Banking

  • February 7, 2018

    UK-Based Banks Given June 30 Deadline To Seek EU License

    U.K.-based banks have until June 30 “at the latest” to apply for a license to relocate key operations to the European Union regardless of the outcome of Brexit talks, a senior European Central Bank official said on Wednesday, adding a warning that British firms are running out of time.

  • February 6, 2018

    BofA Didn't Contact Ex-Worker Over Fraud Probe, Jury Hears

    A Bank of America fraud analyst told a California federal jury Tuesday she never tried to contact a former client manager before reporting her for making fraudulent transactions, testifying during the third day of a trial over defamation and blacklisting claims that the manager’s perspective didn’t make a difference to her investigation.

  • February 6, 2018

    Cooley Fintech Leader Leaves To Join Bitcoin Wallet Startup

    Digital currency lawyer Marco Santori is leaving Cooley LLP, where he is a partner and leads the firm's fintech practice, to help lead bitcoin wallet startup Blockchain as its president and chief legal officer, the company announced Monday.

  • February 6, 2018

    CFPB's Suit Should Be Tossed, Debt Settlement Co. Says

    Freedom Debt Relief LLC on Monday sought to torpedo a Consumer Financial Protection Bureau suit that accuses the company of having misled customers about its debt settlement services, telling a California federal court that the consumer financial watchdog’s allegations don’t show anything the company did or said was actually deceptive or harmful.

  • February 6, 2018

    Citigroup Gets 'Boys' Club' Bias Suit Sent To Arbitration

    A former Citigroup financial adviser must arbitrate claims that she was illegally demoted because of the bank’s alleged “boys’ club” culture and fired for reporting a supervisor’s improper demands for stock tips, a New York federal judge ruled Tuesday.

  • February 6, 2018

    FCC Robocall Stance Stops ‘Important Messages,’ Banks Say

    Banking and other trade groups, including the U.S. Chamber of Commerce, have pressed the Federal Communications Commission to tighten its definition of autodialers, which the groups said interferes with their ability to reach out to consumers “with important messages.”

  • February 6, 2018

    ID Screener Spurned By Navy Gets Ch. 11 Plan Confirmed

    The bankrupt subsidiaries of identity screening company Fortior Solutions secured court approval Tuesday to move forward with a Chapter 11 plan that reduces most of their $58 million in funded debt and gives secured lenders a larger ownership stake in the operating parent organization.

  • February 6, 2018

    Regulating Cryptocurrencies Proving Tough, Watchdogs Say

    U.S. financial markets watchdogs are struggling and may seek Congress’ help to bridge the regulatory gaps currently keeping them from protecting investors amid the growing frenzy around cryptocurrencies, the nation’s two top securities regulators said Tuesday.

  • February 6, 2018

    Class Gets Quick Win Against Midland Credit In FDCPA Suit

    An Illinois federal court on Monday handed a win to the debtors suing Midland Credit Management in a Fair Debt Collection Practices Act class action, saying the collection agency’s letters didn’t warn debtors that partial payments would restart the statute of limitations on their debts. 

  • February 6, 2018

    Ill. Judge Lied Repeatedly In $1.4M Scheme, Gov't Says

    Cook County, Illinois, Circuit Judge Jessica Arong O'Brien lied over and over as she applied for loans related to her two Chicago income properties, conning lenders out of more than $300,000, prosecutors said at the start of Judge O'Brien's fraud trial Tuesday.

  • February 6, 2018

    Mnuchin Says Pot Banking Guidance Intact Until Replacement

    U.S. Treasury Secretary Steven Mnuchin on Tuesday said he does not want to withdraw guidance allowing banks to serve marijuana businesses without having a replacement in place, despite a reversal of Obama-era Justice Department policies easing enforcement of federal marijuana laws in states where the drug is legal.

  • February 5, 2018

    Puerto Rico Oversight Board Defends $1.3B PREPA Loan Bid

    Puerto Rico’s government and the federally appointed board overseeing its historic debt restructuring are fighting hard to get a $1.3 billion emergency loan approved for the island’s beleaguered electric utility, blasting creditor objections to the plan as petty and legally unsound.

  • February 5, 2018

    Walter Investment To See Lower Cash Projections, CEO's Exit

    Walter Investment Management Corp. CEO Anthony Renzi is stepping away from the bankrupt mortgage lender and servicer at some point this year, the company announced Friday, the same day it said it will likely end 2018 with $50 million less than predicted in its confirmed Chapter 11 plan.

  • February 5, 2018

    Ex-UBS Trader Wants Feds' Fraud, Spoofing Counts Tossed

    A former UBS trader accused of scheming to manipulate the precious metals market through a trading tactic known as “spoofing” told a Connecticut federal court on Monday that prosecutors had asked a Connecticut grand jury to sign off on the seven counts he’s now facing in a criminal case despite knowing six of them couldn’t be tried in that district.

  • February 5, 2018

    Fed’s Wells Fargo Punishment Puts Pressure On Powell

    Now that the Federal Reserve has imposed stiff growth restrictions on Wells Fargo & Co. for its fraudulent account scandal and other consumer harms, all eyes will turn to the central bank’s new chairman to see how he carries through on the hefty penalties.

  • February 5, 2018

    RMBS Investors Lose Class Cert. Bid In Suit Against HSBC

    A New York federal judge has declined to certify two proposed classes of investors in suits accusing HSBC Bank USA NA of bungling its duties as trustee to more than 200 residential mortgage-backed securities trusts, ruling that would-be class members face too many individual questions around standing and statutes of limitations to warrant class treatment.

  • February 5, 2018

    BofA Fraud Report An 'Ambush,' Ex-Worker Tells Jury

    A former Bank of America client manager told a California federal jury Monday the bank “ambushed” her when it fired her and listed her with a fraud reporting agency, testifying during the second day of a blacklisting and defamation trial that she was never told the bank was investigating her for fraud.

  • February 5, 2018

    IberiaBank Sues For Coverage Of $11.7M FCA Deal

    IberiaBank has hit Travelers and Illinois Union with a suit in Louisiana federal court to force the insurers to cover an $11.7 million False Claims Act settlement the bank reached with the federal government last year over its mortgage lending practices.

  • February 5, 2018

    Wells Fargo Denied New Trial In $1.25B Tax 'Sham' Case

    A Minnesota federal judge on Monday denied Wells Fargo & Co.’s request for a new trial in a case over a $1.25 billion transaction deemed a tax "sham" by the Internal Revenue Service, saying it could not consider new arguments by the financial institution.

  • February 5, 2018

    DOD Forming Cryptocurrency Guide For Background Checks

    The Defense Security Service said Monday it is working with other U.S. Department of Defense offices to develop guidance on whether cryptocurrency ownership must be disclosed in applications for federal security clearances, following a number of inquiries from the industry.

Expert Analysis

  • A Closer Look At Consumer Finance Law In 2017, And Beyond

    Alan Wingfield

    In 2017, as in 2016, consumer financial services still ranked as one of the most thoroughly regulated industries in the U.S. For many companies, a year that began with definite promise instead concluded with much still contested and many threats newly ascendant, say Alan Wingfield and Amir Shachmurove of Troutman Sanders LLP.

  • America's Shifting Views On Marijuana Post-Cole Memo

    Jonathan Robbins

    Although Attorney General Jeff Sessions' rescission of the Cole memo does not change federal law, negative response to the rescission across the cannabis sector and political landscape was strong, swift and bipartisan, which may lead to congressional action in the future, say Jonathan Robbins and Joshua Mandell of Akerman LLP.

  • How Tax Reform Will Change FCA Settlements

    Douglas Baruch

    Little attention has been paid to a provision of the new tax law that requires federal agencies to specify, at the time of settlement of government claims, the portion of the settlement that may be deductible as a business expense. This is sure to impact False Claims Act and other settlements involving the government going forward, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.

  • A Survey Of In-House Attorney Views On Trade Secrets

    David Almeling

    In an attempt to peek behind the corporate curtain and pick the brains of those with unrivaled access to their companies’ trade secrets, we surveyed 81 in-house attorneys who work on trade secret issues. We discovered many interesting findings — and one alarming trend, say attorneys with O’Melveny & Myers LLP.

  • 6 E-Discovery Predictions For 2018

    Erich Potter

    Erich Potter, discovery counsel with Oles Morrison Rinker & Baker LLP, discusses six ways e-discovery will continue to excite and confound in 2018.

  • Hotel Malware Attack Raises Unusual Insurance Questions

    Jan Larson

    A Florida district court is poised to decide several interesting questions in St. Paul v. Rosen, offering policyholders guidance on the extent to which traditional insurance policies can protect them from data breaches and on whether policyholders' corporate affiliates can look to their policies for protection, say Jan Larson and Alex Langlinais of Jenner & Block LLP.

  • White House Deregulation Push Is Just Getting Started

    Jane Luxton

    The Trump administration's recently released unified agenda indicates an even greater pace of deregulatory action in 2017 than was called for in the president's "two-for-one" executive order. But parties interested in particular future regulatory reforms must develop a strategy for aligning with the relevant agency’s priorities, say attorneys with Clark Hill PLC.

  • 6 Roles To Embrace In An Evolving Legal Industry

    Rob MacAdam

    Smart law firms are increasingly positioning professionals to proactively guide them as the legal landscape reshapes itself, harnessing six emerging roles within their organizational charts to embrace new approaches, tools and systems, says Rob MacAdam of HighQ.

  • New Magnitsky Sanctions Expand Enforcement Authority

    Michael Zolandz

    New sanctions under the 2016 Global Magnitsky Human Rights Accountability Act not only provide the U.S. government with a new instrument to take action in response to conduct that might violate the Foreign Corrupt Practices Act or the U.S. anti-money laundering laws, but also expand the scope of U.S. extraterritorial enforcement, say partners with Dentons.

  • A Big Year For US IPOs By Chinese Companies

    Fang Liu

    The U.S. capital markets produced 24 initial public offerings by China-based companies in 2017, making it the most active IPO year for Chinese companies in about seven years. Here, members of Mei & Mark LLP and Weitian Group LLC discuss two distinctive trends that emerged last year.