Banking

  • April 08, 2025

    OCC Says 'Highly Sensitive' Bank Info Accessed In Hack

    The Office of the Comptroller of the Currency announced Tuesday that an outside party hacked its email system, with the attack large enough to qualify as a "major information security incident." 

  • April 08, 2025

    CFPB Withdraws From MoneyGram Suit, NY AG To Continue

    The Consumer Financial Protection Bureau told a New York federal judge that it would like to drop out of its Biden-era enforcement lawsuit against MoneyGram International Inc., a move that would leave behind the New York attorney general as the sole plaintiff in the case.

  • April 08, 2025

    Conn. Justices OK Debt Negotiator's Suit Against Watchdog

    Connecticut's highest court will allow a trial judge to decide whether the Department of Banking can skirt the state's restriction on regulating attorneys to the judicial branch, declining Tuesday to end a suit that a law firm and its associated debt negotiation group brought against the state watchdog.

  • April 08, 2025

    Justices Halt Order To Reinstate Federal Workers

    The U.S. Supreme Court on Tuesday hit pause on a California federal court order reinstating tens of thousands of probationary federal workers who were fired from six agencies, agreeing with the Trump administration that the nonprofit groups that obtained the order lack standing to challenge the firings. 

  • April 07, 2025

    FCC Agrees To Bankers' Request To Delay Call Consent Rule

    The Federal Communications Commission agreed Monday to delay for a year a new rule expanding the scope of call consent revocation, after banking groups said they need more time to comply.

  • April 07, 2025

    USAA Wants Full Fed. Circ. To Hear PNC's Patent Board Wins

    A San Antonio-based bank that lost two of its patents covering technology used to deposit checks through smartphones — including one tied to a $218 million jury verdict against PNC Bank — is arguing that a Federal Circuit panel has allowed the patent board "to escape its obligation to explain itself."

  • April 07, 2025

    Coinbase Accused Of Scam Prevention Shortfalls

    A California man has filed a proposed class action seeking to hold cryptocurrency exchange Coinbase liable for failing to implement safeguards against fraudsters who run "pig-butchering" scams.

  • April 07, 2025

    Wage Access Co. Says NY AG Threatened Suit, Seeks Relief

    Earned-wage access provider DailyPay sued Letitia James on Monday seeking a declaratory judgment that its payments do not constitute loans under New York law or violate federal and state laws, alleging the state attorney general has effectively declared all such products illegal.

  • April 07, 2025

    OMB Issues Guidance On Agency Use, Purchasing Of AI

    The Office of Management and Budget issued a pair of memorandums last week that replaced the Biden administration's safeguards on the federal acquisition of artificial intelligence with a policy aimed at accelerating federal agencies' use and procurement of artificial intelligence.

  • April 07, 2025

    Fintech Customers Sue Banks Over Synapse Collapse

    Evolve Bank & Trust and Lineage Bank were hit with a consumer's proposed class action in Tennessee federal court accusing them of mismanaging their relationships with Synapse Financial, a now-bankrupt middleware fintech service that the suit says caused customers to lose $85 million.

  • April 07, 2025

    ACLU, Others Slam Bid To 'Magic Eraser' CFPB Redlining Deal

    A slew of public interest groups mobilized Friday against the Trump administration's bid to recant a recently settled Consumer Financial Protection Bureau redlining case, telling an Illinois federal judge that the move is about politics, not fairness, and should be denied.

  • April 07, 2025

    Nelson Mullins Team Joins Duane Morris In DC, Atlanta, Miami

    Duane Morris LLP announced Monday that it is expanding its corporate practice by bringing in a team of five Nelson Mullins Riley & Scarborough LLP transactional attorneys — including two partners — in its Washington, D.C., Atlanta and Miami locations.

  • April 07, 2025

    Mortgage Lenders, Attys Stole From NY Debtors, Suit Says

    A New York homeowner filed a proposed class action in Brooklyn federal court alleging that the state's mortgage lenders, loan servicing agents and foreclosure attorneys have conspired to inflate the amounts owed on post-foreclosure sales.

  • April 07, 2025

    Wigdor Seeks Exit In Leon Black Case Amid Sanctions Threat

    Wigdor LLP sought to withdraw from a sexual assault case against ex-Apollo Global Management CEO Leon Black in New York federal court as the billionaire investor seeks sanctions against the firm and its Jane Doe client.

  • April 04, 2025

    Deutsche Bank Not Liable For ISIS Terror, Judge Finds

    A New York federal judge on Friday dismissed a lawsuit accusing Deutsche Bank AG of facilitating the financing of the Islamic State, saying that the families of two journalists and an aid worker the terrorist group killed failed to sufficiently allege that the bank participated in a human trafficking venture.

  • April 04, 2025

    IPO Plans Appear Iced As Trump's Tariffs Rock Markets

    The escalating sell-off in equities is halting major initial public offerings for now and more prospects will likely pause plans as deals lawyers and their clients assess the fallout following President Donald Trump's endorsement of across-the-board tariffs, experts say.

  • April 04, 2025

    4th Circ. Rules Ch. 7 Debtor On The Hook For Mortgage Bill

    The Fourth Circuit on Friday revived class claims by a Chapter 7 debtor who received a collection letter over a defaulted mortgage, saying the debtor still has obligations to pay the mortgage lender, partially overturning a West Virginia district court's decision. 

  • April 04, 2025

    US Bank Defeats Class Cert. In Early Retiree Benefits Suit

    A Minnesota federal judge on Friday rejected a bid to certify a class action for more than 2,000 U.S. Bank retirees accusing the bank of unlawfully reducing monthly pension payments for those taking early retirement, finding the proposed class had differing concerns that blocked classwide resolution.

  • April 04, 2025

    Judge Allows Deposition Of Witnesses In Russian Exec's Suit

    A New York federal judge has ruled that the U.S. government can depose two men about a Russian bank executive's alleged effort to avoid economic sanctions following Russia's invasion and annexation of the Crimea region, saying it is necessary to "prevent a failure of justice."

  • April 04, 2025

    Appeals Court Won't Halt Russian Investment Litigation

    England's Court of Appeal will not nix an order refusing to halt "vexatious" litigation in Russia initiated by sanctioned entities against third parties to an arbitration agreement, issuing an opinion that chided an investment manager for leaving the court "in the dark" about its relationship to the third parties.

  • April 04, 2025

    SEC Says Reserve-Backed Stablecoins Aren't Securities

    The U.S. Securities and Exchange Commission's Division of Corporation Finance said Friday the offer and sale of reserve-backed dollar stablecoins aren't securities transactions, in the latest statement to set out the staff's views on the boundaries of its jurisdiction over digital assets.

  • April 04, 2025

    Fed's Barr Says Bank Regulators Should 'Explore' Gen AI

    Federal Reserve Gov. Michael Barr called Friday for banking regulators to look into how they themselves might harness generative artificial intelligence, arguing the experience could help them better understand how banks' use of the technology should be overseen.

  • April 04, 2025

    11th Circ. Told Omitted Issues Void UBS Arbitration Award

    A Puerto Rican man urged the Eleventh Circuit on Friday to vacate a roughly $6.5 million arbitration award given to UBS Financial Services Inc. stemming from a long-running account contract dispute, arguing he didn't receive a fair hearing and because key issues to be resolved weren't identified in the award.

  • April 04, 2025

    Nissan Settles With NJ Dealers In Suit Over Predatory Loans

    Nissan North America Inc. and its financing arm have settled a dispute with New Jersey auto dealers who said they were forced to take $20 million worth of predatory loans that financed an overabundance of inventory the car giant ordered them to carry amid corporate pressure to raise sales, according to a letter filed in federal court.

  • April 04, 2025

    Citizens Bank Sues Valley National Over Loan Dispute

    Citizens Bank alleged in New Jersey federal court that Valley National Bank broke a loan participation agreement by failing to disclose borrower defaults and refusing to repurchase Citizens' $30 million stake in a troubled $65 million mortgage loan.

Expert Analysis

  • 6 Predictions For Cyber Risk And Insurance In 2025

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    This year is likely to bring with it some thorny and expensive cyber challenges, including increased ransomware activity, more data breach class actions and continued efforts to define business interruption loss calculations, say attorneys at Wiley.

  • Series

    Illinois Banking Brief: All The Notable Legal Updates In Q4

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    While the last quarter of 2024 didn't bring any notable state financial legislation, Illinois banks did see developments in the challenge to the Interchange Fee Prohibition Act, and received some awaited guidance on credit line disclosures and bank-fintech relationships, say attorneys at Dykema.

  • 7 Ways 2nd Trump Administration May Affect Partner Hiring

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    President-elect Donald Trump's return to the White House will likely have a number of downstream effects on partner hiring in the legal industry, from accelerated hiring timelines to increased vetting of prospective employees, say recruiters at Macrae.

  • How Trump 2.0 May Change Business In Latin America

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    Companies in Latin America should expect to face more trade restrictions, tighter economic sanctions and enhanced corruption risks, as the incoming administration shifts focus to certain non-U.S. actors, most notably China, says Matteson Ellis at Miller & Chevalier.

  • E-Discovery Quarterly: Rulings On Custodian Selection

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    Several recent rulings make clear that the proportionality of additional proposed custodians will depend on whether the custodians have unique relevant documents, and producing parties should consider whether information already in the record will show that they have relevant documents that otherwise might not be produced, say attorneys at Sidley.

  • Impact Of Successful Challenges To SEC's Rulemaking Ability

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    In 2024, the U.S. Securities and Exchange Commission faced significant legal challenges to its aggressive rulemaking agenda as several of its rules were vacated by the Fifth Circuit, which could hinder the SEC's ability to enact rules extending beyond express statutory authority in the future, say attorneys at Debevoise.

  • Series

    NY Banking Brief: All The Notable Legal Updates In Q4

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    In 2024's final quarter, the New York State Department of Financial Services published guidance on mitigating the rising cybersecurity risks of artificial intelligence and remote technology workers with North Korean ties, and the state attorney general launched an antitrust investigation into Capital One's proposed Discover merger, say attorneys at Haynes Boone.

  • Series

    Exercising On My Peloton Bike Makes Me A Better Lawyer

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    While I originally came to the Peloton bike for exercise, one cycling instructor’s teachings have come to serve as a road map for practicing law thoughtfully and mindfully, which has opened opportunities for growth and change in my career, says Andrea Kirshenbaum at Littler.

  • How To Manage During A Trade Dispute With USMCA Partners

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    Companies can try to minimize the potential impacts of future tariffs on Mexican and Canadian goods, and uncertainty about future trade relations, by evaluating supply chains, considering how they may be modified, and engaging with the new administration over exemptions and the upcoming review of the U.S.-Mexico-Canada Agreement, say attorneys at Holland & Knight.

  • Series

    In The CFPB Playbook: A Sprint To The Finish Line

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    The fourth quarter of 2024 was an impressive demonstration of the Consumer Financial Protection Bureau's ability to regulate, enforce and supervise, even on borrowed time following the election results, and we should expect the current bureau to run nonstop until Jan. 20, say attorneys at Covington.

  • Predicting What's Next For SEC By Looking At Past Dissents

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    While Paul Atkins' nomination to be the next chair of the U.S. Securities and Exchange Commission has taken center stage, an analysis of Republican Commissioners Hester Peirce and Mark Uyeda's past votes and dissents provides a preview of where enforcement may shift in the new administration, say attorneys at Gibson Dunn.

  • Exploring Venue Strategy For Trump-Era Regulatory Litigation

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    Litigation will likely play a prominent role in shaping policy outcomes during the second Trump administration, and stakeholders have several tools at their disposal to steer regulatory litigation toward more favorable venues, say attorneys at Covington.

  • What 2024's Noncompete Turmoil Means For Banks In 2025

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    A look back at the most significant legal challenges to the enforceability of various restrictive covenants like noncompete and nonsolicitation agreements in 2024 can help financial institutions address the use of these critical tools this year, say attorneys at Maynard Nexsen.

  • New Year, New Risks: 8 Top Cyber Issues For Finance In 2025

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    As financial institutions forge ahead in 2025, they must strike a delicate balance between embracing technological innovation and guarding against its darker threats, which this year could include everything from supply chain vulnerabilities to deepfakes, say attorneys at Baker Donelson.

  • Series

    Playing Esports Makes Me A Better Lawyer

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    Competing in a global esports tournament at Wimbledon last year not only fulfilled my childhood dream, but also sharpened skills that are essential to my day job, including strategic thinking, confidence and networking, says AJ Schuyler at Jackson Lewis.

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