Banking

  • June 22, 2017

    Chicago Businessman Charged In $10M Reverse Mortgage Plot

    A Chicago loan originator pled not guilty Wednesday to charges he ran a lengthy and complex mortgage fraud scheme that involved conning elderly victims out of an estimated $10 million in equity in their homes.

  • June 22, 2017

    Proposed EU Rules For Advisers Will Limit Int’l Tax Deals

    The European Commission’s targeting of tax and financial advisers in its latest push to curb tax avoidance will undoubtedly limit the cross-border transactions that consultants support, but it also puts businesses in the strange position of having to self-report potential tax crimes before engaging in them.

  • June 22, 2017

    2nd Circ. Urged To Put Big Banks Back In ERISA Forex Suit

    A proposed class of retirement plan beneficiaries and others on Thursday asked the Second Circuit to revive claims against Credit Suisse, Deutsche Bank and other banks accusing them of violating the Employee Retirement Income Security Act by foreign exchange market-rigging, saying the banks were ERISA fiduciaries.

  • June 22, 2017

    Deutsche Defends Loan Sample In $306M Mortgage Trust Suit

    A Deutsche Bank unit fired back Thursday at a Morgan Stanley subsidiary’s bid for a quick win against a $306 million contract suit over a residential mortgage trust, saying there is nothing wrong with using sampling to identify defective loans among more than 4,000 Deutsche Bank oversaw as trustee.

  • June 22, 2017

    TCPA Bars Nixing Consent Given In Contracts, 2nd Circ. Says

    The Second Circuit on Thursday affirmed the dismissal of a putative class action accusing Lincoln Automotive Financial Services of violating the Telephone Consumer Protection Act, saying the man suing the company consented to receive calls when he signed his car lease.

  • June 22, 2017

    JPMorgan Says Fee Complaint Compares The Uncomparable

    JPMorgan’s investment advisory arm urged a New York federal court on Wednesday to toss a suit over allegedly excessive fees charged to one of its mutual funds, saying the case is based on apples-to-oranges fee comparisons that don’t account for differing fund investment strategies and advisory roles.

  • June 22, 2017

    Clayton Laments IPO Decline At SEC Meeting

    U.S. Securities and Exchange Commission Chairman Jay Clayton called the decline in the number of initial public offerings and public companies on American markets a "great concern" on Thursday at a meeting of an SEC advisory committee, saying his agency is working to address the issue while protecting investors.

  • June 22, 2017

    Defunct Mortgage Relief Law Firm Must Pay $39M To CFPB

    A Wisconsin federal judge signed off Wednesday on a $39 million judgment against a now-defunct mortgage assistance relief law firm to settle the Consumer Financial Protection Bureau's claims that it scammed struggling homeowners.

  • June 22, 2017

    Willkie Farr Snags Stroock Fund Formation Atty

    Willkie Farr & Gallagher LLP has nabbed a veteran fund formation attorney who previously chaired the Stroock & Stroock & Lavan LLP private funds group to join the firm’s New York office as a partner in its asset management group.

  • June 22, 2017

    Big Banks Can Survive Major Recession, Fed Says

    The 34 biggest banks in the United States would face up to $493 billion in losses under the most severe scenario described in stress tests required by the Dodd-Frank Act, but they would retain enough capital to keep lending and survive such a significant shock, the Federal Reserve said Thursday.

  • June 22, 2017

    Finance Giants Tell Regulators To Back Off Blockchain

    Europe's most influential financial firms and trade groups have said there is no need for bloc regulators to create new laws to deal with innovations such as blockchain and artificial intelligence, as more responses to a major consultation into the future of financial technology were published Thursday.

  • June 22, 2017

    Ex-Congressman Joins King & Spalding's Public Policy Team

    Former U.S. Rep. Kendrick B. Meek, D-Fla., has joined King & Spalding LLP as a senior adviser in its government advocacy and public policy practice in Washington, D.C., the firm said Tuesday. 

  • June 22, 2017

    Giancarlo Says Easing CFTC Rules Won't Harm Dodd-Frank

    U.S. Commodity Futures Trading Commission chairman nominee Christopher Giancarlo told a Senate committee on Thursday that his efforts to ease the burdens of agency rules won’t water down the reforms of the Dodd-Frank Act, the landmark law on post-crisis financial regulations for which he reiterated support.

  • June 22, 2017

    Puerto Rico Court Shouldn't Hear Tax Row, Stakeholders Say

    The board overseeing Puerto Rico’s financial restructuring Wednesday united with bondholders and retirees to oppose moving a key dispute over sales tax revenue from federal court to the territory’s Supreme Court.

  • June 22, 2017

    Acting Comptroller Blasts CFPB At Senate Hearing

    The acting head of the Office of the Comptroller of the Currency said on Thursday that the Consumer Financial Protection Bureau was not providing sufficient oversight of the smaller banks that it regulates.

  • June 22, 2017

    Wells Fargo Makes $3.25M Settlement Over Options Reporting

    Wells Fargo Securities LLC agreed to pay $3.25 million to end the Financial Industry Regulatory Authority’s allegations that it failed to report options positions in millions of instances after erroneously believing that the positions weren’t reportable, according to a settlement filed on Wednesday.

  • June 22, 2017

    Senate Confirms Treasury Undersecretary Pick

    The Senate has approved a new Treasury assistant secretary, with a Wednesday vote putting a Proskauer Rose LLP veteran in charge of some of the agency’s antiterrorism efforts.

  • June 21, 2017

    CFPB Turns Spotlight On Student Loan Forgiveness Program

    The Consumer Financial Protection Bureau unveiled updated guidelines Thursday for supervisory examinations of student loan servicers, as the agency aims to curb practices that borrowers have complained are delaying or denying their access to debt relief under the Public Service Loan Forgiveness program.

  • June 21, 2017

    Regulators Outline Ways To Ease Back Bank Rules

    Federal banking regulators say that nearly 10 years after the financial crisis and seven years since the Dodd-Frank Act’s passage, the time has come for easing up on the Volcker Rule, making changes to the bank living will process, and rolling back other key regulations.

  • June 21, 2017

    Judge OKs Ponzi Scheme Receiver's $4M Deal With Bank

    A Florida federal judge signed off Wednesday on a settlement of more than $4.2 million between the receiver in hedge fund manager Arthur Nadel's $168 million Ponzi scheme and Wells Fargo Bank NA to resolve the bank's claims on three properties in the Sunshine State and North Carolina.

Expert Analysis

  • The UK's New Suspicious Activity Reporting Regime: Part 1

    Neil Gerrard

    The U.K. Criminal Finances Act 2017 introduces major changes to the regime for suspicious activity reports. To minimize the risk of serious business disruption, financial services firms, accounting firms and law firms doing business in the U.K. must be prepared to take a more considered approach to analyzing whether a suspicious activity report is genuinely required, say attorneys with Dechert LLP.

  • Opinion

    Justice Kennedy's Moderating Influence On The High Court

    Nan Aron

    With the conclusion of this U.S. Supreme Court term just around the corner, the guessing game around Justice Anthony Kennedy’s possible retirement is reaching a crescendo. Yet the speculation does more than fuel bookmakers’ odds. It draws attention to his pivotal role as the court’s swing vote, says Nan Aron, president of Alliance for Justice.

  • The Primary Effects Of Rolling Back Cuba Sanctions Relief

    Paul Marquardt

    A recent presidential directive lays out the framework for rolling back certain Obama-era regulations that eased travel and trade restrictions between the United States and Cuba. Although the action has received extensive coverage, its impact is fairly limited, says Paul Marquardt of Cleary Gottlieb Steen & Hamilton LLP.

  • A Resurgence Of Synthetic Securitizations

    Daniel Budofsky

    After a major market contraction in the wake of the financial crisis, risk-pooling transactions show signs of gaining favor once more, says Daniel Budofsky of Pillsbury Winthrop Shaw Pittman LLP.

  • How Kokesh Will Impact The FTC And Other Agencies

    Benjamin Mundel

    The U.S. Supreme Court's recent decision in the Kokesh case limits not just U.S. Securities and Exchange Commission enforcement actions, but also monetary relief sought by other agencies, like the Federal Trade Commission. A faithful application of this decision should lead to courts rejecting these agencies' long-standing practice of seeking penal monetary relief under their equitable authority, say Benjamin Mundel and Lucas Crosl... (continued)

  • Debt Collection Concerns Post-Henson V. Santander

    Craig Nazzaro

    Last week, in Henson v. Santander Consumer USA, the U.S. Supreme Court ruled that a company collecting debts it purchased for its own account would not be defined as a debt collector under the Fair Debt Collection Practices Act. While this certainty is a win for the debt collection industry, it's not the victory some believe it to be, says Craig Nazzaro of Baker Donelson.

  • Weekly Column

    Innovating For Wise Juries: Juror-Posed Questions

    Roy Futterman

    One way to combat juror confusion and boredom is to allow jurors to ask witnesses questions. No federal evidentiary or court rule prohibits it, and every federal circuit court to address the practice has held it permissible, say Stephen Susman, Richard Lorren Jolly and Dr. Roy Futterman of the NYU School of Law Civil Jury Project.

  • The Stakes Are High For Those Caught In No-Poach Probes

    Elizabeth Prewitt

    The U.S. Department of Justice is reportedly examining whether Barclays breached antitrust laws by agreeing not to hire JPMorgan Chase employees. Reports that no formal investigation has yet been launched will only go so far in comforting the banks and individuals involved, given the DOJ’s recently announced intent to pursue certain no-poaching agreements criminally, say attorneys with Hughes Hubbard & Reed LLP.

  • What Lenders Must Know About The FSMA: Part 2

    Breia Schleuss

    In the concluding part of this primer on the Food Safety Modernization Act, Breia Schleuss and Rachael Dettmann Spiegel of Faegre Baker Daniels LLP discuss the FSMA’s intentional adulteration rule, foreign supplier verification program and produce safety rule, and how they may affect secured lenders.

  • FCA Lessons From A Year Of Escobar

    Thomas Gallagher

    Immediately following the U.S. Supreme Court's Escobar decision, it was unclear how defendants would be able to fend off implied false certification claims based on the Escobar standard. But the past year has shown that the heightened standard has teeth and that courts can, and will, dismiss False Claims Act complaints on materiality grounds, even before discovery, say attorneys with Pepper Hamilton LLP.