Banking

  • November 22, 2017

    Finance Group Slams Proposed $12B CFPB Student Loan Deal

    A national structured finance trade group attacked a proposed Consumer Financial Protection Bureau lawsuit settlement with owners of $12 billion in securitized student loans late Tuesday, saying the federal court deal in Delaware could destabilize the industry and economy.

  • November 22, 2017

    Deals Rumor Mill: Bank of Sharjah, Penta Investments, Actis

    Two United Arab Emirates financial institutions could merge to create a single entity boasting about 50.6 billion dirhams, CEFC and Penta Investments are partnering on a bid for Time Warner’s Central European Media Enterprises, and Standard Chartered is nearing a sale of its real estate principal finance business.

  • November 22, 2017

    Real Estate Rumors: P3 Investments, Diamond Sinacori, Swire

    Florida developer P3 Investments has reportedly sold a development site for $20.5 million, Boston developer Diamond Sinacori is said to have purchased and subsequently sold a property in Duxbury, Massachusetts, and Swire has reportedly leased space in Miami to Interaudi Bank and KPMG.

  • November 22, 2017

    SEC Whistleblower Program Ain’t Broke — So Don’t ‘Fix’ It

    The U.S. Securities and Exchange Commission’s whistleblower program, now entering its seventh year, is maturing and gaining momentum, according to an agency report released Nov. 17, and whistleblower attorneys say they hope the Trump administration recognizes its value by staying out of the SEC’s way.

  • November 21, 2017

    Ex-Swiss Banker Acquitted Of Helping US Tax Evaders

    A New York federal jury on Tuesday acquitted a former Swiss banker of what prosecutors alleged was a criminal conspiracy to help U.S. taxpayers hide millions of dollars in undeclared income in offshore bank accounts to dodge taxes.

  • November 21, 2017

    SEC Sues Long Island Town, Ex-Official For Securities Fraud

    The U.S. Securities and Exchange Commission on Tuesday hit the Long Island town of Oyster Bay and its former top elected official with a securities fraud suit alleging that they concealed from investors the town’s indirect guarantees of more than $20 million in private loans to a local businessman who ran concessions and restaurants at town facilities.

  • November 21, 2017

    Wells Fargo’s Bid To Retry Case Must Be Denied, Feds Say

    Wells Fargo’s attempt to retry settled matters of law and fact relating to a tax refund claim should be denied out of hand because the bank did not meet rules governing post-trial arguments, the Department of Justice told a Minnesota federal judge Tuesday.

  • November 21, 2017

    Citibank To Pay $6.5M Over CFPB Student Loan Probe

    The Consumer Financial Protection Bureau said Tuesday that Citibank NA would pay a $2.75 million fine and refund $3.75 million to private student loan borrowers over accusations that it charged them excess fees and provided them with incorrect or insufficient information as far back as 2006.

  • November 21, 2017

    Puerto Rico Board Says Bond Insurer Can't Fight Fiscal Plan

    The federal board charged with guiding Puerto Rico through its watershed debt restructuring reasserted Tuesday that it must remain unfettered from bondholder litigation to certify fiscal budgeting plans for the territory and ultimately come up with debt readjustment proposals, tamping down complaints of alleged constitutional violations.

  • November 21, 2017

    2nd Circ. Revives Terror Victims’ Bid To Get $1.7B From Iran

    The Second Circuit on Tuesday revived a bid by families of the victims of the 1983 Beirut Marine Corps barracks bombing to collect $1.68 billion linked to Iran’s central bank, overturning an earlier decision that the money was beyond the reach of U.S. courts.

  • November 21, 2017

    'Willfulness' In Civil FBAR Cases Comes Down To The Facts

    A judge’s recent decision to let a pharmaceutical CEO escape civil penalties for failing to report his Swiss bank account doesn’t necessarily signal that courts could be a reliable counterweight against the IRS’ dwindling sympathy, tax specialists say, but instead highlights the fact-dependent approach for determining willful nondisclosure.

  • November 21, 2017

    Judge Suggests Anonymous Jury In Iran Sanctions Trial

    A New York federal judge on Tuesday suggested using an anonymous jury in the upcoming trial of Turkiye Halk Bankasi AS executive Mehmet Hakan Atilla on charges of scheming to dodge U.S. sanctions against Iran, following reports that “third parties” have contacted people involved in the case.

  • November 21, 2017

    FINRA Fines JPMorgan $1.25M For Faulty Background Checks

    A JPMorgan Chase & Co. securities subsidiary on Tuesday agreed to pay $1.25 million in a settlement alleging that the firm did not perform adequate background checks on around 95 percent of its support staff.

  • November 21, 2017

    Debt Collector Gets Initial OK For $600K TCPA Settlement

    An Illinois federal judge on Tuesday signed off on a $600,000 settlement to end a class action accusing a health care debt collector of placing more than 1 million autodialed and prerecorded calls without express consent, saying she “feels comfortable” that the deal’s proposed terms meet preliminary approval requirements.

  • November 21, 2017

    PayPal Drops Trademark Suit Over New Pandora Logo

    PayPal Inc. has agreed to drop a trademark lawsuit that claimed Pandora Media Inc.'s rebranded "P" logo was deliberately similar to the one used by the online payment giant.

  • November 21, 2017

    CFPB, CashCall Spar Over Possible $287M In Restitution

    The Consumer Financial Protection Bureau squared off against CashCall Inc. and its affiliates in California federal court on Monday about whether it would be appropriate to make the online lender pay as much as $287 million for deceiving consumers, with the CFPB calling the company’s loans “financial snake oil” and CashCall saying its business was legitimate.

  • November 21, 2017

    FDIC Chair Says Raising Oversight Thresholds Risks Fund

    Federal Deposit Insurance Corp. Chair Martin Gruenberg on Tuesday said that a Senate proposal to raise the asset level that qualifies banks for enhanced regulations and capital requirements could potentially put the federal deposit insurance system at risk.

  • November 21, 2017

    Mueller Says Trump Associate’s Defense Atty Has Conflict

    Special Counsel Robert Mueller’s office is waving red flags about the lawyer representing President Donald Trump's ex-lobbyist Rick Gates in a money-laundering case that spun out of the 2016 election, saying the Manhattan white-collar attorney has a glaring conflict of interest.

  • November 21, 2017

    JPMorgan Ranked World's Most Systemically Important Bank

    JPMorgan Chase & Co. has effectively taken the top spot among the world's most important financial firms, as global regulators on Tuesday moved Citigroup Inc., BNP Paribas SA and Credit Suisse Group SA down the ranking of banks that pose the biggest threat to the financial system.

  • November 20, 2017

    Tribal Lenders Take CFPB Investigation Fight To High Court

    Two tribal lending companies pressed the U.S. Supreme Court on Friday to hear their challenge to a Ninth Circuit ruling that they must comply with a Consumer Financial Protection Bureau investigation, saying the high court should resolve a circuit split around when generally applicable federal laws apply to tribes.

Expert Analysis

  • Amicus Arguments For And Against Inter Partes Review

    Thomas King

    In Oil States v. Greene’s — set for oral argument on Monday — more than 50 amicus briefs have been filed with the U.S. Supreme Court, representing a substantial share of the U.S. GDP. The issues presented are weighty, including concerns regarding separation of powers and the limits of the administrative state, the impact of inter partes reviews on the patent system, and the application of originalism to 18th century patent practice... (continued)

  • Roundup

    Financial Crisis, 10 Years On

    Thumbnail

    One decade since the first signs of trouble, members of the Financial Crisis Inquiry Commission, former Obama administration officials, and legal industry experts explore the profound impact of the Great Recession.

  • SDNY Case Raises Provocative Questions On US Jurisdiction

    Louis Rothberg

    U.S. v. Reza Zarrab, set to start trial this month in the Southern District of New York, is likely to affect the manner in which entities and individuals decide to comply with the Office of Foreign Assets Control's secondary sanctions and represents a critical interpretive question regarding the International Emergency Economic Powers Act, say attorneys with Morgan Lewis & Bockius LLP.

  • Enforcing Judgment Against A Debtor's Spouse

    Craig Weiner

    In the rare instance when otherwise collectible assets are owned by a debtor’s spouse — who is not liable on the underlying judgment — a creditor must be determined and creative in order to recover on its judgment, say Craig Weiner and Michael Kolcun of Robins Kaplan LLP.

  • Initial Coin Offerings May Face A Global Crackdown

    Paul Anderson

    In recent years, initial coin offerings have exploded into the spotlight, but following their recent ban in China and South Korea, and mobilization from a number of top financial regulators in the U.S., U.K. and Australia, it is almost certain that we will see rapid developments in ICO regulation, say Paul Anderson and Harriet Rogers of Squire Patton Boggs LLP.

  • Potential For A New Course At The CFPB

    Allison Schoenthal

    The Consumer Financial Protection Bureau has been a lightning rod for controversy since its creation in 2010. Now, with the announcement of Director Richard Cordray's resignation last week, Allison Schoenthal of Hogan Lovells examines what changes may be on the way.

  • Roundup

    Judging A Book

    "Alexander Hamilton"

    Are the latest books on the judicial system worth reading? Federal judges share their thoughts in this series of book reviews.

  • Don't Waste This Planning Cycle: Year-End Strategies

    Hugh A. Simons

    Law firms are businesses where partners operate with significant autonomy. To see their priorities translate into individual partner action, firm leaders should use a few collaborative strategies, suggests Hugh A. Simons, former senior partner of The Boston Consulting Group and former COO of Ropes & Gray LLP.

  • Creditors’ Options In Venezuela’s Disorderly Default

    Javier Rubinstein

    By analyzing the case law from Argentina’s default in 2001 and the terms of the Venezuelan bonds, it is possible to predict how a disorderly default might play out in Venezuela's debt crisis. Attorneys with Kirkland & Ellis LLP examine key elements from Argentina’s default in order to predict whether history is likely to repeat itself.

  • Opinion

    CRA Review Of Bank Regulatory Guidance Is A Bad Idea

    Michael Silva

    Following the recent determination that the Interagency Guidance on Leveraged Lending is subject to the Congressional Review Act, a congressman urged bank regulators to review all of their existing guidance and determine if any should be submitted to Congress. However, regulators should respectfully decline to do so, says Michael Silva, chairman of the financial services regulatory practice at DLA Piper.