Fintech

  • June 04, 2020

    CFPB Tackles Libor Transition In New Guidance, Reg Proposal

    The Consumer Financial Protection Bureau on Thursday moved to address the Libor transition's implications for certain consumer credit regulatory requirements, issuing compliance guidance and floating rules changes to help smooth creditors' paths away from the benchmark for their variable-rate products.

  • June 04, 2020

    OCC Initiates Push To Reassess Banking Innovation Rules

    The Office of the Comptroller of the Currency is moving full steam ahead with plans to get up to speed with digital transformation in banking, asking for input on an expansive set of issues ranging from cryptocurrency and blockchain to artificial intelligence and machine learning.

  • June 04, 2020

    Home Seller Says House Flipper Paid In 'Worthless' Crypto

    A Georgia house-flipper bilked a California woman out of $37,500 by paying for part of an all-cash deal for her Georgia property with a "worthless" cryptocurrency called Troptions.Gold, according to a suit filed in Georgia federal court Wednesday.

  • June 04, 2020

    CFTC Closes 'Loophole For Bad Actors' With New Rule

    The Commodity Futures Trading Commission unanimously approved a final rule on Thursday that closes a loophole that allowed "bad actors" barred under the Commodity Exchange Act to manage people's money. 

  • June 04, 2020

    Cboe Can't Stop Doc Request Over VIX Manipulation

    An Illinois federal judge has rejected a bid from the Chicago Board Options Exchange to quash subpoenas from investors trying to uncover traders involved in alleged manipulation of the exchange's volatility index.

  • June 04, 2020

    DOJ Clears Schwab Acquisition Of TD Ameritrade

    The Justice Department has cleared Charles Schwab's proposed $26 billion acquisition of TD Ameritrade, the low-cost brokerage and financial advisory announced Thursday, six months after the companies disclosed that the DOJ had launched an in-depth review of the deal.

  • June 03, 2020

    Senate Sends PPP Loan Flexibility To Trump's Desk

    The Senate on Wednesday approved a bipartisan measure that would give more time and flexibility to employers who receive forgivable loans from the Small Business Administration's Paycheck Protection Program, sending the House-passed bill to President Donald Trump, who is expected to sign it.

  • June 03, 2020

    Bank Groups Push Auto Forgiveness For Some PPP Loans

    Two major banking industry trade groups have urged federal lawmakers to guarantee automatic forgiveness for Paycheck Protection Program loans under $150,000, saying this would cut down on paperwork and save billions for the "nation's smallest small businesses."

  • June 03, 2020

    NY Regulator Inks Fintech Cooperation Accord With France

    New York state's top financial services regulator on Wednesday announced a fintech coordination agreement with French authorities to promote regulatory compliance and ensure that fintech innovators have a smooth entry into both markets.

  • June 03, 2020

    Feds Fight Crypto Fraudster's Release Bid After Just 8 Months

    Prosecutors told a New York federal judge Tuesday she should not grant the COVID-related release request of a man who has only served eight months of a more than seven-year sentence for running a $1.5 million cryptocurrency scheme that defrauded investors.

  • June 03, 2020

    BofA Accused Of Soaking Cardholders With Autopay Options

    Bank of America NA was hit with a proposed class action Wednesday alleging the financial giant tricks its credit card holders into choosing the highest interest option for their monthly payments, in violation of debt collection law.

  • June 03, 2020

    MassMutual Ventures' Global Assets Hit $450M With New Fund

    Private equity firm MassMutual Ventures said Wednesday that it has launched a third Boston-based $100 million fund that it will manage on behalf of Massachusetts Mutual Life Insurance Co., bringing the firm's global assets to $450 million.

  • June 03, 2020

    GreenSky Investors Score Class Cert. In IPO Suit

    A New York federal judge has certified a class of investors in a securities suit against financial technology startup GreenSky Inc. that accuses the company of making misleading statements ahead of its initial public offering.

  • June 03, 2020

    Full Fed. Circ. Skips Patent Row Over Federal Reserve Banks

    The Federal Circuit said Wednesday that it wouldn't reconsider a panel's decision allowing Federal Reserve banks to challenge patents at the Patent Trial and Appeal Board.

  • June 03, 2020

    ESMA Warns Cos. Not To Over-Rely On Cloud Services

    Europe's securities watchdog told financial institutions Wednesday to be wary of becoming too dependent on cloud computing services for their core services as it warned of the risks of becoming over-reliant on a handful of major companies. 

  • June 02, 2020

    Bitcoin ATMs Likely To Be Next Crypto Regulatory Hotspot

    The total amount of stolen cryptocurrency in 2020 is gearing up to be the second-highest on record, according to a report by crypto anti-money-laundering intelligence firm CipherTrace that predicted Bitcoin ATMs will likely be the next target for regulators.

  • June 02, 2020

    Bitcoin 'Inventor' Says Sanctions Will Deny His Right To Trial

    Self-styled bitcoin inventor Craig Wright challenged a default sanctions bid accusing him of forging documents in a $10 billion bitcoin ownership dispute with the estate of his former business partner, arguing Monday it would unconstitutionally deprive him of his right to a jury trial.

  • June 02, 2020

    White House Lawyer Confirmed As Virus Relief Watchdog

    The U.S. Senate on Tuesday confirmed a White House lawyer to monitor billions, possibly trillions, in pandemic relief, with just one Democrat joining Republicans to approve the former General Services Administration watchdog.

  • June 02, 2020

    SEC's Reg BI Defies Dodd-Frank Mandate, 2nd Circ. Hears

    A Second Circuit panel on Tuesday heard arguments opposing the U.S. Securities and Exchange Commission's upcoming implementation of Regulation Best Interest, with counsel representing a group of investment advisers deriding the regulator for deciding it "knew better than Congress" when it crafted the sweeping regulation.

  • June 02, 2020

    Lender Will Pay CFPB $2M To End Truth In Lending Claims

    The Consumer Financial Protection Bureau on Tuesday announced a payday lender will pay $2 million to settle claims it duped thousands of borrowers in the state of Mississippi with misleading disclosures about the charges for its auto title loans.

  • June 02, 2020

    OurCrowd Targets $100M For Pandemic Innovation Fund

    Crowdfunded venture capital investment platform OurCrowd said Tuesday that it's aiming to raise $100 million for a Pandemic Innovation Fund that will target startups focused on navigating the COVID-19 crisis and future pandemics.

  • June 02, 2020

    4 Firms Assist As Zip Inks $403M Deal For Fellow Fintech Co.

    Australia's digital payment company Zip has agreed to buy the remaining shares of QuadPay that it didn't already own for about $403 million, the companies said Tuesday, in a deal guided by four law firms that stands to create a single fintech business worth $1 billion.

  • June 01, 2020

    Finance Patent Suit Fails To Survive Alice Challenge

    A New York federal judge has thrown out Island Intellectual Property LLC's patent infringement and trade secrets suit against StoneCastle Cash Management LLC after finding that five financial services patents don't hold up under the U.S. Supreme Court's Alice test.

  • June 01, 2020

    OCC Head Says Prolonged Lockdowns Risking Banks' Health

    Extended stay-at-home orders are risking the stability of the financial system, the newly appointed head of the OCC told mayors in a Monday letter, highlighting compounding risks as the COVID-19 pandemic and recent civil unrest exacerbate economic uncertainty.

  • June 01, 2020

    Bulk Of FTC's False Ad Suit Against LendingClub Kept Alive

    A California federal judge gave both the Federal Trade Commission and LendingClub partial quick wins Monday in the regulator's false advertising suit against the loan servicer, but allowed the bulk of the suit to move forward after finding that several questions of fact and law remained.

Expert Analysis

  • 2 Tested Alternatives To Unavoidable Court Delays

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    Those seeking resolution in commercial disputes that are stuck in an unavoidable but lengthy court backlog due to the pandemic must consider the advantages of arbitration and mediation over court proceedings, says former U.S. District Judge Shira Scheindlin now at Stroock.

  • Opinion

    Minn. Ruling Represents Sensible Stance On Legal Finance

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    The Minnesota Supreme Court's Maslowski v. Prospect Funding Partners decision this week reaffirms that the doctrine of champerty is archaic, impedes important litigation finance activity, and should be abolished in the handful of states where it remains alive, says Andrew Cohen at Burford Capital.

  • Best Practices For A Paperless Law Practice

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    A significant challenge in practicing law remotely is the use and handling of documents without paper, because common digital tools such as email or even secure file transfer applications are problematic, say attorneys at Baker McKenzie.

  • Latest ETF Rejection Further Entrenches SEC's Bitcoin Rift

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    The U.S. Securities and Exchange Commission’s recent rejection of another bitcoin exchange-traded fund reveals competing views over the agency’s power to protect investors from unregulated financial markets and the need for such protection, as cryptocurrency asset managers continue to look for ways to bring a bitcoin ETF to market, say attorneys at Quinn Emanuel.

  • 5 Ways A Special IG Can Combat Crisis Relief Fraud

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    As companies and their counsel prepare for enforcement by the newly confirmed special inspector general for pandemic recovery responsible for overseeing CARES Act funds, Christy Goldsmith Romero, special inspector general for the Troubled Asset Relief Program, shares how her office has investigated fraud, waste and abuse of federal relief funds following the 2008 financial crisis.

  • Opinion

    Lawyers Must Address Racial Injustice With Radical Candor

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    The legal industry is uniquely positioned, and indeed obligated, to respond to the racial disparities made clear by the recent killings of George Floyd and Breonna Taylor, but lawyers must be willing to be uncomfortable, says Tiffani Lee at Holland & Knight.

  • How Lawyers Can Network Better, Virtually And In Person

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    The current decrease in formality and increase in common ground due to the work-from-home environment can make it easier to have a networking conversation, says Megan Burke Roudebush at Keepwith.

  • Practical Tips For Presenting Your Case To Litigation Funders

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    One mistake that attorneys commonly make when presenting a case to a third-party funder is focusing almost exclusively on liability and giving short shrift to the damages analysis — resulting in an aspirational damages estimate that falls apart under scrutiny, say Cindy Ahn and Justin Maleson at Longford Capital and Casey Grabenstein at Saul Ewing.

  • Avoiding Inadvertent Privilege Waivers In E-Communications

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    Attorneys at WilmerHale highlight recent developments in privilege law, the significant challenges raised by nontraditional working arrangements popularized during the pandemic, and ways to avoid waiving attorney-client privilege when using electronic communications.

  • 5 Tips For Drafting Effective Legal Billing Guidelines

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    To properly manage outside counsel, it's imperative for a company's legal department to implement and maintain rules on what they will and won't pay for, on staffing cases and requesting rate increases, and on how matters will be handled, says Chris Seezen at Quovant.

  • Opinion

    Don't Cancel Your Summer Associate Programs

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    While pulling off an effective summer associate program this year will be no easy feat, law firms' investments in their future attorneys should be considered necessary even during this difficult time, says Summer Eberhard at Major Lindsey.

  • 5 Ways To Reduce Post-Pandemic Legal Malpractice Exposure

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    History suggests that legal malpractice claims will rise following the current economic downturn, and while a certain percentage of the claims will be unavoidable, there are prophylactic steps that law firms can take, says John Johnson at Cozen O'Connor.

  • Justices' SEC Disgorgement Ruling May Shape FCPA Matters

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    The U.S. Supreme Court’s upcoming opinion in Liu v. U.S. Securities and Exchange Commission may call into question when Foreign Corrupt Practices Act settlements should be subject to disgorgement, say Matthew Rutter and Neal Hochberg at Charles River Associates.

  • Using The M&A Slowdown To Prepare A Portfolio Co. For Sale

    Excerpt from Lexis Practice Advisor
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    Dealmakers can take advantage of COVID-19’s dampening effect on M&A activity to work through timing, pandemic considerations and sale process coordination for portfolio company sales so their deals will be ready when the market eventually picks back up, say Michael Gilligan and Caitlin Cornell at Schulte Roth.

  • Opinion

    Credibility Concerns About Virtual Arbitration Are Unfounded

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    Concerns that videoconferenced arbitration hearings compromise an arbitrator's ability to reliably resolve credibility contests are based on mistaken perceptions of how many cases actually turn on credibility, what credibility means in the legal world, and how arbitrators make credibility determinations, says Wayne Brazil at JAMS.

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