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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.