Banking

  • December 22, 2020

    PNC Accuses Fintech Co. Plaid Of Trademark Infringement

    PNC Bank sued fintech company Plaid in Pennsylvania federal court Monday, alleging "unscrupulous practices" of counterfeiting the bank's trademark and logo to dupe customers into entering their PNC credentials into Plaid's mobile app.

  • December 22, 2020

    Fed Orders Credit Suisse To Beef Up AML Compliance

    The Federal Reserve ordered a sweeping rewrite of Credit Suisse's procedures for anti-money laundering compliance across its U.S. operations on Tuesday, citing deficiencies found during a 2019 examination of the Swiss bank's New York branch that will require ongoing quarterly reporting and independent compliance testing.

  • December 22, 2020

    Chase Ducks Firm's PPP Fee Suit Thanks To Unfiled Form

    An Arizona federal judge has dismissed a law firm's suit claiming JPMorgan Chase improperly withheld borrower's agent fees for its work on Paycheck Protection Program loans, saying the firm failed to fill out the proper paperwork to obtain the payout.

  • December 22, 2020

    Securities Standards Setter Chief To Depart In February

    The International Organization of Securities Commissions has said that Paul Andrews is stepping down from the post of secretary general of the global standards setter in 2021 after a term that began in 2016. 

  • December 21, 2020

    Annual Defense Bill Extends SEC's Disgorgement Shot Clock

    The annual defense bill that President Donald Trump is threatening to veto this week, despite overwhelming support from Congress, contains amendments that would quietly strengthen the government's ability to seek disgorgement for securities law violations.

  • December 21, 2020

    Treasury Cracks Down On Cuban State-Owned Businesses

    The U.S. Treasury Department blacklisted three state-owned businesses in Cuba on Monday, barring a coffee company, a remittance firm and their parent company from any interaction with U.S. markets.

  • December 21, 2020

    FinCEN Aims To Fill Crypto Reporting Gaps Despite Pushback

    The U.S. Treasury Department's financial crimes unit is seeking to address "gaps" in cryptocurrency reporting by requiring financial institutions and exchanges to report the movement of crypto funds above certain amounts, a move that critics say could stifle innovation and stunt the banking industry's growing acceptance of the asset class. 

  • December 21, 2020

    Attys To Get $2.8M In Curo Investor Deal

    A Kansas federal judge gave the final green light Friday to a $9 million class action settlement that awards $2.8 million in attorney fees and expenses and ends litigation over claims that online lender Curo misled investors about its plans to phase out its lucrative Canadian payday loan program.

  • December 21, 2020

    Real Estate Rumors: AHS Residential, TJ Maxx, Capital One

    AHS Residential is reportedly hoping to rezone a 7.1-acre Florida development site and is eyeing a multifamily project there, TJ Maxx is said to have leased 205,306 square feet in Maryland and Capital One is reportedly hoping to sublease 164,709 square feet in Illinois.

  • December 21, 2020

    DOJ's Visa Merger Challenge Gets Late June Trial Date

    The California federal judge presiding over the DOJ's challenge to Visa's purchase of Plaid on Monday set a June 28 kickoff of a trial estimated at 20 days, somewhat splitting the difference between the February start requested by the companies and the September start desired by the government.

  • December 21, 2020

    Charles Schwab Fined £9M Over UK Client Account Failings

    The U.K.'s financial services watchdog said on Monday that it has fined investment management giant Charles Schwab £8.96 million ($11.86 million) for violating rules on protecting client assets and making a false statement to the regulator.

  • December 18, 2020

    CFPB Finishes Disclosure-Focused Regs For Debt Collectors

    The Consumer Financial Protection Bureau on Friday released a second, disclosure-focused debt collection rulemaking package that includes an approved template for debt validation notices and drops a provision that consumer advocates argued would weaken protections around time-barred debt.

  • December 18, 2020

    Countrywide, Ambac Spar Over Right To In-Person NY Trial

    Countrywide Financial Corp. and Ambac are digging in on opposite sides over whether a trial in their decade-old mortgage securities dispute should be held remotely, with the lender in favor and the insurer demanding an in-person proceeding down the road.

  • December 18, 2020

    SEC Pulls Out All The Stops In Latest Whistleblower Payouts

    The U.S. Securities and Exchange Commission announced $3.6 million in whistleblower awards on Friday that demonstrate the wide array of tools the agency has to exercise its discretion over award determinations, including overriding its own review staff's recommendations.

  • December 18, 2020

    Ex-Stanford Exec's 20-Year Sentence To Remain In Place

    A Texas federal judge on Friday tossed a former Stanford Financial Group executive's latest bid to challenge his 20-year prison sentence for his role in Robert Allen Stanford's $7 billion Ponzi scheme, finding the man did not show his trial attorney failed to properly advise him.

  • December 18, 2020

    Mortgage Service Co. Inks $7M Deal To End Class Action

    A group of homeowners have asked a North Carolina federal judge to approve a $7 million settlement with a mortgage servicing platform to end yearslong litigation brought in a dozen states over alleged violations of the Fair Debt Collection Practices Act.

  • December 18, 2020

    Regulator Seeks Power To Help Banks Innovate BSA Reports

    The Office of the Comptroller of the Currency wants the authority to waive certain suspicious activity reporting requirements under the Bank Secrecy Act used to flag potential financial crime, a measure it says would give banks leeway to use novel methods and technologies to tackle the reporting.

  • December 18, 2020

    Brazilian Lender Valued At $1.75B In Series E Round

    Brazilian low-interest lender Creditas said Friday it's valued at $1.75 billion in a Series E funding round that raised $255 million, which was led by LGT Lightstone and included SoftBank affiliates, Wellington Management Co. and Amadeus Capital Partners.

  • December 18, 2020

    Cohen Milstein, Saxena White Get $4M For Credit Suisse Deal

    A New York federal judge approved a $4 million attorney fee award for Saxena White PA and Cohen Milstein Sellers & Toll PLLC on Thursday for their work securing a $15.5 million investor settlement with Credit Suisse.

  • December 18, 2020

    Wells Fargo Gets Contractor's PPP Claims Sent To Arbitration

    A Texas federal judge ruled Friday that Houston-based general contractor DNM must submit to an arbitrator its putative class action claims that Wells Fargo gave preferential treatment to bigger borrowers for Paycheck Protection Program loans.

  • December 18, 2020

    Croatian Coffee Co.'s Loan Exempt From VAT, ECJ Says

    A Croatian coffee company borrowing money from a financial institution and loaning it to a retail chain can exempt the transactions from value-added tax, avoiding a €2 million ($2.45 million) tax bill, the European Court of Justice ruled.

  • December 18, 2020

    Judge Says Virus To Blame For Losses, Not TD Ameritrade

    An Illinois federal judge on Thursday said the COVID-19 pandemic was to blame for oil futures dropping into negative prices in April and not TD Ameritrade Inc. and its trading platform thinkorswim, tossing a suit against the companies that sought to hold them responsible for traders losing money over the unprecedented event.

  • December 18, 2020

    Fla. Bank Inks Deal With Ex-Employees In Trade Secrets Suit

    Seacoast Bank told a Florida federal judge on Friday that it has settled a suit accusing a former bank manager and other ex-employees of stealing trade secrets before leaving for a rival bank.

  • December 18, 2020

    $35M Fed. Whistleblower Award Not Taxable, Pa. Court Says

    A whistleblower's $35 million reward for pursuing a case of federal mortgage fraud was not taxable income under Pennsylvania law, a state appellate court ruled Friday.

  • December 18, 2020

    Feds Pitch Cyber Incident Notice Requirements For Banks

    Banks would be required to alert their primary federal regulators within 36 hours after they believe they've experienced a "significant" cybersecurity incident, according to a new proposal from the Federal Reserve and other federal banking agencies.

Expert Analysis

  • Anticipating CFPB Changes Under The Biden Administration

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    Joe Biden's presidential win and the U.S. Supreme Court's decision in Seila Law earlier this year may foretell a significant change in focus and tenacity at the Consumer Financial Protection Bureau, but as long as the U.S. Senate remains Republican-controlled, the likelihood of substantial structural change remains limited, say attorneys at Debevoise.

  • Opinion

    Why Attacks On Trump's Election Lawyers Are Problematic

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    The vilification of Jones Day and Porter Wright for their involvement in President Donald Trump's election lawsuits is an attack on lawyers' duty to advocate for their clients' causes fearlessly and zealously within the bounds of the law, says Pierce O'Donnell at Greenberg Glusker.

  • M&A Poised For Growth In The Biden Era

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    The M&A market is well positioned for recovery and growth under a Biden administration and divided Congress, which will likely gain control over the coronavirus pandemic, pass a stimulus package, and provide greater transparency in antitrust enforcement, say attorneys at Debevoise.

  • Key Takeaways From SEC's Fixed Income Trading Proposal

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    Attorneys at Sidley explain what the U.S. Securities and Exchange Commission's recently proposed rules for venues trading government securities will mean for broker-dealers operating fixed income platforms and investors that trade fixed income securities.

  • Avoiding 6 Common E-Discovery Production Pitfalls

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    Vanessa Barsanti and Sarah Mahoney at Redgrave explore how attorneys can prevent collateral discovery disputes by efficiently overseeing the electronic document review process and ensuring the integrity of the information provided to opposing counsel.

  • What To Expect From US Trade Policy In The Biden Era

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    President-elect Joe Biden’s administration will shift focus away from transactional relationships, focusing instead on multilateralism and rebuilding relations with key allies, even if a number of Trump administration trade initiatives live on, say attorneys at Squire Patton.

  • Navigating PPP Loan Forgiveness Risks: Part 2 — Lenders

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    Lenders and third parties should be aware of the risks surrounding misuse of Paycheck Protection Program funds and abuse of the loan-forgiveness process, and take steps to identify potential or suspected fraud, say attorneys at Blank Rome.

  • OFAC Art Transaction Advisory Signals Increased Scrutiny

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    Recent guidance from the Office of Foreign Assets Control sounds a clear warning that the agency views high-value artwork transactions as particularly susceptible to sanctions abuse and intends to initiate enforcement actions where those transactions directly or indirectly involved blocked persons, say attorneys at Patterson Belknap.

  • Law Firm Biz Development Tips For The Pandemic Era

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    Jessica Starr and Monica Ulzheimer at Alston & Bird look at four areas where business development and other law firm administrative teams can take a leadership role in driving practice growth at a time when attorney interactions with clients and peers are limited.

  • Navigating PPP Loan Forgiveness Risks: Part 1 — Borrowers

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    As deadlines approach for borrowers to submit Paycheck Protection Program forgiveness applications, they should take several precautions before signing certifications or talking to law enforcement in order to avoid triggering fraud investigations or criminal liability, say attorneys at Blank Rome.

  • Rulings Show Limits Of Federal Agency Vacancy Law

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    Recent court decisions applying the Federal Vacancies Reform Act to invalidate improper presidential appointments of acting federal agency heads have had little evident impact, highlighting shortcomings in the law that could become more acute if the presidency and Senate are controlled by different parties, says Steven Gordon at Holland & Knight.

  • Bid Protest Spotlight: Pandemic, Burdens, Timeliness

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    In this month's bid protest roundup, Sandeep Nandivada and Michaela Thornton at MoFo look at three recent U.S. Government Accountability Office decisions and what they tell us about an agency’s failure to consider the pandemic when constructing a procurement, the high burden for challenging an agency's technical judgments, and the importance of timeliness when navigating between protest venues.

  • Divergent Paths To Open Banking In UK And US

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    As open-banking fintech models proliferate, regulators in both the U.S. and the U.K. appear to be embracing technology, albeit in different ways, say attorneys at Latham.

  • SBA Survey Signals Enhanced COVID-19 Loan Scrutiny

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    The extent of information sought in a new Paycheck Protection Program questionnaire suggests the U.S. Small Business Administration intends to closely scrutinize borrowers' original certifications and claw back significant funds, which may lead to U.S. Department of Justice referrals for False Claims Act lawsuits, say Derek Adams at Potomac Law and Ellen London at Alto Litigation.

  • NY Ruling Underscores Federal, State Arbitration Law Conflict

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    The New York Supreme Court recently denied a post-award arbitration jurisdiction challenge in Fava v. Morgan Stanley, offering a warning that the application of federal versus New York arbitration laws can result in a materially different outcome, say Boaz Morag and Katie Gonzalez at Cleary.

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