Banking

  • September 18, 2024

    SEC's Equity Trading Reforms Allow Half-Penny Stock Pricing

    The U.S. Securities and Exchange Commission on Wednesday unanimously agreed to allow exchanges to quote stock prices in half-penny increments, part of a wider overhaul purportedly aimed at improving transparency and lowering trading costs.

  • September 18, 2024

    Sidley Can't Escape Malpractice Suit In Ga. Over Tax Scheme

    A Georgia federal judge has found that Sidley Austin LLP must face its former clients' legal malpractice claims alleging they participated in a tax scheme under the firm's guidance, but threw out indemnity claims seeking reimbursement for paying the IRS $7 million over the scheme.

  • September 18, 2024

    GameStop CEO Pays $1M For Failure To Flag Bank Stock Buy

    GameStop CEO Ryan Cohen has agreed to pay nearly $1 million to settle U.S. Department of Justice claims that the Canadian entrepreneur violated the Hart-Scott-Rodino Act when he bought more than $20 million worth of Wells Fargo shares in 2018.

  • September 18, 2024

    Federal Judge Won't Abstain From Pot Payment Co. Dispute

    A Nevada federal judge has declined to abstain from a dispute between a pair of investment firms over the collapse of their joint venture, saying while one company is a subsidiary of a cannabis payment processing company, the dispute can be resolved without dipping into the murky waters of cannabis's federal illegality.

  • September 18, 2024

    NJ Bank Agrees To $14M Subsidy Fund In DOJ Redlining Deal

    A New Jersey regional bank has agreed to provide at least $14 million in loan subsidies as part of a proposed consent order unveiled Wednesday to settle U.S. government claims that it engaged in redlining, a form of illegal lending discrimination, in certain central parts of the state.

  • September 18, 2024

    Silvergate Bank Parent Co. Files Ch. 11, Plans Liquidation

    The parent company of shuttered cryptocurrency-focused bank Silvergate filed for Chapter 11 protection in Delaware on Wednesday with plans to wind down and liquidate its remaining assets.

  • September 18, 2024

    Danske Bank Ends French AML Probe With $7M Settlement

    Disgraced lender Danske Bank said Wednesday that it has agreed to pay €6.33 million ($7 million) to French prosecutors to end a formal investigation into suspected money laundering involving transactions totaling €21.6 million.

  • September 17, 2024

    CFPB Warns Banks On ATM Overdraft Fees Without Consent

    The Consumer Financial Protection Bureau on Tuesday warned banks that charging customers debit card overdraft fees without their consent violates the law, the latest escalation in the regulator's crackdown on so-called junk fees.

  • September 17, 2024

    FDIC, OCC Cement New Bank-Merger Policy Guidelines

    Federal banking regulators on Tuesday approved plans to tighten their oversight of bank mergers, scoping out heightened scrutiny for deals that result in banks with $100 billion in assets among other things.

  • September 17, 2024

    FDIC Proposes Rule On Bank-Fintech Partnership Risks

    The Federal Deposit Insurance Corp.'s rulemaking board on Tuesday proposed new recordkeeping rules aimed at both shoring up consumer protections as more fintech firms enter the banking space, and preventing a repeat of account freezes that have occurred after fintech service provider Synapse entered into bankruptcy earlier this year.

  • September 17, 2024

    FCA Cash Access Rules For Banks Bite Early

    The Financial Conduct Authority said Wednesday its rules for large banks to protect cash access for businesses and consumers have already made an impact, with multiple extra banking hubs confirmed across the U.K.

  • September 17, 2024

    US Sanctions Georgians Engaged In Anti-Democratic Violence

    The United States imposed sanctions and visa bans Tuesday on several Georgians for their involvement in the violent response to peaceful protests against the foreign influence law that U.S. officials say has undermined Georgia's democracy and violated human rights.

  • September 17, 2024

    Brooklyn Feds Unveil Whistleblower Nonprosecution Plan

    The Brooklyn U.S. Attorney's Office on Tuesday announced an initiative to reward corporate whistleblowers with nonprosecution deals amid a broader effort by federal prosecutors to encourage voluntary disclosure of criminal activity.

  • September 17, 2024

    McGuireWoods Finance Pro Jumps To Troutman Pepper

    A former McGuireWoods LLP attorney has joined the Charlotte, North Carolina, office of Troutman Pepper Hamilton Sanders LLP, where she'll guide consumer financial services clients through the litigation and compliance complexities of the highly regulated industry.

  • September 17, 2024

    GC Base Salaries At Big Companies On The Rise

    General counsel base salaries at companies making $5 billion or more in revenue has increased from last year, while their total compensation has decreased, according to a report released Tuesday by the Association of Corporate Counsel and Empsight International LLC.

  • September 17, 2024

    SEC Fines 12 Muni Advisers $1.3M In Texting Probe Actions

    The U.S. Securities and Exchange Commission on Tuesday fined 12 municipal advisory firms a combined $1.3 million over their failure to keep records of employees' use of text messages and other so-called off-channel communication methods to conduct business.

  • September 17, 2024

    Chrisley Sentence Should Stick Despite 11th Circ., Feds Argue

    Julie Chrisley's prison sentence shouldn't change even as a Georgia federal judge considers the former reality TV star's smaller role in a $36 million tax evasion and fraud scheme, prosecutors told the court Monday, noting that her time has already been shortened for other considerations.

  • September 17, 2024

    Competitiveness Outranks Climate In New EU Commission

    European Commission President Ursula von der Leyen shifted her focus from climate change to boosting competitiveness as she proposed her team of commissioners for the next five-year mandate Tuesday, handing out key jobs covering everything from competition enforcement to trade policy.

  • September 17, 2024

    TLT Hires Banking Specialist From Squire Patton

    TLT LLP has hired a Squire Patton Boggs LLP lawyer as a partner in its national banking team, a move the law firm expects will enhance its practice and client relationships.

  • September 17, 2024

    Former PNC Bank Atty Joins McNees Wallace In Pittsburgh

    A former chief counsel with PNC Bank is leaving the world of in-house for McNees Wallace & Nurick, where she will help boost the firm's work in fiduciary litigation and disputes involving trusts and estates.

  • September 17, 2024

    First Financial Finds New GC In MidFirst Bank Deputy

    The Texas bank operating as First Financial has tapped a new legal leader from Oklahoma's MidFirst Bank.

  • September 17, 2024

    Top UK Banks Push Payments Infrastructure Reform Plan

    The trade body for financial institutions urged U.K. regulators and companies on Tuesday to engage with a new infrastructure for digital payments that is backed by major banks and card providers.

  • September 17, 2024

    Swiss Seize $15M From Bank For 'Serious' Market Violations

    The Swiss financial markets regulator said Tuesday it has seized 12.7 million Swiss francs ($15 million) from Mirabaud & Cie SA after it ruled that the private bank had "seriously violated" the law and breached its anti-money-laundering obligations.

  • September 16, 2024

    Colony Ridge Mortgage Co. Free Of Lending Suit, For Now

    A federal judge on Friday gave the Consumer Financial Protection Bureau 30 days to amend its predatory lending lawsuit against a Texas mortgage company and a Houston-area real estate developer and lender, dismissing for now the government's claims that the mortgage company intentionally targets Hispanic consumers.

  • September 16, 2024

    Film Producer, Accountant Hid $25M From IRS, DOJ Alleges

    A film producer who sold shares in the production company he cofounded for $25 million schemed with an Australian accountant to hide the proceeds from U.S. authorities in Swiss bank accounts, causing the IRS to lose out on some $5 million, according to the DOJ.

Expert Analysis

  • Opinion

    Agencies Should Reward Corporate Cyber Victim Cooperation

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    The increased regulatory scrutiny on corporate victims of cyberattacks — exemplified by the U.S. Securities and Exchange Commission's case against SolarWinds — should be replaced with a new model that provides adequate incentives for companies to come forward proactively and collaborate with law enforcement, say attorneys at McDermott.

  • 9 Liability Management Tips As Debt Maturity Cliff Looms

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    As the debt maturity cliff swiftly approaches in this challenging environment, attorneys at Winston & Strawn highlight the top considerations for boards of directors and finance professionals to think about when structuring and executing liability management transactions, including reviewing capital structure, evaluating debt covenants, and more.

  • How Transaction Lookbacks Can Guide Fintech Companies

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    As transaction lookbacks continue to be a key focus of enforcement actions, newer financial institutions like fintech companies should know they can benefit from proactively investigating their potential failure to identify suspicious activity, creating a compliance road map and building trust with regulators in the process, say attorneys at Jenner & Block.

  • Firms Must Offer A Trifecta Of Services In Post-Chevron World

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    After the U.S. Supreme Court’s Loper Bright Enterprises v. Raimondo decision overturning Chevron deference, law firms will need to integrate litigation, lobbying and communications functions to keep up with the ramifications of the ruling and provide adequate counsel quickly, says Neil Hare at Dentons.

  • Roundup

    A Day In The In-House Life

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    As more attorneys make the jump to fintech companies, and the regulatory landscape continues to shift, this Expert Analysis series follows in-house fintech counsel on an average workday as they grapple with everything from regulatory challenges and product launches to work-life balance and lunch orders.

  • Series

    A Day In The In-House Life: Narmi GC Talks Peak Productivity

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    On a work-from-home day in August, Narmi general counsel Amy Pardee chronicles a typical day in her life in which she organizes her time to tackle everything from advising on products and contract negotiations to volunteering and catching up on the New York Times crossword.

  • Opinion

    CFPB's AI Stance Backslides On Innovation Issues

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    The Consumer Financial Protection Bureau's recent response to a Treasury Department's request for information about artificial intelligence in the financial services sector uses alarmist rhetoric about the technology's risks, ceding an opportunity to help shape this important discussion, says Mike Silver at Husch Blackwell.

  • 5 Tips To Succeed In A Master Of Laws Program And Beyond

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    As lawyers and recent law school graduates begin their Master of Laws coursework across the country, they should keep a few pointers in mind to get the most out of their programs and kick-start successful careers in their practice areas, says Kelley Miller at Reed Smith.

  • Assessing Whether Jarkesy May Limit FINRA Prosecutions

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    The U.S. Supreme Court’s recent decision in Jarkesy v. U.S. Securities and Exchange Commission, holding that civil securities fraud defendants are entitled to jury trials, may cause unpredictable results when applied to Financial Industry Regulatory Authority prosecutions, say Barry Temkin and Kate DiGeronimo at Mound Cotton.

  • The Bank Preemption Ripple Effects After Cantero, Flagstar

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    The importance of federal preemption for financial institutions will only increase as technology-driven innovations evolve, which is why the U.S. Supreme Court's recent decision in Cantero v. Bank of America and vacatur of Kivett v. Flagstar Bank have real modern-day significance for national banks, say attorneys at WilmerHale.

  • Series

    Being An Opera Singer Made Me A Better Lawyer

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    My journey from the stage to the courtroom has shown that the skills I honed as an opera singer – punctuality, memorization, creativity and more – have all played a vital role in my success as an attorney, says Gerard D'Emilio at GableGotwals.

  • Amid SEC Rule Limbo, US Cos. Subject To ESG Regs In EU

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    Though the U.S. Securities and Exchange Commission is facing legal challenges to its climate-disclosure rulemaking, the implementation of the Corporate Sustainability Reporting Directive in the European Union will force U.S. companies to comply with exactly the kinds of ESG disclosures that are not yet mandated in the U.S., say attorneys at Squire Patton.

  • How Law Firms Can Avoid 'Collaboration Drag'

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    Law firm decision making can be stifled by “collaboration drag” — characterized by too many pointless meetings, too much peer feedback and too little dissent — but a few strategies can help stakeholders improve decision-making processes and build consensus, says Steve Groom at Miles Mediation.

  • Banking Compliance Takeaways From Joint Agency Statement

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    Federal bank regulatory agencies’ recent joint statement warning of risks associated with third-party fintech deposit services spotlights a fundamental problem that may arise with bank deposit products that are made through increasingly complex customer relationships, says Tom Witherspoon at Stinson.

  • Opinion

    Litigation Funding Disclosure Key To Open, Impartial Process

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    Blanket investor and funding agreement disclosures should be required in all civil cases where the investor has a financial interest in the outcome in order to address issues ranging from potential conflicts of interest to national security concerns, says Bob Goodlatte, former U.S. House Representative for Virginia.

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