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Fintech
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April 07, 2025
USAA Wants Full Fed. Circ. To Hear PNC's Patent Board Wins
A San Antonio-based bank that lost two of its patents covering technology used to deposit checks through smartphones — including one tied to a $218 million jury verdict against PNC Bank — is arguing that a Federal Circuit panel has allowed the patent board "to escape its obligation to explain itself."
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April 07, 2025
Coinbase Accused Of Scam Prevention Shortfalls
A California man has filed a proposed class action seeking to hold cryptocurrency exchange Coinbase liable for failing to implement safeguards against fraudsters who run "pig-butchering" scams.
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April 07, 2025
Wage Access Co. Says NY AG Threatened Suit, Seeks Relief
Earned-wage access provider DailyPay sued Letitia James on Monday seeking a declaratory judgment that its payments do not constitute loans under New York law or violate federal and state laws, alleging the state attorney general has effectively declared all such products illegal.
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April 07, 2025
OMB Issues Guidance On Agency Use, Purchasing Of AI
The Office of Management and Budget issued a pair of memorandums last week that replaced the Biden administration's safeguards on the federal acquisition of artificial intelligence with a policy aimed at accelerating federal agencies' use and procurement of artificial intelligence.
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April 07, 2025
Fintech Customers Sue Banks Over Synapse Collapse
Evolve Bank & Trust and Lineage Bank were hit with a consumer's proposed class action in Tennessee federal court accusing them of mismanaging their relationships with Synapse Financial, a now-bankrupt middleware fintech service that the suit says caused customers to lose $85 million.
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April 07, 2025
ACLU, Others Slam Bid To 'Magic Eraser' CFPB Redlining Deal
A slew of public interest groups mobilized Friday against the Trump administration's bid to recant a recently settled Consumer Financial Protection Bureau redlining case, telling an Illinois federal judge that the move is about politics, not fairness, and should be denied.
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April 07, 2025
SEC Orders Crypto Guidance Review As Deregulation Looms
Acting Chair of the U.S. Securities and Exchange Commission Mark Uyeda ordered a review of a number of staff statements on digital assets, to potentially change or withdraw them in light of the White House's policy directive on deregulation and recommendations from the Department of Government Efficiency.
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April 04, 2025
IPO Plans Appear Iced As Trump's Tariffs Rock Markets
The escalating sell-off in equities is halting major initial public offerings for now and more prospects will likely pause plans as deals lawyers and their clients assess the fallout following President Donald Trump's endorsement of across-the-board tariffs, experts say.
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April 04, 2025
Crypto Firm Shorted Exec On Wages And Commissions, Suit Says
The former chief commercial officer of a cryptocurrency startup accused the company of reneging on its promise to pay him wages and coin commissions for his work facilitating the firm's registration and legal trading in Canada, in a new lawsuit filed in New York federal court.
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April 04, 2025
SEC Says Reserve-Backed Stablecoins Aren't Securities
The U.S. Securities and Exchange Commission's Division of Corporation Finance said Friday the offer and sale of reserve-backed dollar stablecoins aren't securities transactions, in the latest statement to set out the staff's views on the boundaries of its jurisdiction over digital assets.
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April 04, 2025
Ill. Lawmakers Advance Crypto Fraud Protection Measure
Illinois state senators passed a bill out of committee intended to rein in cryptocurrency fraud, which one of the proposed law's sponsors said had bilked Illinois residents out of more than $163 million in 2023 alone.
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April 04, 2025
Fed's Barr Says Bank Regulators Should 'Explore' Gen AI
Federal Reserve Gov. Michael Barr called Friday for banking regulators to look into how they themselves might harness generative artificial intelligence, arguing the experience could help them better understand how banks' use of the technology should be overseen.
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April 04, 2025
Taxation With Representation: Ropes & Gray, Paul Hastings
In this week's Taxation With Representation, Siemens AG acquires Dotmatics from Insight Partners, LPL Financial acquires Commonwealth Financial Network, Brookfield Asset Management takes a majority stake in Angel Oak Cos., and TowneBank acquires Old Point Financial Corp.
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April 03, 2025
Warren Calls For Investigation Into SEC's Crypto About-Face
U.S. Sen. Elizabeth Warren is asking the inspector general of the U.S. Securities and Exchange Commission to investigate whether President Donald Trump, his family or associates have had "undue influence" over the agency's recent moves to back off from regulating the cryptocurrency industry.
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April 03, 2025
CFPB Says It Will Reopen Small-Biz Lending Rule
The Consumer Financial Protection Bureau said Thursday that it will reopen its Biden-era rule requiring financial institutions to report data on their small business lending activity, the latest policy pivot for the agency under its new Trump-appointed leadership.
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April 03, 2025
AI Dominated Venture Funding In Q1 As Broader Market Lags
Artificial intelligence investment again dominated venture capital activity in the first quarter, mostly driven by a few mammoth deals, according to data released Thursday, while experts say the broader outlook for non-AI firms remains subdued amid market skittishness.
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April 03, 2025
Samsung Gets Mobile Payment Patent Suit Tossed
A federal judge in Manhattan has tossed a six-year-old suit leveled against Samsung over patents covering "now-obsolete technology" once used by a mobile payment app, ruling that the payment card developer Dynamics already disavowed its latest claim construction argument at an earlier patent board proceeding.
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April 03, 2025
Crypto Co. Sentenced In Fed Market Manipulation Suit
United Arab Emirates-based CLS Global FZC LLC has been sentenced in Massachusetts federal court on criminal charges over running a fraudulent "wash trading" scheme after it pled guilty to the charges in January and agreed to stop working in the U.S. cryptocurrency industry.
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April 03, 2025
CFTC Taps New Acting Head Of Market Oversight Division
The Commodity Futures Trading Commission announced Wednesday that its Division of Market Oversight will be headed on an acting basis by a longtime employee of the derivatives market regulator who helped start the division's Market Intelligence Branch.
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April 03, 2025
Loyalty Platform Kognitiv Hits Ch. 11 With Over $10M In Debt
Customer loyalty platform Kognitiv US LLC filed for Chapter 11 on Wednesday in Delaware bankruptcy court, citing more than $10 million in liabilities with a plan to sell its assets to another loyalty platform.
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April 03, 2025
DC Circ. Steps In To Pause CFPB Order As Judge Denies Stay
A D.C. Circuit panel on Thursday put a temporary, limited hold on a federal judge's preliminary injunction barring further cuts at the Consumer Financial Protection Bureau, even as the judge herself largely denied a Trump administration bid to stay it for appeal.
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April 03, 2025
House Moves Stablecoin Bill Despite Dems' Conflict Concerns
The House Financial Services Committee advanced its federal framework for stablecoins just before midnight Wednesday following hours of markup during which Democrats raised concerns that the Trump family and administration officials' involvement with crypto ventures will create conflicts of interest.
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April 03, 2025
Feds Say Cash Advance Biz Owner Ran $40M Ponzi Scheme
Federal prosecutors said Thursday that a Miami man ran a $40 million Ponzi scheme through a company that purported to make money through quick loans to small businesses.
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April 03, 2025
SEC's Gemini Crypto Trading Suit Paused For More Deal Talks
A New York federal judge paused the U.S. Securities and Exchange Commission's unregistered securities trading claims against cryptocurrency exchange Gemini Trust Co. after the agency and the company informed the court they were approaching a resolution, which would be the second deal reached in the case.
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April 03, 2025
'No Serious Question' Federal Firings Broke Law, Justices Told
Federal employee unions and advocacy groups urged the U.S. Supreme Court on Thursday to reject the Trump administration's bid to pause a California court order reinstating tens of thousands of probationary workers fired from six agencies, arguing the government can't escape self-inflicted harms brought on by its allegedly unlawful actions.
Expert Analysis
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Series
Playing Esports Makes Me A Better Lawyer
Competing in a global esports tournament at Wimbledon last year not only fulfilled my childhood dream, but also sharpened skills that are essential to my day job, including strategic thinking, confidence and networking, says AJ Schuyler at Jackson Lewis.
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Lessons From The SEC's 2024 Crackdown On AI Washing
AI washing was the subject of increased scrutiny from the U.S. Securities and Exchange Commission in 2024 following a surge in the commercial adoption of generative artificial intelligence technologies in 2023, highlighting the importance of transparency, accuracy and accountability when communicating about AI, say attorneys at Perkins Coie.
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The Securities Litigation Trends That Will Matter Most In 2025
2025 is shaping up to be a significant year for securities litigation, as plaintiffs and defendants alike navigate shifting standards for omission theories of liability, class certification, risk disclosure claims and more, say attorneys at Willkie.
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An Associate's Guide To Career Development In 2025
As the new year begins, associates at all levels should consider establishing career metrics, fostering key relationships and employing other specific strategies to help move through the complexities of the legal profession with confidence and emerge as trailblazers, say EJ Stern and Amanda George at Fractional Law Firm.
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Predicting The Lasting Changes CFPB May Face In 2025
President-elect Donald Trump and the incoming Republican-controlled Congress' likely attempts to reshape the Consumer Financial Protection Bureau could significantly alter its rulemaking, supervisory and enforcement abilities for years to come, says Jim Sandy at McGlinchey Stafford.
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How White Collar Enforcement May Shift In Trump's 2nd Term
After President-elect Donald Trump returns to the White House next month, the administration’s emphasis on immigration laws, drug offenses and violent crime will likely reduce the focus on white collar crime overall, but certain areas within the white collar world may see increased activity, say attorneys at Keker Van Nest.
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New Trump Admin May Bring Financial Oversight Turbulence
As President-elect Donald Trump prepares to begin his second term, his top financial market regulatory and securities law enforcement appointees, campaign promises, and regulatory preferences foretell a period of muddy regulatory waters, say attorneys at Kroll.
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The Justices' Securities Rulings, Dismissals That Defined '24
The U.S. Supreme Court's 2024 securities rulings led to increased success for defendants' price impact arguments, but the justices' decisions not to weigh in on important issues relating to the Private Securities Litigation Reform Act's pleading requirements may be just as significant, say attorneys at Skadden.
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10 Noteworthy CFPB Developments From 2024
In a banner year for consumer finance regulation, the Consumer Financial Protection Bureau made significant strides in its efforts to rein in Big Tech and nonbank financial firms, including via rules regarding open banking, credit card late fees, and buy now, pay later products, say attorneys at Wiley.
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Series
Fixing Up Cars Makes Me A Better Lawyer
From problem-solving to patience and adaptability to organization, the skills developed working under the hood of a car directly translate to being a more effective lawyer, says Christopher Mdeway at Kaufman Dolowich.
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Making The Pitch To Grow Your Company's Legal Team
In a compressed economy, convincing the C-suite to invest in additional legal talent can be a herculean task, but a convincing pitch — supported by metrics and cost analyses — may help in-house counsel justify the growth of their team, say Elizabeth Smith and Roger Garceau at Major Lindsey.
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The Story Of 2024's Biggest Bank Regs, And Their Fate In 2025
U.S. federal bank regulators were very active in 2024 with initiatives ranging from antitrust and capital to proposals regarding controlling shareholders and incentive-based compensation, but many regulations face an uncertain future under the new administration, say attorneys at Latham.
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Opinion
Justices Rightly Corrected Course In Nvidia And Facebook
By dismissing both the Nvidia and Facebook class actions, over investors' ability to hold corporations accountable for fraud, the U.S. Supreme Court was right in refusing to favor corporations over transparency, and reaffirmed its commitment to corporate accountability, investor protection and the rule of law, says Laura Posner at Cohen Milstein.
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Gov't Scrutiny Of Workplace Chat Apps Set To Keep Growing
The incoming Trump administration and Republican majorities in Congress are poised to open numerous investigations that include increasing demands for entities to produce communications from workplace chat apps, so companies must evaluate their usage and retention policies, say attorneys at Orrick.
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2024 Regulatory Developments For Bank-Fintech Partnerships
Joseph Silvia at Duane Morris reviews a handful of particularly noteworthy 2024 updates regarding bank-fintech partnerships, including federal banking agencies issuing a number of important pieces of guidance that reiterate and update previous guidance in the area of third-party risk management.