Fintech

  • February 23, 2024

    CFPB Subjects Lender To Supervision In 1st Oversight Flex

    The Consumer Financial Protection Bureau said Friday that it has decided to require supervision for one of the nation's largest personal installment lenders, a move that marks the first time the agency has flexed its special risk-based oversight power over a company's objections.

  • February 23, 2024

    Russian Assets Seen As Key To Tipping The Scales For Ukraine

    The 500-plus sanctions the U.S. added against Russia and its enablers Friday will continue to make the Kremlin's war more costly, but experts say the key to a real sea change in Ukraine is giving it Russia's seized assets abroad.

  • February 23, 2024

    FTC Rips H&R Block's 'Deceptive' Marketing, 'Coercive' Ploys

    The Federal Trade Commission filed an administrative complaint against H&R Block claiming the tax preparation company deceptively marketed some products as "free" and "coerced" people to pay for pricier products, the government agency announced Friday.

  • February 23, 2024

    Heartland Payment Fights Cert. Bid In School Lunch Card Suit

    Payment processor Heartland Payment Systems LLC has asked a Florida federal judge to deny class certification to Heartland customers alleging the company hit them with unfair surcharges when they loaded lunch money onto school-sponsored payment cards used by their kids.

  • February 23, 2024

    Crypto Org, Bitcoin Miner Sue DOE Over Electricity Survey

    A Texas cryptocurrency industry association and a crypto-mining company have sued the U.S. Department of Energy in an attempt to block its plans to solicit mining companies' information about electricity consumption, alleging the department shirked the proper statutory process to collect the data.

  • February 23, 2024

    SVB's Cayman Unit Loses Ch. 15 Bid In NY

    A bankruptcy judge in New York has dismissed a petition from the Cayman Islands branch of Silicon Valley Bank that sought U.S. recognition of its Cayman insolvency proceedings, finding that it is not eligible to file a Chapter 15 petition.

  • February 23, 2024

    Kraken Wants SEC Suit Tossed, Says Tokens Aren't Securities

    Crypto exchange Kraken on Friday urged a California federal judge to permanently toss claims it failed to register its platform with the U.S. Securities and Exchange Commission since the regulator has not shown that the tokens on its platform are investment contracts.

  • February 23, 2024

    FDIC Slaps Small Tenn. Bank With Fintech Oversight Order

    The Federal Deposit Insurance Corp. on Friday announced a consent order with a small Tennessee bank that stresses the risks of the bank's relationships with third-party fintech companies.

  • February 23, 2024

    FTX Settles $324M Ch. 11 Suit Over European Deal For $33M

    Bankrupt cryptocurrency exchange FTX Trading Ltd. has asked a Delaware court to approve a plan to resolve a $323.5 million clawback action aimed at the co-founders of its European unit by selling the subsidiary back to the executives for $32.7 million.

  • February 23, 2024

    Binance Judge Says Greed Overtook Ethics, OKs $4.3B Plea

    A Washington federal judge signed off Friday on Binance's $4.3 billion plea deal on money laundering and bank fraud charges, saying from the bench that the cryptocurrency exchange's ethics violations could not be explained away by mere ignorance. 

  • February 23, 2024

    Feds' Crypto Focus Is No Longer On 'Whack-A-Mole' Cases

    The U.S. Department of Justice is no longer playing "whack-a-mole" in its crypto cases, and instead is taking on large-scale actors in the hopes of encouraging industrywide compliance, veteran crypto-focused prosecutors with the Manhattan U.S. Attorney's Office said Friday.

  • February 23, 2024

    OCC Names Acting Chief Counsel As Top Lawyer Set To Exit

    The Office of the Comptroller of the Currency said Friday that its chief counsel will soon depart, creating a vacancy that will be filled temporarily by an agency veteran until a permanent replacement is lined up.

  • February 22, 2024

    Mastercard Faces Monopolization Claims Over Digital Tokens

    Mastercard has been stonewalling digital wallet startup OV Loop, refusing to provide needed tokens and thereby excluding OV Loop from the mobile payment services market, all part of Mastercard's effort to maintain its chokehold on payment processing and continue to charge supracompetitive fees on transactions, according to a suit filed Wednesday.

  • February 22, 2024

    BofA Card Holders Fight Uphill To Save Interest Charge Suit

    A California federal judge appeared inclined to toss a proposed class action claiming Bank of America illegally imposes excessive interest charges on variable-rate credit card holders, asking during a hearing Thursday if the plaintiff's counsel could "bolster" the complaint if the bank's motion to dismiss were granted.

  • February 22, 2024

    Crypto Co. DGC Blasts NY AG Settlement With Genesis Global

    The parent company of Genesis Global Holdco slammed a proposed settlement between the bankrupt lender and the New York attorney general on Wednesday, calling the agreement an attempt to "rig" the Chapter 11 plan confirmation to include larger payouts for certain creditors.

  • February 22, 2024

    BofA Pulling Fast One To Exit Gag Clause Suit, Customers Say

    Consumers suing Bank of America for allegedly trying to stifle consumer critics through clauses in its online service agreements have urged a California federal judge not to toss their suit, arguing the bank's dismissal arguments are without legal merit, factually incorrect and "intended to mislead."

  • February 22, 2024

    Comerica Brass Sued Over Benefit Cards Contract Oversight

    Executives and directors of financial services company Comerica were hit with a shareholder derivative suit alleging they failed to disclose the company was mismanaging a lucrative government benefits card program by allowing sensitive data to be handled at an international vendor's office.

  • February 22, 2024

    Vesttoo Liquidation Delayed For Closer Look At Creditor Deals

    A Delaware bankruptcy judge on Thursday postponed deciding the fate of Israeli financial technology firm Vesttoo Ltd.'s liquidation plan until early next week to give the remaining objector to the proposal time to review settlements the debtor reached with prior challengers.

  • February 22, 2024

    FTX Can Cash Out $500M Investment In AI Biz To Fund Ch. 11

    Insolvent cryptocurrency exchange FTX Trading Ltd. received a Delaware bankruptcy judge's approval Thursday to sell off its equity stake in an artificial intelligence technology company launched by former members of OpenAI that FTX purchased for $500 million in 2021.

  • February 21, 2024

    Texas Crypto Firm Sues SEC To Avoid 'Unlawful' Enforcement

    A Texas-based crypto firm has sued the U.S. Securities and Exchange Commission in a bid to convince a Texas federal court to find that digital assets traded on public exchanges are not securities and protect it from potential registration enforcement cases.

  • February 21, 2024

    Crypto Law Firm Invokes Coinbase Petition In SEC Challenge

    Crypto-focused law firm Hodl Law PLLC told the Ninth Circuit on Wednesday that its standing to sue the U.S. Securities and Exchange Commission over its crypto policy is undeniable now that the agency has decided not to take up a rulemaking petition from crypto exchange Coinbase.

  • February 21, 2024

    OCC's Hsu Floats Payments, PE 'Trip Wires' For FSOC Review

    The Office of the Comptroller of the Currency's acting chief sounded an alarm Wednesday about the growth of digital payments and private equity, saying federal regulators should consider setting numerical "trip wires" around those activities to stay ahead of potential financial stability risks.

  • February 21, 2024

    SEC Seeks $4M Damages Award In Sports Stock Fraud Suit

    The U.S. Securities and Exchange Commission asked a D.C. federal judge on Wednesday to put the sports business Crystal World Holdings and others on the hook for more than $4.1 million in total damages for their alleged securities fraud.

  • February 21, 2024

    Genesis Creditors Seek At Least $45M Out Of Ch. 11 Plan

    Two of Genesis Global's prepetition lenders have asked a New York bankruptcy court to guarantee they'll receive a minimum of $45 million for their claims should the cryptocurrency lender enact a Chapter 11 plan, saying that at present, they might not be repaid until after resolving a complex dispute over fees.

  • February 21, 2024

    Peer Street Needs To Revise Ch. 11 Disclosures, Judge Says

    A Delaware bankruptcy judge sent crowd-funded real estate investment platform Peer Street Inc.'s disclosure statement back to the drawing board on Wednesday, telling the company that it needed to add more details and understandable language amid outcry from some small investors who wanted to convert the Chapter 11 bankruptcy to a liquidation.

Expert Analysis

  • What To Know About OCC Proposals For Bank Merger Review

    Author Photo

    The Office of the Comptroller of the Currency's proposed changes to the agency's bank merger review process could exacerbate industry concerns with long and unpredictable processing periods because the proposal is ambiguous with respect to how the OCC will view certain transactions, say attorneys at Simpson Thacher.

  • 6 Pointers For Attys To Build Trust, Credibility On Social Media

    Author Photo

    In an era of information overload, attorneys can use social media strategically — from making infographics to leveraging targeted advertising — to cut through the noise and establish a reputation among current and potential clients, says Marly Broudie at SocialEyes Communications.

  • Del. Ruling Stands Out In Thorny Noncompete Landscape

    Author Photo

    In Cantor Fitzgerald v. Ainslie, the Delaware Supreme Court last month upheld the enforceability of forfeiture-for-competition provisions in limited partnership agreements, providing a noteworthy opinion amid a time of increasing disfavor toward noncompetes and following a string of Chancery Court rulings deeming them unreasonable, say Margaret Butler and Steven Goldberg at BakerHostetler.

  • SEC Regs Give Banks Chance To Step Up Cyber Safety Game

    Author Photo

    Just as the Sarbanes-Oxley Act forced financial institutions to undertake best practices in recordkeeping, the U.S. Securities and Exchange Commission’s recently effective cybersecurity regulations stand to similarly drive those same enterprises to seek out and implement best practices in cybersecurity, to everyone's benefit, says James Gerber at SimSpace.

  • A Post-Mortem Analysis Of Stroock's Demise

    Author Photo

    After the dissolution of 147-year-old firm Stroock late last year shook up the legal world, a post-mortem analysis of the data reveals a long list of warning signs preceding the firm’s collapse — and provides some insight into how other firms might avoid the same disastrous fate, says Craig Savitzky at Leopard Solutions.

  • Predicting DeFi Regulations At Home And Abroad In 2024

    Author Photo

    Though decentralized finance has advocates on both sides of the Atlantic in figures like U.S. SEC Commissioner Hester Peirce and U.K. Prime Minister Rishi Sunak, DeFi in 2024 seems likely to be folded into existing regulatory frameworks in the U.K. and EU, while anti-crypto scrutiny may discourage DeFi’s growth in the U.S., say Daniel Csefalvay and Eric Martin at BCLP.

  • Understanding SEC's Focus Amid Lack Of Final AI Rules

    Author Photo

    Although the U.S. Securities and Exchange Commission's proposed rules to govern artificial intelligence are likely far from being finalized, understanding existing regulatory provisions that could address AI risks with respect to development, disclosure, compliance and data protection could help firms anticipate and avoid pitfalls, say attorneys at Skadden.

  • How High Court SEC Case Could Affect The ITC

    Author Photo

    While the U.S. Supreme Court’s upcoming ruling in U.S. Securities and Exchange Commission v. Jarkesy will likely spare the U.S. International Trade Commission from major operative changes, the ITC’s ability to issue penalties for violations of its orders may change, say Gwendolyn Tawresey and Ryan Deck at Troutman Pepper.

  • CFPB Overdraft Rule Could Mean Big Shift In Banking Biz

    Author Photo

    The Consumer Financial Protection Bureau has proposed "to close a longstanding loophole" in the Truth in Lending Act by changing how it regulates overdraft fees, but underneath the headline-grabbing proposal is a foundational shift in how the bureau views overdraft services, say attorneys at Katten.

  • Open Questions After Elastos Crypto Class Action Settlement

    Author Photo

    The recent settlement in Owen v. Elastos Foundation resolving a class action fight over whether Elastos was required to register an initial coin offering with U.S. regulators has raised several questions that may be of interest to lawyers litigating cryptocurrency-related cases, including whether a crypto token constitutes a security under U.S. law, says Bradley Simon at Schlam Stone.

  • Series

    Coaching High School Wrestling Makes Me A Better Lawyer

    Author Photo

    Coaching my son’s high school wrestling team has been great fun, but it’s also demonstrated how a legal career can benefit from certain experiences, such as embracing the unknown, studying the rules and engaging with new people, says Richard Davis at Maynard Nexsen.

  • Implications For Digital Assets After SEC Settlement With DAO

    Author Photo

    The U.S. Securities and Exchange Commission's December settlement with BarnBridge — finding that the decentralized autonomous organization's products were securities under federal law — foreshadows increased enforcement attention on digital assets, and reveals arguments the SEC may use in similar disputes with decentralized finance protocols, say attorneys at K&L Gates.

  • SG's Office Is Case Study To Help Close Legal Gender Gap

    Author Photo

    As women continue to be underrepresented in the upper echelons of the legal profession, law firms could learn from the example set by the Office of the Solicitor General, where culture and workplace policies have helped foster greater gender equality, say attorneys at Ocean Tomo.

  • Bitcoin ETF Approval Doesn't Mean SEC Approves Of Crypto

    Author Photo

    While the U.S. Securities and Exchange Commission's approval last month of 11 applications for spot exchange-traded funds tracking bitcoin is a landmark moment for the crypto-asset industry, investors who are hopeful that the SEC will approve similar crypto-based ETFs may be disappointed, says attorneys at Mintz.

  • How Proposed Bipartisan Bill Would Reform Bank Exams

    Author Photo

    If the Fair Audits and Inspections for Regulators’ Exams Act, which was recently introduced by a bipartisan group of senators, were to be enacted, it would particularly benefit small lenders and bank-fintech partnerships by promoting transparency, appellate rights and examiner accountability, say attorneys at Latham.

Want to publish in Law360?


Submit an idea

Have a news tip?


Contact us here
Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!