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Banking
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April 16, 2025
Bankers Ask FCC To Pare Back Call Consent Rules
While the Federal Communications Commission is deciding which regulations to slash, a coalition of banking groups is hoping the agency will hone in on telemarketing consent rules that they say make it harder for them to reach out to their customers.
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April 16, 2025
Pot Co. Says Board Member Should Stay In 'Neobank' Suit
Cannabis company Killa Bees Distribution LLC is objecting to an Oregon magistrate judge's recommendation that the court dismiss its claims against a board member for a defunct "neobank" set up to handle banking for cannabis companies, saying the conclusion is "legally and factually flawed."
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April 16, 2025
ÃÛÌÒÊÓÆµ Defends Bid To Undo Redlining Deal
The Consumer Financial Protection Bureau reiterated Tuesday its bid in Illinois federal court to refund a Chicago-area mortgage lender's redlining settlement, arguing that consumer advocates fighting to keep the deal in place "attack a strawman" and posit "a parade of horribles that have nothing to do with this case."
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April 16, 2025
Schumer Looks To Block Trump NY US Attorney Nominations
Senate Minority Leader Chuck Schumer, D-N.Y., announced on Wednesday he is exercising his power to block two of President Donald Trump's nominations for U.S. attorneys, which could set up an early test for preserving the long-standing Senate blue slip tradition.
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April 16, 2025
Trump Ousts Democrats From NCUA Board In Latest Purge
The National Credit Union Administration's two Democratic board members said Wednesday that President Donald Trump has fired them from the agency, a purge they are slamming as politically motivated and a threat to regulatory independence.
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April 16, 2025
Disbarred Atty Gets 2½ Years For Investment Scheme
A New Jersey federal judge sentenced a disbarred attorney to 2½ years in prison after he admitted to misleading would-be investors in his financial services company with false promises before using their money for his personal expenses.
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April 16, 2025
Judge Restores EPA Grant Funds For Climate Change Groups
A D.C. federal judge has ordered Citibank NA to start disbursing Biden-era federal grant funding to nonprofits working on climate change projects, and blocked the U.S. Environmental Protection Agency's effort to terminate the grants.
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April 15, 2025
Judge Tells Feds To Unfreeze Climate, Infrastructure Funds
The U.S. Department of Agriculture, U.S. Environmental Protection Agency and other federal agencies must "turn the funding spigots back on" while environmental groups challenge the Trump administration's decision to cut congressionally approved dollars for infrastructure, agriculture, climate and other initiatives, a Rhode Island federal judge ruled Tuesday.
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April 15, 2025
Securities Org. Says SEC Must Hand Over Texting Sweep Data
The American Securities Association has urged a Florida federal court to order the U.S. Securities and Exchange Commission to turn over spreadsheets related to the regulator's enforcement sweep of so-called off-channel communications, arguing the SEC's "ever-changing excuses" cannot shield it from Freedom of Information Act requirements.
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April 15, 2025
OCC Pledges Transparency Amid 'Ongoing' Breach Review
Following a "major" breach of its email system, the Office of the Comptroller of the Currency said it is still figuring out what sensitive information was accessed and will let banks know individually if material on them or their customers was included.
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April 15, 2025
Chase Says Fla. Biz Playing Games With NY 'Debanking' Suit
JPMorgan Chase Bank NA wants a case accusing it of "debanking"Â a Florida company sent to the Sunshine State, arguing that it has already won at least one nearly identical suit there and that the company's attempt to bring the current action in New York is a transparent attempt at forum shopping.
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April 15, 2025
No Appeal For Green Energy Co. CEO In $40M Investor Suit
The CEO of a company purportedly funded by a green energy outfit can't appeal a judge's determination in a proposed investor class action that found the executive is subject to the Tennessee federal court's jurisdiction, saying he failed to meet the requirements for such an appeal.
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April 15, 2025
Pot Co. Settles With Capital Firm In 'Neobank' Fraud Suit
Cannabis company Killa Bees Distribution LLC has agreed to a settlement with a venture capital firm and its executive, resolving claims that they benefited from alleged fraud by a "neobank" for cannabis businesses who couldn't use traditional banking.
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April 15, 2025
Judge Vacates ÃÛÌÒÊÓÆµ's Credit Card Late Fee Rule
A Texas federal judge on Tuesday vacated the Consumer Financial Protection Bureau's $8 credit card late fee rule after the agency reached a deal with the U.S. Chamber of Commerce and other trade groups to settle their litigation over the agency's Biden-era rule.
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April 15, 2025
Davis Polk Guides StoneX On $900M RJ O'Brien Buy
Davis Polk & Wardwell LLP is guiding New York-based StoneX Group on its agreement to acquire Mayer Brown LLP-advised futures brokerage R.J. O'Brien, or RJO, at an equity value of approximately $900 million.
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April 14, 2025
SEC Won't Revisit WhatsApp Settlements With 16 Firms
A divided U.S. Securities and Exchange Commission refused Monday to redo settlements it inked with 16 financial firms over their failure to keep records of so-called off-channel communications, finding the "settlor's remorse" the firms are suffering because others received better terms is not reason enough to modify their deals.
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April 14, 2025
BofA Ordered To Pay FDIC $540M For Underpaid Premiums
A Washington, D.C., federal court has ruled that Bank of America must pay the Federal Deposit Insurance Corp. more than $540 million plus interest for underpaying its deposit insurance premiums, ending an eight-year-long case whose resolution was delayed in light of the U.S. Supreme Court's Loper Bright decision overturning federal agency rulemaking deference.
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April 14, 2025
NY AG Accuses MoneyLion, DailyPay Of Predatory Lending
New York Attorney General Letitia James on Monday sued MoneyLion Inc. and DailyPay Inc. for fraud and usury, alleging that their so-called earned wage access services are actually payday loans in disguise that target vulnerable New Yorkers with predatory interest rates.
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April 14, 2025
Auto Insurers Can't Shake Feds' Forced Coverage Claims
A group of insurers will have to face the federal government's claims that they forced auto-loan customers to pay for unnecessary "collateral protection insurance" by setting an unreasonably high bar for proving the borrowers held other auto insurance policies, a Pennsylvania federal judge ruled Monday, concluding that the United States had satisfied pleading standards.
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April 14, 2025
4th Circ. Asked To Rethink Credit Union's Liability In Scam
A metal fabricator asked the full Fourth Circuit to rethink a panel decision finding a credit union cannot be held liable for a scammer's use of its services to swindle the fabricator out of $560,000, saying the majority should have deferred to the district court's findings about the scheme.
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April 14, 2025
Ex-Allied Wallet Exec Seeks Trial Delay Amid Recusal Bid
A former executive of payment processing company Allied Wallet asked to pause his criminal bank fraud case Monday while a Massachusetts federal judge considers a recusal motion questioning his impartiality.
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April 14, 2025
ÃÛÌÒÊÓÆµ To Vacate Credit Card Late Fee Rule In Deal With Banks
The Consumer Financial Protection Bureau said Monday it has agreed to vacate as unlawful its $8 credit card late fee rule as part of a deal with the U.S. Chamber of Commerce and other trade groups to settle their litigation over the agency's Biden-era rule.
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April 14, 2025
ÃÛÌÒÊÓÆµ's Vought Looks To Roll Back 'Weaponized' Guidance
Acting Consumer Financial Protection Bureau Director Russell Vought has called for a crackdown on so-called regulation through guidance at the agency, launching a sweeping review that could cull bulletins, circulars and other advisory materials dating back years.
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April 13, 2025
DC Circ. Limits ÃÛÌÒÊÓÆµ Layoff Ban Amid Trump Admin Appeal
A D.C. Circuit panel has cleared a path for the Trump administration to resume job cuts at the Consumer Financial Protection Bureau as it pursues an appeal of a preliminary injunction barring it from shutting down the agency.Â
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April 11, 2025
SEC Digs Into Policing Crypto Trading At Roundtable
The U.S. Securities and Exchange Commission's acting chairman said Friday the agency should consider granting temporary regulatory relief for crypto firms while the agency crafts long-term solutions to oversee digital asset markets, one of many ideas discussed during a roundtable on tailoring regulation to crypto trading.
Expert Analysis
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Scope And Nature Of Judicial Relief Will Affect Loper's Impact
The practical result of post-Loper Bright rulings against regulatory actions will depend on the relief courts grant — and there has been controversy in these types of cases over whether the ruling is applied just to the parties or nationwide, and whether the action can be left in place while it's corrected, says Steven Gordon at Holland & Knight.
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The Implications Of E-Cigarette Cos. Taking Suits To 5th Circ.
The U.S. Supreme Court recently heard oral arguments in U.S. Food and Drug Administration v. R.J. Reynolds over the definition of an "adversely affected" person under the Tobacco Control Act, and the justices' ruling will have important and potentially wide-ranging implications for forum shopping claims, says Trillium Chang at Zuckerman Spaeder.
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Del. Dispatch: Lessons From Failed Albertsons-Kroger Merger
The allegations in Albertsons' lawsuit against Kroger following the grocery stores' blocked merger demonstrate how a target company can best ensure that a buyer timely and effectively complies with its obligations to pursue the necessary regulatory approvals for a deal, say attorneys at Fried Frank.
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Series
Adventure Photography Makes Me A Better Lawyer
Photographing nature everywhere from Siberia to Cuba and Iceland to Rwanda provides me with a constant reminder to refresh, refocus and rethink the legal issues that my clients face, says Richard Birmingham at Davis Wright.
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How Cos. Can Respond To ÃÛÌÒÊÓÆµ Digital Asset Safeguard Plan
Though the Consumer Financial Protection Bureau’s proposal to regulate online payment platforms via existing federal laws would create new challenges, digital payment companies that engage with the rulemaking process could help shape a win-win regulatory framework that protects consumer data and ensures the sector’s growth, says Allison Raley at Arnall Golden.
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How Ch. 11 Can Alleviate Merchant Cash Advance Concerns
Merchant cash advance funding is one of the biggest challenges for small businesses today because funders are so prevalent, aggressive and expensive, but bankruptcy can provide several tools for dealing with MCA agreements that may allow the debtor business to restructure and survive, says Patricia Fugée at FisherBroyles.
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Future Of Crypto-Asset Classification Is In 2nd Circ.'s Hands
A definitive ruling from the Second Circuit in a rare interlocutory appeal in the U.S. Securities and Exchange Commission's ongoing court battle with Coinbase could finally establish clear guidelines on the classification of digital assets, influencing how they are regulated and traded in the U.S., say attorneys at Manatt.
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5 Ways To Create Effective Mock Assignments For Associates
In order to effectively develop associates’ critical thinking skills, firms should design mock assignments that contain a few key ingredients, from messy fact patterns to actionable feedback, says Abdi Shayesteh at AltaClaro.
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Assessing Gary Gensler's Legacy At The SEC
Gary Gensler's tenure as U.S. Securities and Exchange Commission chair is defined by a record of commonsense regulation in some areas and social activism in others, and by increasing judicial skepticism about the SEC's authority to fulfill its regulatory, enforcement, administrative law and adjudicatory functions, say attorneys at Arnold & Porter.
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Takeaways From DOJ Fraud Section's 2024 Year In Review
Attorneys at Paul Weiss highlight notable developments in the U.S. Department of Justice Fraud Section’s recently released annual report, and discuss what the second Trump administration could mean for enforcement in the year to come.
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A Defendant's Guide To 4 Common ÃÛÌÒÊÓÆµ Discovery Tactics
With the Consumer Financial Protection Bureau's recent flurry of new lawsuits showing no signs of stopping, defendants should know the bureau's most relied-upon discovery strategies — and be prepared to resist them, say attorneys at Goodwin.
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The 7th Circ.'s Top 10 Civil Opinions Of 2024
Attorneys at Jenner & Block examine the most significant decisions issued by the Seventh Circuit in 2024, and explain how they may affect issues related to mass arbitration, consumer fraud, class certification and more.
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Kansas Bank's Suit Could Upend FDIC Enforcement Authority
​​​​​​​Should CBW Bank's federal lawsuit in Kansas challenging the Federal Deposit Insurance Corp.'s enforcement authority gain traction with a post-Chevron U.S. Supreme Court, it could have profound implications for the FDIC and the banking industry at large, says Jack Harrington at Bradley Arant.
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Class Actions At The Circuit Courts: Nov. And Dec. Lessons
In this month's review of class action appeals, Mitchell Engel at Shook Hardy discusses five federal court decisions and identifies practice tips from cases involving takings clause violations, breach of contract with banks, life insurance policies, employment and automobile defects.
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Mentorship Resolutions For The New Year
Attorneys tend to focus on personal achievements or career milestones when they set yearly goals, but one important area often gets overlooked in this process — mentoring relationships, which are some of the most effective tools for professional growth, say Kelly Galligan at Rutan & Tucker and Andra Greene at Phillips ADR.