Banking

  • February 16, 2018

    Global Authority Wants Faster Cross-Border Payment Systems

    Payments systems should be reworked to make greater use of digital currencies to speed up cross-border payments that are currently slower and more costly than they need to be, a global standards setter said in a report Friday.

  • February 15, 2018

    Puerto Rico Electric Co. Denied Bid For Emergency Loan

    Access to electricity in Puerto Rico may be in short-term peril after a New York federal judge on Thursday denied the territory’s insolvent power utility access to $1 billion in emergency financing offered by the island’s central government, finding the superpriority lien attached to the loan unjustified.

  • February 15, 2018

    Ex-ICE Attorney Cops To Stealing Immigrant IDs

    A former top attorney at U.S. Immigration and Customs Enforcement's Seattle branch has pled guilty to charges he stole the identity of seven immigrants and attempted to use that information to defraud several major financial institutions, his attorney announced Thursday.

  • February 15, 2018

    Bank Backs Egyptian Yeast Co. With $52M Loan

    The European Bank for Reconstruction and Development said Thursday that it's supplying an Egyptian yeast producer with a $52 million loan to expand its export business, its first deal with a Chinese-owned company. 

  • February 15, 2018

    Commerce IDs Russian Entities It Says Meddled In Crimea

    The Commerce Department has added 21 entities to its list of those it deems to have undermined Ukraine’s sovereignty following Russia’s 2014 annexation of the European country’s Crimea region, according to a notice set to publish Friday in the Federal Register.

  • February 15, 2018

    2 Long Island Mortgage Co. Execs Cop To $9M Fraud

    Two mortgage executives accused of lying to banks in order to obtain nearly $9 million in short-term loans for Long Island mortgage lender Vanguard Funding LLC admitted in New York federal court on Thursday to conspiring to commit wire and bank fraud, the Brooklyn U.S. Attorney’s Office said.

  • February 15, 2018

    Pa. Auto Leasing Co. Defaulted On $10.7M Loan, Bank Says

    KeyBank NA sued a car rental company in Pennsylvania federal court on Wednesday, accusing Fleetway Leasing Co. and an affiliate of defaulting on $10.7 million in loans and fraudulently inflating their performance numbers.

  • February 15, 2018

    Mass. Regulator Charges Scottrade Over Sales Contests

    The Massachusetts securities regulator on Thursday accused Scottrade Inc. of holding sales contests it knew flouted an internal impartial conduct standard it adopted to comply with the U.S. Department of Labor’s so-called fiduciary rule for retirement account advisers.

  • February 15, 2018

    SPACs Set For Another Strong Year, Fund Manager Says

    Coming off a record-breaking 2017, initial public offerings by special-purpose acquisition companies are poised for another robust year but may fall below last year’s torrid pace, a hedge fund founder told a gathering of business people and lawyers Thursday in New York.

  • February 15, 2018

    Senator Skeptical Of $31.5M Sought For CFTC 2019 Budget

    The chairman of an influential Senate committee on Thursday voiced strong opposition to user fees proposed by the Trump administration to supplement funding for the U.S. Commodities Futures Trading Commission, casting doubt on $31.5 million the agency is seeking above its 2018 funding level.

  • February 15, 2018

    Regulators To Review Enhanced Oversight Of Prudential

    U.S. financial regulators on Wednesday announced plans to review the designation of Prudential Financial Inc. for enhanced regulatory supervision, potentially paving the way for removing the insurer and asset manager from its designation as a systemically important financial institution.

  • February 15, 2018

    Miami Partner Rejoins Shutts & Bowen From Holland & Knight

    A real estate and financial services-focused attorney returned to Shutts & Bowen LLP’s Miami office as a corporate partner last week after a nearly four-year stint at Holland & Knight LLP, becoming the second attorney to rejoin in the past two weeks, the firm said.

  • February 15, 2018

    EU Bank Seeks Pause In $1.68B Beirut Terror Victim Redress

    A Luxembourg bank has asked the Second Circuit to hold off on allowing families of victims of the 1983 Beirut U.S. Marine Corps barracks bombing to pursue $1.68 billion linked to Iran’s central bank, saying it wants time to appeal the court’s panel decision to the Supreme Court.

  • February 15, 2018

    Illinois Judge Guilty Of $1.4M Mortgage Scheme, Jury Says

    Chicago circuit court Judge Jessica Arong O’Brien is guilty of running a $1.4 million mortgage fraud scheme before she took the bench, an Illinois federal jury said Thursday.

  • February 15, 2018

    FCA Proposes Global Fintech 'Sandbox' To Boost Innovation

    The U.K.’s Financial Conduct Authority has set out plans to allow innovators in the financial sector to test new products and services in multiple jurisdictions without the burden of regulation, building on its four-year-old domestic "sandbox" scheme.

  • February 15, 2018

    FCA's RBS Report Standoff Leads To Leadership Questions

    The Financial Conduct Authority's failure to take quick, aggressive action on allegations that RBS mistreated small businesses recalls earlier fumbles when dealing with the Libor rate-rigging scandals, leaving lawmakers questioning whether the agency needs new leadership and possibly new regulatory tools.

  • February 15, 2018

    A Chat With Hogan Lovells HR Chief Allison Friend

    In this monthly series, legal recruiting experts at Major Lindsey & Africa interview management from top law firms about navigating an increasingly competitive business environment. Here we feature Allison Friend, chief human resources officer for Hogan Lovells.

  • February 15, 2018

    US Bank To Pay $613M For Faulty Money Laundering Program

    U.S. Bank on Thursday agreed to pay $613 million as part of a deferred prosecution agreement with federal prosecutors and bank regulators over alleged failings of its anti-money laundering programs, including an effort to hide those deficiencies from its regulator and processing transactions for disgraced payday lending mogul and race car driver Scott Tucker.

  • February 14, 2018

    NY Cybersecurity Rules Will Be Enforced As They Mature

    New York's financial regulator has been relatively quiet since first-of-their-kind cybersecurity rules took effect last year, but attorneys expect that the first wave of compliance certifications due Thursday and looming deadlines to implement more technically complex aspects of the regulation will trigger an enforcement blitz.

  • February 14, 2018

    Puerto Rico Utility Creditors Unveil $534M Loan Offer

    Creditors of Puerto Rico’s ailing power utility on Wednesday offered a $534 million loan in a bid to head off the contentious $1 billion loan the utility is seeking from the Commonwealth, setting up a showdown over who will provide bridge funding ― and receive superpriority liens ― until federal aid dollars arrive.

Expert Analysis

  • Opinion

    Evolving Due Process In The Digital Age

    Stephen Kane

    Because courts have not modernized as quickly as companies like Amazon, Tesla and Apple, Americans are becoming increasingly dissatisfied, but technological innovations may be able to help Americans access their due process, says Stephen Kane of FairClaims.

  • Mortgage Pricing Scrutiny Poses New Challenges For Lenders

    Jeffrey Naimon

    Recent federal and state enforcement actions indicate that, even if regulators are not setting “the right price” for a loan, they are increasingly willing to declare certain prices “wrong.” This is a troubling development for mortgage lenders, say Jeffrey Naimon and Benjamin Olson of Buckley Sandler LLP.

  • Under New Tax Law, Time Is Running Out For Ponzi Victims

    Kevin Diamond

    Counsel representing victims of Ponzi schemes should note that the Tax Cuts and Jobs Act eliminates the theft tax loss provisions of the Internal Revenue Code for tax years after 2017. The time to act is now, before this important tax benefit goes away, says Kevin Diamond of Rico Murphy & Diamond LLP.

  • Centers Of Influence Are Key To Small Law Firm Rainmaking

    Frank Carone

    In a national survey of 378 small law firms, partners ranked client referrals as the most important means of business development. Yet studies reveal that while professional services providers obtain most new clients from existing client referrals, their best new clients — the ones providing the largest pool of investable assets — overwhelmingly come from “centers of influence,” says Frank Carone, an executive partner at Abrams Fensterman.

  • Potential Revamp Of CFPB Civil Investigative Demand Process

    Jean Veta

    Last week the Consumer Financial Protection Bureau published a request for information seeking comment on its civil investigative demand process. This signals the bureau’s potential openness to revising the process, which has been regarded as difficult, expensive and time-consuming by many institutions, say attorneys with Covington & Burling LLP.

  • Beware ICO Lawyers, You're The Next Target

    John Reed Stark

    Chairman Jay Clayton of the U.S. Securities and Exchange Commission recently gave an extraordinary speech reiterating his concerns about initial coin offerings while also adding a new twist. It's gatekeeper liability redux at the SEC, and lawyers connected to ICOs should be watching their backs, says John Reed Stark, president of John Reed Stark Consulting LLC.

  • No Consensus On Conspiracy Theory Of Personal Jurisdiction

    Jack Figura

    Courts are divided — and the U.S. Supreme Court has yet to rule — on whether the conspiracy theory of personal jurisdiction is proper under due process requirements. But it is reasonable to expect that sooner or later the high court will narrow the permissible reach of this theory, says John P. “Jack” Figura of Norton Rose Fulbright.

  • State Of The Aircraft Finance Debt Market

    Ronald Scheinberg

    The improving financial position of airlines and operating lessors, coupled with increased competition for deals, has put pressure on private-sector lenders. One would expect this state of “borrower power” to continue during the current economic cycle, says Ronald Scheinberg of Vedder Price PC.

  • Feature

    From Law Firm To Newsroom: An Interview With Bob Woodruff

    Randy Maniloff

    Lawyers who have left the traditional practice for perceived greener pastures are many. But the circumstances surrounding broadcast journalist Bob Woodruff’s departure are unique. Like none I’ve ever heard, says Randy Maniloff of White and Williams LLP.

  • New Pa. Mortgage Servicer Law Raises A Host Of Questions

    Costas Avrakotos

    To welcome in the new year, mortgage loan servicers in Pennsylvania were greeted by a new licensing obligation. However, there are uncertainties as to how the new law will be applied, say Costas Avrakotos, Daniel Pearson and Patty Mesa of Mayer Brown LLP.