Banking

  • 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.

  • September 16, 2024

    Banking Pro Returns To Sullivan & Cromwell

    A former deputy general counsel at the Federal Reserve Board has rejoined Sullivan & Cromwell LLP's financial services group as a partner in New York, the firm said Monday.

  • September 16, 2024

    Milbank Taps SEC Chief Litigation Counsel As DC Partner

    Milbank LLP said Monday it has hired the U.S. Securities and Exchange Commission's chief litigation counsel as a new partner in Washington, D.C.

  • September 16, 2024

    DLA Guides Software Biz Netcall On €8.7M Acquisition

    Automation software business Netcall PLC said Monday it has bought Belgian document processing company Parble for €8.7 million ($9.7 million), advised by DLA Piper Belgium, a move it expects will bolster its presence outside the U.K.

  • September 16, 2024

    French EU Commissioner Quits In Dispute With Von Der Leyen

    France's candidate to serve as European Union commissioner for the next five-year mandate resigned abruptly Monday, accusing commission President Ursula von der Leyen of "questionable governance" and of asking France to replace him.

  • September 16, 2024

    UK Banks Push BoE To Collaborate On Payments Innovation

    Britain's leading banks called Monday on the governor of the Bank of England to collaborate with private firms on improving payments innovation, simplifying regulation and infrastructure.

  • September 16, 2024

    Seladore Opens Milan Office Led By BonelliErede Hire

    Disputes boutique Seladore Legal has opened an office in Milan led by a partner from BonelliErede that will focus on international arbitration for multinational companies as well as high-net-worth individuals.

  • September 16, 2024

    White & Case-Led Fund Manager To Buy Citi Trust For ÂŁ80M

    JTC PLC said on Monday it has agreed to buy the global fiduciary and trust business from investment banking giant Citigroup Inc. for ÂŁ80 million ($106 million), as the Jersey-based fund administrator eyes further international expansion of its operations.

  • September 16, 2024

    IRS Cancels Hearing On 'Basket Contract' Transactions Rule

    The Internal Revenue Service canceled a hearing on proposed rules that would flag what are known as basket option contracts as potentially abusive listed transactions, according to a notice released Monday.

Expert Analysis

  • Replacing The Stigma Of Menopause With Law Firm Support

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    A large proportion of the workforce is forced to pull the brakes on their career aspirations because of the taboo surrounding menopause and a lack of consistent support, but law firms can initiate the cultural shift needed by formulating thoughtful workplace policies, says Barbara Hamilton-Bruce at Simmons & Simmons.

  • Crypto Regs Could See A Reset Under The Next President

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    Donald Trump has taken a permissive policy stance favoring crypto, while Kamala Harris has been silent on the issue, but no matter who wins the presidential election, we may see a more lenient regulatory climate toward the digital currency than from the Biden administration, says Liam Murphy at McKool Smith.

  • Planning Law Firm Content Calendars: What, When, Where

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    During the slower month of August, law firms should begin working on their 2025 content calendars, planning out a content creation and distribution framework that aligns with the firm’s objectives and maintains audience engagement throughout the year, says Jessica Kaplan at Legally Penned.

  • Key Concerns To Confront In FDIC Brokered Deposit Proposal

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    Banks and fintech companies should note several fundamental issues with the Federal Deposit Insurance Corp.'s recent proposal to widen how it classifies brokered deposits, an attempt to limit prudential risk that could expose the industry and underbanked consumers who rely on bank-fintech apps to widespread unintended consequences, say attorneys at Gibson Dunn.

  • 4 Steps To Address New Sanctions Time Bar Extension

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    Recent guidance from the Office of Foreign Assets Control clarifies details of the newly extended statute of limitations for civil and criminal enforcement of U.S. sanctions law, so compliance teams should implement key updates, including to lookback periods and recordkeeping policies, say attorneys at Freshfields.

  • Insuring Lender's Baseball Bet Leads To Major League Dispute

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    In RockFence v. Lloyd's, a California federal court seeks to define who qualifies as a professional baseball player for purposes of an insurance coverage payout, providing an illuminating case study of potential legal issues arising from baseball service loans, say Marshall Gilinsky and Seán McCabe at Anderson Kill.

  • Implementing Proposed AML Rules May Take More Guidance

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    Two recent rules proposed by financial regulators would modernize requirements for programs aimed at countering money laundering and terrorist financing by centering more robust risk assessments, but financial institutions may need more specific guidance before they could confidently comply, say Meghann Donahue and Nikhil Gore at Covington.

  • Series

    Playing Golf Makes Me A Better Lawyer

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    Golf can positively affect your personal and professional life well beyond the final putt, and it’s helped enrich my legal practice by improving my ability to build lasting relationships, study and apply the rules, face adversity with grace, and maintain my mental and physical well-being, says Adam Kelly at Venable.

  • What To Expect From CFPB And DOT Card Rewards Inquiry

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    Following the Consumer Financial Protection Bureau's announcement of joint efforts with the U.S. Department of Transportation to investigate credit card rewards points, credit card issuers and airlines should keep a close eye on potential regulatory and class action litigation risks stemming from the inquiry, say attorneys at DLA Piper.

  • Law Firms Should Move From Reactive To Proactive Marketing

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    Most law firm marketing and business development teams operate in silos, leading to an ad hoc, reactive approach, but shifting to a culture of proactive planning — beginning with comprehensive campaigns — can help firms effectively execute their broader business strategy, says Paul Manuele at PR Manuele Consulting.

  • 3 Ways To Limit Risks Of Black-Box AI In Financial Services

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    As regulators increasingly highlight the potential for artificial intelligence to make unfair consumer credit decisions, and require financial institutions to explain how these so-called black-box algorithms arrive at conclusions, companies should consider three key questions to reduce their regulatory risks from these tools, say Jeffrey Naimon and Caroline Stapleton at Orrick.

  • When Banks Unknowingly Become HIPAA Biz Associates

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    There appears to be significant confusion regarding the application of the Health Insurance Portability and Accountability Act to financial institutions when serving healthcare-related clients, so these institutions should consider undertaking several steps as a starting point in the effort to achieve compliance, say attorneys at Vorys.

  • 3 High Court Rulings May Shape Health Org. Litigation Tactics

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    Three separate decisions from the U.S. Supreme Court's most recent term — Loper Bright, Corner Post and Jarkesy — will likely strengthen healthcare organizations' ability to affirmatively sue executive agencies to challenge regulations governing operations and enforcement actions, say attorneys at McDermott.

  • Opinion

    The Big Issues A BigLaw Associates' Union Could Address

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    A BigLaw associates’ union could address a number of issues that have the potential to meaningfully improve working conditions, diversity and attorney well-being — from restructured billable hour requirements to origination credit allocation, return-to-office mandates and more, says Tara Rhoades at The Sanity Plea.

  • Opinion

    It's Time For A BigLaw Associates' Union

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    As BigLaw faces a steady stream of criticism about its employment policies and practices, an associates union could effect real change — and it could start with law students organizing around opposition to recent recruiting trends, says Tara Rhoades at The Sanity Plea.

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