Banking

  • December 7, 2017

    Global Regulators Finally Sign Off On Basel IV Banking Rules

    Global banking regulators announced Thursday that the final set of capital reforms for the sector, which were drawn up after the 2008 financial crisis, have been agreed upon.

  • December 6, 2017

    CFPB Deputy Director Seeks Injunction In Leadership Fight

    The Consumer Financial Protection Bureau official currently embroiled in a fight over the temporary leadership of the federal consumer finance watchdog on Wednesday asked a federal judge to remove a rival acting director appointed by President Donald Trump and declare his actions invalid.

  • December 6, 2017

    SEC Judge Delays Shkreli Hearing In Light Of 'Lucia' Move

    A U.S. Securities and Exchange Commission hearing on whether convicted “pharma bro” Martin Shkreli should be booted from the securities industry was put on hold Tuesday as the in-house judge overseeing the matter looks to address a legal question that’s arisen since the federal government decided to switch sides in a pending U.S. Supreme Court petition known as Lucia v. SEC.

  • December 6, 2017

    Bank Tells 11th Circ. Irrelevant Evidence Backed $3M Ruling

    One of Guatemala's largest banks urged the Eleventh Circuit on Wednesday to reverse a $3.3 million jury verdict a Miami-based corporate finance advisory firm won against it for reneging on contract fees, saying the trial court's judgment was based on irrelevant evidence it should have excluded.

  • December 6, 2017

    PayPal Investor Sues Over Likely Breach That Tanked Stocks

    A PayPal shareholder hit the company with a proposed investor class action Wednesday in California federal court accusing the company of hiding the potential for a data breach at a payment processor subsidiary that was disclosed last week and sparked a “precipitous” stock drop.

  • December 6, 2017

    Congress Must Review CFPB Auto Lending Bulletin: GAO

    A government watchdog agency on Tuesday ruled that a bulletin the Consumer Financial Protection Bureau issued that would hold banks responsible for funding potentially discriminatory auto loans could be reviewed and potentially overturned by Congress.

  • December 6, 2017

    Manafort Asked Why Ghostwriting Didn't Flout Gag Order

    A D.C. federal judge has given indicted former Trump campaign manager Paul Manafort until Thursday to show that he did not violate her media gag order by ghostwriting an op-ed about his Ukrainian lobbying work, which prosecutors uncovered last week.

  • December 6, 2017

    EU Bank Tells 2nd Circ. Bomb Victims Can't Get Iran Bonds

    A Luxembourg bank Tuesday asked the Second Circuit for an en banc rehearing of a panel decision allowing families and victims of the 1983 Beirut Marine Corps barracks bombing to pursue $1.68 billion in damages, in the form of bonds held by the bank for Iran’s central bank.

  • December 6, 2017

    Hensarling Opens The Door For Housing Compromise

    A key House lawmaker on Wednesday signaled his willingness to make a deal to reshape the U.S. housing finance market and eliminate Fannie Mae and Freddie Mac, marking a potentially significant future shift in the way Americans buy their homes.

  • December 6, 2017

    Zarrab Concedes He Lied About Iran Sanctions Scheme

    Turkish-Iranian businessman Reza Zarrab told a Manhattan jury Wednesday that he was surprised to learn in March that Turkish banker Mehmet Hakan Atilla had been arrested for allegedly scheming to violate U.S. sanctions against Iran and said also that he lied to Atilla about the scheme prior to his own arrest last year.

  • December 6, 2017

    UK Launches Brexit-Proof Asset Management Plan

    Britain’s government on Wednesday unveiled a major plan to protect and grow its enormous asset management sector post-Brexit, as it bids to promote competition and encourage new technologies to make the U.K. more attractive for funds.

  • December 5, 2017

    Credit Union Sues Trump For Naming Mulvaney CFPB Director

    A credit union sued President Donald Trump and his appointed Consumer Financial Protection Bureau acting director Mick Mulvaney in New York federal court on Tuesday, claiming Trump undermined the Constitution to pick his man over the deputy director selected by the former agency head.

  • December 5, 2017

    Calif. Statute Of Limitations Sinks Deutsche Bank RBMS Suits

    A New York state appeals court has sunk two suits brought by Deutsche Bank National Trust Co. over thousands of allegedly defective loans in two residential mortgage-backed securities trusts it oversees as trustee, concluding Tuesday that its remaining breach-of-contract claims against Barclays PLC and HSBC were brought too late under its home state’s statute of limitations.

  • December 5, 2017

    TD Bank Sued Over Overdraft Fees Against Uber Riders

    TD Bank NA was slapped Tuesday with a proposed class action in New Jersey federal court over claims that the bank has improperly assessed overdraft fees in paying for ride-hailing services instead of declining the transactions as bank customers had intended.

  • December 5, 2017

    Jury Clears Student Lender In $350M FCA Suit

    A Virginia federal jury entered a verdict Tuesday completely clearing a Pennsylvania-based student loan provider accused of improper billing practices under the False Claims Act, which could have cost the provider $350 million had the verdict gone the other way.

  • December 5, 2017

    NJ Man Defends Rep Suitability In Force-Placed Coverage Suit

    A New Jersey homeowner accusing M&T Bank Corp. of taking kickbacks for forced-place American Security Insurance Co. policies on Monday slammed the insurer’s contention that he can’t represent a proposed nationwide class, telling a federal judge that a standing argument belongs at the class certification stage.

  • December 5, 2017

    Dodd-Frank Rollback Bill Moves Out Of Committee Unchanged

    A Senate panel on Tuesday advanced a bipartisan package of changes to the Dodd-Frank Act, rejecting a slew of amendments from more liberal Democrats that could have altered the delicate framework that allowed lawmakers from both parties to produce the compromise bill.

  • December 5, 2017

    Zarrab Tells Jury Of Bribing Guard While In US Custody

    A lawyer for Mehmet Hakan Atilla, the Turkish banker charged with scheming to help Iran avoid U.S. sanctions, forced famed Turkish-Iranian trader Reza Zarrab on Tuesday to detail his bad behavior while in U.S. custody and admit he and Atilla disliked each other — but Zarrab refused to admit he was angry when his effort to gain freedom though political channels failed.

  • December 5, 2017

    Deals Rumor Mill: Unilever, Banorte, Trimco International

    The battle to buy Unilever's margarine and spreads business is nearing a conclusion, two Mexican lenders have agreed to merge in a deal worth $1.42 billion, and Chinese garment-label manufacturer Trimco could be worth about $500 million in a sale.

  • December 5, 2017

    CFPB Leadership Fight Hurtles Toward Likely Appeal

    The Consumer Financial Protection Bureau official fighting to wrest the agency’s top job from President Donald Trump’s temporary pick won a faster timetable Tuesday than the administration wants, thanks to an aggressive briefing schedule set by a D.C. federal judge that tees the suit up for a likely appeal.

Expert Analysis

  • SDNY Case Raises Provocative Questions On US Jurisdiction

    Louis Rothberg

    U.S. v. Reza Zarrab, set to start trial this month in the Southern District of New York, is likely to affect the manner in which entities and individuals decide to comply with the Office of Foreign Assets Control's secondary sanctions and represents a critical interpretive question regarding the International Emergency Economic Powers Act, say attorneys with Morgan Lewis & Bockius LLP.

  • Enforcing Judgment Against A Debtor's Spouse

    Craig Weiner

    In the rare instance when otherwise collectible assets are owned by a debtor’s spouse — who is not liable on the underlying judgment — a creditor must be determined and creative in order to recover on its judgment, say Craig Weiner and Michael Kolcun of Robins Kaplan LLP.

  • Initial Coin Offerings May Face A Global Crackdown

    Paul Anderson

    In recent years, initial coin offerings have exploded into the spotlight, but following their recent ban in China and South Korea, and mobilization from a number of top financial regulators in the U.S., U.K. and Australia, it is almost certain that we will see rapid developments in ICO regulation, say Paul Anderson and Harriet Rogers of Squire Patton Boggs LLP.

  • Potential For A New Course At The CFPB

    Allison Schoenthal

    The Consumer Financial Protection Bureau has been a lightning rod for controversy since its creation in 2010. Now, with the announcement of Director Richard Cordray's resignation last week, Allison Schoenthal of Hogan Lovells examines what changes may be on the way.

  • Roundup

    Judging A Book

    Constance Baker Motley

    Are the latest books on the judicial system worth reading? Federal judges share their thoughts in this series of book reviews.

  • Don't Waste This Planning Cycle: Year-End Strategies

    Hugh A. Simons

    Law firms are businesses where partners operate with significant autonomy. To see their priorities translate into individual partner action, firm leaders should use a few collaborative strategies, suggests Hugh A. Simons, former senior partner of The Boston Consulting Group and former COO of Ropes & Gray LLP.

  • Creditors’ Options In Venezuela’s Disorderly Default

    Javier Rubinstein

    By analyzing the case law from Argentina’s default in 2001 and the terms of the Venezuelan bonds, it is possible to predict how a disorderly default might play out in Venezuela's debt crisis. Attorneys with Kirkland & Ellis LLP examine key elements from Argentina’s default in order to predict whether history is likely to repeat itself.

  • Opinion

    CRA Review Of Bank Regulatory Guidance Is A Bad Idea

    Michael Silva

    Following the recent determination that the Interagency Guidance on Leveraged Lending is subject to the Congressional Review Act, a congressman urged bank regulators to review all of their existing guidance and determine if any should be submitted to Congress. However, regulators should respectfully decline to do so, says Michael Silva, chairman of the financial services regulatory practice at DLA Piper.

  • Financial Crisis Anniversary

    10 Years After Crisis, What We Still Need To Do

    H. Rodgin Cohen

    We can all sleep easier at night because financial reforms have produced a considerably strengthened banking system. This desirable state, however, should not lead to somnambulism. We must still attend to at least four areas of concern, say Rodgin Cohen and Mitch Eitel of Sullivan & Cromwell LLP.

  • From Snaps To Tweets: The Craft Of Social Media Discovery

    Matthew Hamilton

    Courts have consistently held that social media accounts are subject to established discovery principles but are reluctant to allow parties to rummage through private social media accounts. Recent case law confirms that narrowly tailored information requests get the best results, say Matthew Hamilton, Donna Fisher and Jessica Bae of Pepper Hamilton LLP.