Banking

  • October 08, 2021

    CoinFlip Is Latest Co. To Hire CCO As Crypto Scrutiny Mounts

    Chicago-based CoinFlip has tapped an ex-Morgan Stanley financial crimes intelligence executive and former assistant U.S. attorney as its compliance chief, a move that comes as the cryptocurrency industry ramps up compliance hiring amid increased scrutiny from the U.S. Department of Justice and financial regulators.

  • October 08, 2021

    Seila Law Throws In Towel In Fight That Restructured CFPB

    California law firm Seila Law LLC told the Ninth Circuit on Friday that it has decided against pursuing another U.S. Supreme Court appeal in its long-running fight with the Consumer Financial Protection Bureau, backing down after previously mounting a successful constitutional challenge to the federal agency.

  • October 08, 2021

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen Facebook hit with a new copyright claim, retail rivals Next and Matalan go toe-to-toe over clothing designs and currency exchange provider ICE collapse into administration. 

  • October 08, 2021

    Hogan Lovells Hires Financial Regulatory Partner In Dublin

    Financial regulatory lawyer Eoin O'Connor has crossed over from law firm Walkers in Ireland to join the Dublin office of Hogan Lovells, where he will be managing partner.

  • October 07, 2021

    FINRA Fines Merrill Lynch Over Alleged Short Sale Issues

    The Financial Industry Regulatory Authority has levied an $850,000 fine against Merrill Lynch for alleged breaches of so-called Regulation SHO, a 2005 U.S. Securities and Exchange Commission rule that aims to prevent illegal short-selling practices.

  • October 07, 2021

    CFTC's Stump Reflects On An Agency In Flux

    The U.S. Commodity Futures Trading Commission's Dawn Stump knows the federal derivatives regulator is always operating in a state of transition. But the agency will soon be down to just two commissioners, and Stump has some concerns.

  • October 07, 2021

    Citi Must Turn Over DOJ Docs In Ex-Forex Trader's Suit

    A New York federal judge on Thursday ordered Citigroup Inc. to turn over a trove of documents, which it supplied to the U.S. Department of Justice in connection with a global crackdown on foreign currency exchange-rigging, to a former forex trader who claims the bank framed him to limit the fallout for itself.

  • October 07, 2021

    Fed Official Says Big Banks May Need Climate Risk Guidance

    A top Federal Reserve official suggested Thursday that big banks could need regulatory guidance on how they should be managing climate-related risks as the central bank looks to ramp up its focus on climate change resilience in the financial system.

  • October 07, 2021

    TD Bank Removes Overdraft Fee Claims To NJ District Court

    TD Bank NA on Thursday removed a proposed class action over allegedly improper overdraft fees from New Jersey state court to federal court, citing the amount the suing customer is seeking and the different locations of the parties.

  • October 07, 2021

    FINRA Aims To Boost Routing Disclosures On Unlisted Trades

    The Financial Industry Regulatory Authority wants to hold broker-dealers who execute unlisted equity trades to similar disclosure standards as those who trade stocks on national exchanges, an effort to create more transparency around "payment for order flow" and other arrangements that could present conflicts of interest. 

  • October 07, 2021

    1st Circ. Doubts Tribe Is Immune From Bankruptcy Stay

    A First Circuit judge pushed back Thursday on the argument that Native American tribes are exempt from the federal law barring suits against debtors once they file for bankruptcy.

  • October 07, 2021

    Banking App Says It Cleared CFPB's Paycheck Advance Probe

    The Consumer Financial Protection Bureau opened an investigation into banking app Dave last summer but recently decided it doesn't intend to pursue an enforcement action, Dave disclosed in a regulatory filing.

  • October 07, 2021

    8th Circ. Revives Freddie And Fannie Shareholder FHFA Suit

    The Eighth Circuit on Wednesday partly reversed the dismissal of a lawsuit launched by shareholders of Fannie Mae and Freddie Mac who alleged the leadership structure and appointments of the Federal Housing Finance Agency — which oversees Fannie and Freddie — violated the U.S. Constitution.

  • October 07, 2021

    TD Bank Seeks Ax Of PE Firm's Cyber Scams Suit

    TD Bank NA has told a New Jersey federal court that it cannot be held liable for the nearly $300,000 that private equity firm Moore Capital Holdings LLC lost in a cyber fraud scheme, saying the bank followed "commercially reasonable security procedures" after a company employee gave confidential information to hackers.

  • October 07, 2021

    BofA Says No Basis To Oust McGuireWoods In Housing Suit

    Bank of America pushed back against an effort to disqualify its attorneys at McGuireWoods LLP from a discrimination case stemming from a foreclosure case, saying there's no basis to boot the firm.

  • October 06, 2021

    SEC Hits Back At Bid To Curb Its AML Reporting Enforcement

    The U.S. Securities and Exchange Commission is urging the U.S. Supreme Court to turn down a penny-stock broker's challenge to the agency's enforcement of anti-money laundering reporting requirements, arguing that its exercise of authority in this area fits within its broader investor protection mandate.  

  • October 06, 2021

    DOJ Launches Programs Aimed At Cybersecurity, Crypto

    The U.S. Department of Justice on Wednesday announced it's launching a pair of initiatives aimed at cracking down on cybersecurity-related fraud by government contractors and illegal cryptocurrency use.

  • October 06, 2021

    DeVos Urges Skeptical 9th Circ. To Quash Loan Relief Depo

    Former Education Secretary Betsy DeVos and the U.S. Department of Education urged the Ninth Circuit on Wednesday to quash her deposition subpoena in a lawsuit by student borrowers seeking forgiveness from "predatory" for-profit college loans, but panelists indicated they were struggling to see how the lower court "clearly erred" issuing it.

  • October 06, 2021

    GOP Sen. Demands OCC Nominee's Moscow Thesis On Marx

    The top Republican on the Senate Banking Committee called Wednesday for the Biden administration's Kazakh-born pick to lead the Office of the Comptroller of the Currency to produce a copy of her 1980s Moscow State University thesis, which critics see as a potential tie to Marxist ideology.

  • October 06, 2021

    CCOs Play Key Role As Corruption, Supply Chain Risks Surge

    The compliance chiefs of FedEx Corp. and Cox Communications Inc. noted this week that investors, board members and regulators are demanding more information on corporate governance issues as global scandals, national security concerns and supply chain risks surge. 

  • October 06, 2021

    Think Finance Investors Ask Court To Nix Class Cert.

    Investors in the now-defunct lender Think Finance said a Virginia court should vacate its decision to grant class certification in a racketeering suit because the order incorporated an opinion that is still forthcoming — leaving the defendants without insight into the court's reasoning while time runs out for an appeal.

  • October 06, 2021

    JPMorgan Says Texas Winter Storm Was No Force Majeure

    JPMorgan Chase Bank has told a federal judge in Texas that the deadly winter storm that struck the state in February doesn't qualify as a force majeure event that would allow a wind farm to successfully fight against paying a $71 million bill.

  • October 06, 2021

    Goldman, Investors Lay Out Cert. Fight Args For NY Judge

    After a winding path to and from the U.S. Supreme Court, Goldman Sachs and its investors are back before the New York federal judge where their decade-old stock-drop case began, once again presenting arguments for and against class certification.

  • October 06, 2021

    Pa. Justices To Weigh Suit Over Bank's Alleged Role In Fraud

    The Pennsylvania Supreme Court has agreed to consider whether a Philadelphia-area bank can be held liable for allegedly aiding and abetting a convicted fraudster who was found guilty in connection with a scheme that cost investors nearly $40 million.

  • October 06, 2021

    Mortgage Holders Say PNC Inflated Principals During COVID

    PNC Bank has been "taking advantage" of homeowners who couldn't keep up with paying off their mortgages during the coronavirus pandemic by double-charging them for deferred principal payments, a proposed nationwide class claimed in Maryland federal court.

Expert Analysis

  • Opinion

    Justice Gap Demands Look At New Legal Service Models

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    Current restrictions on how lawyers structure their businesses stand in the way of meaningful access to justice for many Americans, so states should follow the lead of Utah and Florida and test out innovative law firm business models through regulatory sandboxes, says Zachariah DeMeola at the Institute for the Advancement of the American Legal System.

  • Despite Risks, Venezuela May Rekindle Investor Interest

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    Even in the face of stringent international sanctions against Venezuela, and the country's withdrawal from an investor-state dispute convention, hints of thawing relations between the Maduro regime and the U.S. offer hope for investors with a high risk tolerance, say Stephanie Limaco and Leigh Crestohl at Zaiwalla & Co.

  • OFAC Settlement Extends Sanctions' Reach Beyond US Dollar

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    The recent Office of Foreign Assets Control settlement with JC Flowers & Co. over sanctions arising from non-U.S. currency services provided by its Romanian bank subsidiary extends OFAC's reach outside the U.S. financial system, and highlights the need to educate foreign affiliates about U.S. sanctions compliance, say attorneys at Arnold & Porter.

  • Board Diversity Considerations In Light Of New Nasdaq Rules

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    Public companies of varying sizes may face discrete challenges meeting Nasdaq's recently finalized board diversity objectives, which could be a harbinger of further U.S. Securities and Exchange Commission rulemaking on environmental, social and governance issues, say attorneys at Paul Weiss.

  • Series

    Embracing ESG: Leidos GC Talks Social Responsibility

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    Recent criticisms of corporate commitments to stakeholders such as employees and communities — implicitly opposing environmental, social and governance initiatives — are fundamentally flawed and display a serious misunderstanding of contemporary investor priorities and dynamics, says Jerald Howe at Leidos.

  • Fraud Enforcement Risk Mitigation Steps For PPP Lenders

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    Notwithstanding hold-harmless provisions included in the Paycheck Protection Program, lenders are not protected from U.S. Department of Justice fraud investigations or False Claims Act qui tam suits and should consider strategies to reduce potential liability, say Derek Adams at Potomac Law and Jesse Morton at Stout Risius.

  • Learning From The Latest SEC Cybersecurity Enforcement

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    Three new U.S. Securities and Exchange Commission enforcement actions, charging eight separate financial firms with violations of Regulation S-P, indicate a seismic shift in SEC focus and provide a slew of critical takeaways for any SEC-registered entity, says cybersecurity consultant John Reed Stark.

  • Libor Replacement Must Factor In Fed's Influence Over SOFR

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    Market participants choosing a Libor replacement must consider a range of factors, including the degree to which the benchmark moves freely in response to market conditions, especially as it becomes clear the Secured Overnight Financing Rate now falls within the scope of the Fed's interest rate management operations, says Jeffrey Armstrong at Berkeley Research Group.

  • Lessons In Crisis Lawyering 20 Years After 9/11

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    Dianne Phillips at Holland & Knight recounts her experiences as in-house counsel at a liquefied natural gas company in the tumultuous aftermath of Sept. 11, 2001, and details the lessons she learned about lawyering in a crisis, including the importance of careful forethought and having trusted advisers on speed dial.

  • Comparing 'Ultimate Beneficial Owner' Rules In EU And US

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    The European Union's efforts to improve transparency in company ownership have created an uneven patchwork of so-called ultimate beneficial owner rules, and recently introduced U.S. regulations will add another layer of complexity for global companies, says Rodrigo Calleja at TMF Group.

  • Opinion

    In War On Arbitration, Consumers And Companies Both Lose

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    Amazon.com's recent decision to end arbitration and face the risk of consumer class actions, in the face of plaintiffs firms ramping up mass arbitration proceedings, portends the loss of a vital form of alternative dispute resolution, hurting both consumers and corporate defendants, says Sherman Joyce at the American Tort Reform Association.

  • Policyholder Best Practices As Cyberattacks Escalate

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    As ransomware attacks increasingly target corporate victims, policyholders should enhance cybersecurity and privacy efforts to avoid regulatory hot water and mitigate the effects of rising insurance premiums and coverage restrictions, say Lee Epstein and Krishna Jani at Flaster Greenberg.

  • Ponzi Schemes: A Growing Hazard In Film Financing

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    Rising competition between streaming services is creating a perfect breeding ground for Ponzi schemes, and practitioners should be aware of certain recurring themes and legal theories in recent film financing Ponzi litigation, say attorneys at McGuireWoods.

  • Why Structured Data Is Increasingly Important To Your Case

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    During discovery, legal teams often overlook structured data — the rows of information found in financial ledgers and similar corporate systems — and consider it secondary to emails and other anecdotal evidence, but this common mistake could mean litigators are missing key elements of a dispute, say consultants at Alvarez & Marsal.

  • Series

    Embracing ESG: AIG Counsel Talks SEC Risk Alert

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    As the U.S. Securities and Exchange Commission responds to the changing landscape on environmental, social and corporate governance investing, including with its recent risk alert, it is imperative that the regulator take a measured approach, says Kate Fuentes at AIG.

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