Banking

  • July 16, 2019

    Lack Of Trust In Facebook Dominates Libra Senate Hearing

    A Facebook executive told senators Tuesday that trust is of primary concern for the Libra cryptocurrency project, as skeptical lawmakers repeatedly raised questions as to why consumers should put their trust, and cash, in the Facebook-led cryptocurrency given the social media giant's host of privacy failures.

  • July 16, 2019

    Exchanges Lose Bid To Appeal Survival Of 'Flash Boys' Suit

    A New York federal judge said Tuesday that a group of major U.S. stock exchanges cannot ask the Second Circuit to weigh in on litigation inspired by the high-frequency trading exposé “Flash Boys” until his court is finished with the case.

  • July 16, 2019

    Biz Email Scams Nabbed $301M Monthly In 2018, FinCEN Says

    The Financial Crimes Enforcement Network said Tuesday that it has seen a surge in suspicious activity reports involving hacked business email accounts used to trick others into sending money to fraudsters, scams an agency analysis found generated an average of $301 million each month last year.

  • July 16, 2019

    Lucia Can't Escape SEC Case After High Court's Remand

    Raymond J. Lucia, a former investment adviser who successfully argued before the U.S. Supreme Court that the administrative law judge in his U.S. Securities and Exchange Commission proceedings was appointed unconstitutionally, must still face an SEC hearing on remand, a new ALJ ruled Monday.

  • July 16, 2019

    Duane Morris Wants Out Of Suit Over Debt Collection Tactics

    Duane Morris LLP has urged a Florida federal court to toss a proposed class action that alleges it violates federal and Florida consumer protection laws through the language it uses in collection letters for mortgage debt, arguing it complied with the law in the example cited in the case.

  • July 15, 2019

    Hogan Lovells Snags JPMorgan's Global Cybersecurity Head

    JPMorgan's first global head of cybersecurity law who helped guide the banking giant through a massive 2014 data breach and fortify its cyber incident response program has joined Hogan Lovells' cybersecurity and privacy practice, the firm said Monday. 

  • July 15, 2019

    Manatt Phelps Opens Cross-Industry Cannabis, CBD Practice

    Manatt Phelps & Phillips LLP announced Monday it has launched a multidisciplinary cannabis and CBD practice that will draw on the firm's expertise in a range of fields, including banking, government regulations, land use, advertising, technology, intellectual property, entertainment and privacy.

  • July 15, 2019

    Facebook Promises US Lawmakers Libra Will Be Regulated

    Facebook executive David Marcus said the social media juggernaut will cooperate with relevant authorities when it comes to regulating the planned cryptocurrency Libra, according to written testimony provided to U.S. lawmakers ahead of a hearing this week.

  • July 15, 2019

    Draft House Bill Would Keep Big Tech Out Of Cryptocurrency

    Amid heightened scrutiny of cryptocurrencies after the announcement of Facebook-developed Libra, a draft bill is circulating in the House Financial Services Committee that would block any large online platform like Facebook or Google from entering the financial services industry or launching a cryptocurrency.

  • July 15, 2019

    7th Circ. Holds Blind Man Can't Sue Credit Union Over Website

    The Seventh Circuit ruled Monday that a blind man can't sue an Illinois credit union over its website, which doesn't support a screen reader, finding he narrowly lacks standing to bring his claim under the American Disabilities Act because he isn't a credit union member and can't become one.

  • July 15, 2019

    Specialty Retailer Pays $1.1M To End SEC Accounting Claims

    Texas-based retailer Conn's Inc. and a former executive agreed to pay penalties of more than $1.1 million to resolve claims brought by the U.S. Securities and Exchange Commission over improper accounting practices, the company announced Monday.

  • July 15, 2019

    FHFA Flip-Flop Underscores Flawed Design, 5th Circ. Told

    The Federal Housing Finance Agency’s latest flip-flop on the question of its constitutionality is a reminder of why the full Fifth Circuit should deem the agency to be unconstitutionally structured, a group of Fannie Mae and Freddie Mac investors said Monday.

  • July 15, 2019

    Mnuchin Says Crypto Misuse Is National Security Risk

    Treasury Secretary Steven Mnuchin said Monday that the misuse of cryptocurrencies, potentially including Facebook-led Libra, is a “national security issue” and repeated comments President Donald Trump tweeted last week that cryptocurrencies are “based on thin air.”

  • July 15, 2019

    Deals Rumor Mill: Charles Schwab, CRH, Symantec

    Charles Schwab is discussing a deal to pay around $2 billion for USAA's wealth management and brokerage units, Blackstone is getting close to snapping up the European distribution arm of building materials company CRH PLC, and Symantec has ended talks to sell itself to Broadcom.

  • July 16, 2019

    CORRECTED: Atty Urges Justices To Affirm FDCPA Time Limit

    A New Jersey attorney told the U.S. Supreme Court that the one-year time limit to launch Fair Debt Collection Practices Act lawsuits starts running right when the alleged wrongdoing happens, urging the justices to side with the Third Circuit's interpretation of the applicable federal law.

  • July 15, 2019

    Feds Say Tribal Immunity No Bar Against Criminal Charges

    The federal government told the Third Circuit on Friday that another court’s recent ruling on tribal immunity to civil suits didn’t help an attorney and businessman sentenced to jail on criminal charges for helping provide loans with illegally high interest rates through tribe-owned companies.

  • July 15, 2019

    Nomura Settles SEC's Shoddy Supervision Claims For $26.5M

    Nomura agreed Monday to pay more than $26 million to resolve the U.S. Securities and Exchange Commission's allegations that the bank failed to supervise traders who allegedly lied to clients about the pricing of residential mortgage-backed securities and commercial mortgage-backed securities.

  • July 15, 2019

    Auto Lending Fintech Biz Raises $150M In Debt, Equity Round

    Car financing-focused fintech company Lendbuzz said Monday it has secured $150 million in debt and equity financing that it will use to grow its platform, which assesses creditworthiness of those with little U.S. credit history.

  • July 15, 2019

    NY Licenses Crypto Exchange For Big-Firm Block Trading

    New York's top financial regulator said Monday that it has authorized a pair of companies formed under cryptocurrency exchange Seed CX Ltd. to serve as a platform for major investors to conduct block trading.

  • July 15, 2019

    Banks Can't Duck Robocall Liability With Earlier TCPA Deal

    An Illinois federal judge has freed three banks from direct liability claims over their loan servicer's illegal mortgage loan collection robocalls, but said the banks can't use an earlier settlement between borrowers and the loan servicer in the Telephone Consumer Protection Act case to avoid vicarious liability claims.

  • July 12, 2019

    Libra Sparks Bipartisan Angst, But What Can Regulators Do?

    A volley of presidential tweets underscored the bipartisan opposition that planned cryptocurrency Libra faces in Washington, but as the Facebook-led project takes center stage in a pair of congressional hearings, there’s no single switch that officials can flip to halt it in its tracks.

  • July 12, 2019

    Virginia Lawmaker Hacked Ex-Staffer's Accounts, Suit Says

    A Virginia lawmaker took advantage of a staffer's hospitalization to illegally access the employee's social media, email and online banking accounts in an effort to avoid paying her, according to a lawsuit filed Thursday in Virginia federal court.

  • July 12, 2019

    Want To Avoid A FINRA Fine? Try 'Extraordinary Cooperation'

    New guidelines released by the Financial Industry Regulatory Authority give firms direction on how they could go so far as avoiding enforcement fines, emphasizing the role of so-called extraordinary cooperation in a way the regulator hasn’t done before, lawyers said.

  • July 12, 2019

    DOJ Granted Deposition Delay In Forex-Rigging Suit

    A New York federal judge overseeing a foreign exchange market rigging suit against several big banks is allowing the U.S. Department of Justice to delay deposition for three months, defying protests from investors who argue that the agency has been seeking extension requests to stall prosecution of their case.

  • July 12, 2019

    PR Bondholders Say Debt Dispute Should Go Forward

    Two groups of Puerto Rican bondholders are asking a federal court to reject the island’s financial oversight board’s request to halt action on its attempt to end $6 billion in bond debt because of a pending settlement, saying only a fraction of bondholders have approved the deal.

Expert Analysis

  • 5 Lessons From JPMorgan's Parental Leave Litigation

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    In light of JPMorgan Chase's recent $5 million settlement in a class action alleging sex discrimination in its parental leave policy, employers should proceed with caution when it comes to policies that differentiate between primary and nonprimary caregivers, says Alexandra Harwin of Sanford Heisler.

  • A Deep Dive Into New CFPB Debt Collection Rules: Part 2

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    In the final part of this article, attorneys at Mayer Brown explain what Fair Debt Collection Practices Act-regulated entities should know about call frequency, validation of debt, and other unfair or deceptive practices under the Consumer Financial Protection Bureau's proposed debt collection rules.

  • New Patterns In Anti-Money Laundering Enforcement

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    Recent enforcement actions related to anti-money laundering and the Bank Secrecy Act have focused on programmatic compliance deficiencies rather than particular transactions and on holding financial institutions accountable for the quality of their performance, say Ann Sultan and William Barry of Miller & Chevalier.

  • Confusion In SEC Conduct Standard For Investment Advisers

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    The U.S. Securities and Exchange Commission's recent explanation of investment advisers' fiduciary duties to clients may have merely clarified what has always been the position of the SEC, but critical ambiguities remain, say Richard Marshall and David Dickstein at Katten Muchin.

  • A Deep Dive Into New CFPB Debt Collection Rules: Part 1

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    The Consumer Financial Protection Bureau recently issued its proposed Regulation F under the Fair Debt Collection Practices Act. Attorneys with Mayer Brown discuss some of the most significant developments that FDCPA-regulated entities should review when considering whether to provide comments on the rules.

  • Key Differences In Nev. And Calif. Data Privacy Laws

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    Nevada’s recently enacted Senate Bill 220 gives state residents a broad right to opt out of the sale of their personal information. Companies currently preparing for the California Consumer Privacy Act cannot assume that CCPA compliance equates to compliance with S.B. 220, say Sadia Mirza and Yanni Lin at Troutman Sanders.

  • A Look At China's New Cybersecurity Guidance

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    Businesses providing services over the internet are likely to face continued challenges to comply with the expanding implementation of China's cybersecurity law, especially with respect to broadening definitions of personal information holders under new guidance, say Xiaoyan Zhang and Vincent James Barbuto of Reed Smith.

  • Financial Services Regulation For Fintech Companies: Part 2

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    In the second part of this series on regulatory challenges faced by fintech innovators, Nathan Greene and Justin Reda of Shearman & Sterling caution entrepreneurs in the financial space to be aware of when their products could be categorized as securities, and of the many regulatory obligations that can arise as a result.

  • 5 Ways Law Firms Can Improve Their Job Interviews

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    When evaluating potential new hires, law firms should utilize structured interviews in order to create a consistent rating system that accurately and effectively assesses candidates' skills and competencies, says Jennifer Henderson of Major Lindsey.

  • Financial Services Regulation For Fintech Companies: Part 1

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    Firms in the U.S. financial sector are surrounded by a virtual moat of complex regulations, mandatory disclosures and compliance infrastructure. Nathan Greene and Justin Reda of Shearman & Sterling offer an overview of the regulatory context — and some of the crocodiles lurking in that moat — for fintech entrepreneurs entering the sector.

  • What To Expect When You're Expecting The End Of Libor

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    The significant adjustments that market participants need to make when Libor is phased out will be undertaken while replacement rates and fallback provisions remain unresolved. Now is the time to take stock of your company’s exposures and map a path forward, say Gregory Harrington and Arturo Caraballo at Arnold & Porter.

  • The State Of Article III Standing 3 Years After Spokeo

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    Three years after the U.S. Supreme Court's landmark consumer privacy decision in Spokeo v. Robins, Mary-Christine Sungaila and Marco Pulido at Haynes and Boone examine how courts have applied the opinion, the role of congressional findings in Article III standing cases, and a developing litigation trend.

  • Opinion

    Retailers Should Stay Away From Cryptocurrency

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    A number of big-name retailers are reportedly poised to begin accepting bitcoin and other digital currency, but given cryptocurrency's complete and utter lack of oversight, these companies run a perilous gamut of legal, regulatory, financial, ethical and reputational dangers, says cybersecurity consultant John Reed Stark.

  • What's Ahead For LGBTQ Rights Legislation

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    The U.S. House of Representatives recently passed the Equality Act to amend various civil rights laws for explicit inclusion of sexual orientation and gender identity as protected characteristics. However, critics have raised several concerns and the bill faces tougher odds in the Senate, say Jason Brown and Robert Quackenboss at Hunton.

  • Series

    Why I Became A Lawyer: A Fateful Phone Call

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    When I was growing up, my mother was always the more mild-mannered parent. But during a trans-Atlantic phone call in 1991, when I told her I wanted to go to culinary school instead of law school, she started yelling — at a volume I had never heard from her, says Jason Brookner of Gray Reed.

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