

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