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Banking
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July 24, 2025
NCUA Board Members 'Glad To Be Back' Amid Trump Fight
The National Credit Union Administration officials who were ousted this spring by President Donald Trump took part Thursday in their first board meeting since a federal judge reinstated them just two days earlier, even as the court fight for their jobs continues.
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July 24, 2025
Feds Can't End Bank Oversight After $3M Redlining Deal
A Pennsylvania federal judge has rejected the government's bid to release a bank it previously accused of discriminatory lending from court oversight, holding that continued enforcement was "essential" to make sure the terms of a settlement resolving the allegations were adhered to.
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July 24, 2025
Bets On Atty's Lien Biz Lost Millions, Investor Tells Jury
A seasoned investor told a Manhattan federal jury Thursday that he heavily backed a tax-lien fund controlled by a lawyer now accused of fraud, ultimately losing $2.9 million in supposedly low-risk bets where such losses were "not supposed to be possible."
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July 24, 2025
Alston & Bird Expands West Coast Reach With LA Funds Atty
Alston & Bird LLP has hired a former Greenberg Traurig LLP shareholder with in-house investment firm experience as an investment funds partner in Los Angeles.
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July 24, 2025
Holland & Knight Hires Longtime Choate Leader In Boston
A financing and restructuring partner at Choate Hall & Stewart LLP, who spent nearly his entire career spanning more than 30 years with that firm and led its business department for almost two decades, has moved his practice to Holland & Knight's Boston office.
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July 24, 2025
Ukrainian State-Owned Bank Targets Russia In New Claim
State-owned Oschadbank said Thursday it has taken the first steps to initiate arbitration against Russia over the loss of its assets in the southern and eastern regions of Ukraine, citing the Kremlin's "gross violations" of international law.
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July 23, 2025
Navy Federal Inks $1.7M Deal Over Rejected Fraud Claims
Customers of Navy Federal Credit Union have asked a California judge to give an initial nod to a proposed $1.7 million deal ending class action claims the credit union "mechanically" rejected fraud claims after they saw accounts drained of funds by unauthorized users.
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July 23, 2025
ÃÛÌÒÊÓÆµ Sued Over Retreat From Biden-Era Small-Biz Loan Rule
The Consumer Financial Protection Bureau was sued Wednesday in Washington, D.C., federal court over claims it is illegally dismantling a data-collection rule meant to expose discrimination in small-business lending, the latest twist in multi-front litigation over the Biden-era measure.
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July 23, 2025
Fla. Man Gets 5 Years In Jail For Hiding Swiss Bank Accounts
A Florida federal judge on Wednesday sentenced a Miami man to five years in prison on a conspiracy-related count in connection with evading taxes on approximately $20 million he held in Swiss bank accounts and setting up trusts in an attempt to hide assets.
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July 23, 2025
Trump Admin Appeals Ruling On NCUA Board Member Firings
The Trump administration has asked a Washington, D.C., federal judge to pause a ruling reinstating two ousted Democratic members of the National Credit Union Administration board, arguing the decision represents an "extraordinary intrusion" into presidential power and is being swiftly appealed.
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July 23, 2025
Wells Fargo Gets Partial Early Win In Processing Servicer Suit
A Tennessee federal judge has granted a partial early win to Wells Fargo and a merchant services provider in a breach of contract suit brought by so-called independent sales organization TX Direct, finding that the contract between the parties had already been terminated when TX Direct was allegedly locked out of a merchant onboarding portal.
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July 23, 2025
PREPA Bondholders Say Utility Swiped $2.9 Billion
The electric utility for Puerto Rico on Wednesday defended itself in New York bankruptcy court from allegations that it had improperly spent its revenues, which the bondholders claim as collateral for $8.5 billion worth of bonds.
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July 23, 2025
9th Circ. Revives Barrett Business Services' Secrets Case
The Ninth Circuit has reinstated Barrett Business Services Inc.'s claims of trade secret theft against two former employees, their wives and a competing company they started.
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July 23, 2025
DC Co. Sues Société Générale Over $29M Loan Deal
A District of Columbia property owner has accused Société Générale Financial Corp. in D.C. federal court of violating an agreement related to a $29 million refinancing loan when the bank corporation refused to fund the loan after realizing that it couldn't find a favorable secondary market buyer for the loan.
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July 23, 2025
Unlicensed $1M Crypto Exchange Operator Pleads Guilty
A 56-year-old Connecticut man has pled guilty to charging fees for swapping more than $1 million in cash, checks and money orders for cryptocurrency at a West Haven business that didn't obtain a license from the state banking commissioner.
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July 23, 2025
US Says It's Immune In Booz Allen Worker Tax Info Leak Suit
A proposed class action seeking to hold the federal government and its contractor Booz Allen Hamilton responsible for a leak of thousands of wealthy people's tax returns, including President Donald Trump's, cannot move forward against the U.S., the government argued Wednesday, saying it's immune from the suit.
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July 23, 2025
Ex-Real Estate Finance Pro Tapped For OCC Chief Of Staff
President Donald Trump's top national bank regulator has hired a new chief of staff, bringing on a former federal housing finance official from the private sector to help steer policy coordination and internal operations at the Office of the Comptroller of the Currency, the agency said Wednesday.
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July 23, 2025
CFTC Settles With Puerto Rico-Based Gas Futures Trader
The Commodity Futures Trading Commission and a Puerto Rico-based natural gas futures trader on Wednesday announced that they had reached a settlement, ending the agency's suit alleging that the trader used nonpublic information to make profitable energy trades.
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July 23, 2025
NY Finance Atty Joins Proskauer From A&O Shearman
Proskauer Rose LLP announced that an experienced finance attorney who's spent over 20 years primarily working on collateralized loan obligations has joined the firm's New York office from Allen Overy Shearman Sterling.
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July 23, 2025
Bradley Arant Taps Arnall Golden Fintech Pro In Atlanta
Bradley Arant Boult Cummings LLP has added a former Arnall Golden Gregory LLP attorney as a partner in the firm's banking and financial services group to extend its Atlanta team counseling technology companies.
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July 23, 2025
Feds Launch Forfeiture Suit For $7M In Fraud-Linked Crypto
The acting U.S. attorney for the Western District of Washington said she is pushing for the forfeiture of about $7 million in cryptocurrency assets seized as part of an investigation into an oil and gas investment fraud scheme.
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July 23, 2025
Jones Day Guides Corpay On $2.2B Alpha Group Acquisition
Jones Day-advised Corpay Inc. said Wednesday it has agreed to acquire Alpha Group International PLC in a deal that values the U.K.-based foreign exchange platform at approximately $2.2 billion (£1.6 billion), following a months-long courtship that included the rejection of a prior Corpay offer.Â
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July 22, 2025
Trump's NCUA Board Member Firings Were Illegal, Judge Says
A D.C. federal judge on Tuesday held that President Donald Trump broke the law when he fired two Democratic credit union regulators, finding that the members must remain on the National Credit Union Administration's board and can only be removed before their terms are up for cause.
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July 22, 2025
Chime Facing Class Suit In Wash. Over 'Refer-A-Friend' Texts
Online banking company Chime has been breaking a Washington state ban on unsolicited texts by encouraging customers to send "refer a friend" messages in order to expand its reach, according to a new proposed class action.
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July 22, 2025
Basel Exit Could Hurt US Influence, Experts Warn At Fed Event
Banking industry experts warned Tuesday that the U.S. risks undermining its global influence and keeping bank capital costs elevated if it doesn't implement some form of the so-called Basel III endgame, with one former Federal Reserve official likening the prospect of such a retreat to the "Peanuts" gag of Lucy yanking the football from Charlie Brown.
Expert Analysis
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Feds' Shift On Reputational Risk Raises Questions For Banks
While banking regulators' recent retreat from reputational risk narrows the scope of federal oversight in some respects, it also raises practical questions about consistency, reputational management and the evolving political landscape surrounding financial services, say attorneys at Smith Anderson.
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Series
Playing Mah-Jongg Makes Me A Better Mediator
Mah-jongg rewards patience, pattern recognition, adaptability and keen observation, all skills that are invaluable to my role as a mediator, and to all mediating parties, says Marina Corodemus.
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Business Court Bill Furthers Texas' Pro-Corporate Strategy
The Texas Legislature's recent bill to enhance corporate protections and expand access to the Texas Business Court by refining its jurisdictional standards is just the latest step in the state's playbook for becoming the new center of corporate America, say attorneys at Katten.
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2 NY Cases May Clarify Foreclosure Law Retroactivity
Two pending cases may soon provide the long-awaited resolution to the question of whether retroactive application of the New York Foreclosure Abuse Prevention Act violates the state Constitution, providing a guide for New York courts inundated with motions in foreclosure and quiet title actions, says Fernando Rivera Maissonet at Hinshaw & Culbertson.
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Series
Law School's Missed Lessons: Navigating Client Trauma
Law schools don't train students to handle repeated exposure to clients' traumatic experiences, but for litigators practicing in areas like civil rights and personal injury, success depends on the ability to view cases clinically and to recognize when you may need to seek help, says Katie Bennett at Robins Kaplan.
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What To Expect As UK, US Gov'ts Develop Stablecoin Policies
While the U.K. and U.S. governments’ policies both suggest that fiat-backed stablecoins can improve efficiency and safety in payments systems, a perception that crypto-assets remain high risk means consumers are unlikely to use them in significant volume anytime soon, say lawyers at Cadwalader.
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Series
Texas Banking Brief: All The Notable Legal Updates In Q2
In the second quarter of 2025, the Texas Business Court's newly expanded jurisdiction set the stage for rising caseloads, while the state Legislature narrowed an exception to state bank control requirements and closed a cryptocurrency dividends payments loophole, say attorneys at Mayer Brown.
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Yacht Broker Case Highlights Industry Groups' Antitrust Risk
The Eleventh Circuit recently revived class claims against the International Yacht Brokers Association, signaling that commission-driven industries beyond real estate are vulnerable to antitrust challenges after the National Association of Realtors settled similar allegations last year, says Miles Santiago at the Southern University Law Center and Alex Hebert at Southern Compass.
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Opinion
4 Former Justices Would Likely Frown On Litigation Funding
As courts increasingly confront cases involving hidden litigation finance contracts, the jurisprudence of four former U.S. Supreme Court justices establishes a constitutional framework that risks erosion by undisclosed financial interests, says Roland Eisenhuth at the American Property Casualty Insurance Association.
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Congress Crypto Movement Could Bring CFTC 'Clarity' At Last
The Clarity Act's arrival at the House floor during "Crypto Week" in Congress demonstrates enduring bipartisan support for legislation addressing digital assets and the Commodity Futures Trading Commission's important role in a future regulatory structure, say attorneys at DLA Piper.
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Stablecoin Bills Present Opportunities, Challenges For Banks
Stablecoin legislation that Congress is expected to adopt in the coming weeks — the GENIUS and STABLE Acts — would create openings for banks to engage in digital asset activities, but it also creates a platform for certain tech-savvy nonbanks to directly compete, say attorneys at Arnold & Porter.
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How Attys Can Use AI To Surface Narratives In E-Discovery
E-discovery has reached a turning point where document review is no longer just about procedural tasks like identifying relevance and redacting privilege — rather, generative artificial intelligence tools now allow attorneys to draw connections, extract meaning and tell a coherent story, says Rose Jones at Hilgers Graben.
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Opinion
GENIUS Act Could Muck Up Insolvency Proceedings
While some of the so-called GENIUS Act's insolvency provisions are straightforward, others run the risk of jeopardizing the success of stablecoin issuers' insolvency proceedings and warrant another look from Congress, say attorneys at Morgan Lewis.
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Series
Calif. Banking Brief: All The Notable Legal Updates In Q2
The second quarter saw California become a more active protector of consumers in response to federal regulatory pullback, with regulators proposing a licensing framework for digital asset businesses, ending an enforcement exemption and otherwise signaling further expansions of oversight and enforcement, say attorneys at Stinson.
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Series
Georgia Banking Brief: All The Notable Legal Updates In Q2
The second quarter brought a number of significant legislative and regulatory changes for Georgia banking, including an extension of the intangibles tax exemption for short-term notes, modernization of routine regulatory practices, and new guardrails against mortgage trigger leads, says Walter Jones at Balch & Bingham.