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Banking
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May 27, 2025
Mobile App Infringement Suit Against Bridgestone Dropped
A New Jersey company and tire maker Bridgestone Americas Inc. on Tuesday jointly asked a Texas federal judge to dismiss a case in which Bridgestone was accused of using patented mobile device communication technology in its mobile app.
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May 27, 2025
Trump's Media Co. To Raise $2.5B For Bitcoin Purchase
Trump Media & Technology Group Corp., the parent company of President Donald Trump's social media platform, said Tuesday it plans to raise $2.5 billion from institutional investors to buy bitcoin to create what it is calling a bitcoin treasury.
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May 27, 2025
Crypto Exec's IRS Privacy Appeal Tossed By 5th Circ.
A cryptocurrency executive who sought to quash IRS summonses for his bank records must wait at least until the U.S. government decides whether to bring legal proceedings against him before he can appeal a ruling denying his request to block the agency's demands, the Fifth Circuit said Tuesday.
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May 27, 2025
Bank Groups Agree To Pause Of Fed Stress Test Suit
Major banking trade groups and the board of governors of the U.S. Federal Reserve System came together to ask an Ohio federal judge to pause their dispute over the board's big bank stress test practices, telling the court that the trade groups' concerns are being addressed.
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May 27, 2025
Dollar Bank Yanks Funeral Home Loan Over Pet Accusations
A Pittsburgh-area funeral director's alleged failure to disclose that he was facing criminal charges and civil suits over accusations that he mishandled the remains of customers' pets led Dollar Bank to declare that he and his companies now owe nearly $332,000 on a 2023 loan, according to a lawsuit filed in state court.
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May 27, 2025
High Court Passes On Axed $563M BMO Harris Ponzi Verdict
The U.S. Supreme Court on Tuesday declined to review the Eighth Circuit's decision to strike down a $563 million jury verdict against BMO Harris NA over claims that a bank it acquired had aided and abetted Thomas J. Petters' multibillion-dollar Ponzi scheme.
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May 23, 2025
Law360 Reveals Titans Of The Plaintiffs Bar
This past year, a handful of attorneys secured billions of dollars in settlements and judgments for both classes and individual plaintiffs against massive companies and organizations like Facebook, Dell, the National Association of Realtors, Johnson & Johnson, UFC and Credit Suisse, earning them recognition as Law360's Titans of the Plaintiffs Bar for 2025.
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May 23, 2025
ÃÛÌÒÊÓÆµ Calls Open Banking Rule 'Unlawful' In Pivot Against It
The Consumer Financial Protection Bureau signaled Friday that it will now seek to vacate its Biden-era open banking rule, siding with the banking industry in an ongoing legal challenge to the rule even as a major fintech industry group is pledging to keep defending it.
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May 23, 2025
SEC Cracks Door For Retail Entry Into Private Funds
The U.S. Securities and Exchange Commission is exploring increasing retail access to private funds, marking one of several pivotal shifts the watchdog is considering that would widen public exposure to the vast but less regulated world of private markets.
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May 23, 2025
Banking Groups Want SEC To Pull Cyber Disclosure Mandates
A group of banking trade associations has called on the U.S. Securities and Exchange Commission to rescind a Biden-era mandate requiring public companies to disclose certain cybersecurity incidents, arguing it increases companies' risk when they fall victim to cyberattacks.
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May 23, 2025
Judge Extends Block On Trump's Government Layoffs
A California federal judge has extended her block of President Donald Trump's executive order directing layoffs at federal agencies, saying a coalition of unions, nonprofits and cities has shown it is likely to succeed in showing the order exceeded the president's authority.
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May 23, 2025
Texas Justices Answer 5th Circ. Query On State Usury Laws
The Texas Supreme Court on Friday concurred with a credit card industry firm that sued a lender over its "usurious" interest charges, telling the Fifth Circuit that state law holds that the maximum permissible interest on a loan is based on the declining principal balance, not the initial total principal amount.
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May 23, 2025
Chief Justice Pauses DOGE's FOIA Discovery For Now
Chief Justice John Roberts temporarily paused discovery Friday into whether the Department of Government Efficiency is an agency subject to Freedom of Information Act requests, giving the initiative a short reprieve as the U.S. Supreme Court considers DOGE's bid to more fully halt a purported "fishing expedition."
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May 23, 2025
Banking Veteran Betsy Cohen's Latest SPAC Targets Fintech
Financial services dealmaker Betsy Cohen is back with another SPAC, filing plans Friday for a $220 million initial public offering for Cohen Circle Acquisition Corp. II, which aims to pursue mergers in fintech and adjacent sectors.
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May 23, 2025
9th Circ. Urged To Force ERISA 401(k) Suit Arbitration
A Los Angeles-based investment management company urged the Ninth Circuit to force individual arbitration of an ex-worker's proposed class action alleging 401(k) mismanagement, arguing a lower court incorrectly concluded an arbitration provision in employees' retirement plan wasn't enforceable because it waived statutory rights under federal benefits law.
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May 23, 2025
Home Makeover Host Sues Citibank For Debit Declines
The host of a home makeover show who calls himself "America's top lifestyle expert" has sued Citibank N.A. in Connecticut state court, alleging that he suffered embarrassment and loss of business opportunities when his debit card transactions were declined numerous times despite sufficient funds.
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May 23, 2025
Simpson Thacher Adds Kirkland Banking, Credit Atty
Simpson Thacher & Bartlett LLP said Thursday it has hired a former Kirkland & Ellis LLP attorney to focus on acquisition finance and other debt finance matters from its Boston office.
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May 23, 2025
2 Firms Tapped To Lead Visa Derivative Suits Over DOJ Claims
A California federal judge has combined lawsuits accusing Visa's executives and directors of allowing the company to understate the regulatory risk it faced by engaging in anticompetitive actions currently at the center of a lawsuit brought by the U.S. Department of Justice last year, and appointed two law firms to lead the litigation.
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May 22, 2025
Microsoft Says It Helped Disrupt Popular Malware Lumma
Microsoft said Wednesday that it recently filed suit against Lumma Stealer as part of its work with Europol's European Cybercrime Centre to disrupt the popular and pervasive info-stealing malware that steals passwords, credit card and bank account information and cryptocurrency wallets.
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May 22, 2025
Trump Admin Ends Early Biden-Era Memphis Redlining Deal
A Tennessee federal judge on Wednesday approved a Trump administration request to terminate a redlining consent order with Trustmark National Bank, closing out the settlement that kicked off a Biden-era crackdown on mortgage lending discrimination.
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May 22, 2025
Truist Bank Accused Of Freezing Funds, Blocking NCAA Bet
The son of a CEO of a disinfectant sprayer company sued Truist Bank in Florida state court over wrongly freezing his account and removing funds to pay his dad's $520,000 judgment, alleging a misapplied garnishment order prevented him from placing a winning bet in the NCAA men's basketball championship.
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May 22, 2025
Gov't Presses High Court To Hear Activist Investor Suit
The federal government Thursday urged the U.S. Supreme Court to hear a case accusing a series of closed-end funds of shutting an activist investor out of its voting rights, arguing that the investor's lawsuit threatens to have an "unpredictable impact" on the fund industry.
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May 22, 2025
Calif. Judge Likely To Extend Block On Gov't Reorg, Job Cuts
A California federal judge indicated Thursday she'll likely convert her temporary restraining order into a preliminary injunction against President Donald Trump's executive order to reduce the federal workforce, saying the law "seems clear" that presidents cannot issue large-scale agency reductions without congressional approval and "to hold otherwise" would contradict nine previous presidents and 21 congresses.
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May 22, 2025
Fla. Man Gets 6 Years For Laundering $1M Into Bitcoin
A Florida man was sentenced Thursday to six years in prison for running a "no questions asked" business that converted more than $1 million into bitcoin to help others — including romance scammers and a drug dealer — hide their funds, federal prosecutors in Massachusetts said.
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May 22, 2025
Servicer, BNY Seek Exit From Mortgage Statement Suit
Bank of New York Mellon and a mortgage servicing company have urged a Massachusetts federal court to permanently dismiss a proposed class action accusing them of trying to collect on post-bankruptcy liens, saying federal lending law does not obligate servicers to send mortgage statements to borrowers.
Expert Analysis
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Citibank Wire Transfer Ruling Creates New Liability For Banks
A New York federal court's recent decision in New York v. Citibank, affirming the Electronic Fund Transfer Act's consumer protections cover wire transfers allegedly initiated by scammers who infiltrated Citibank customers' online accounts, creates new liability for sending financial institutions and upends decades-old regulatory guidance, say attorneys at Stinson.
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Series
Competitive Weightlifting Makes Me A Better Lawyer
The parallels between the core principles required for competitive weightlifting and practicing law have helped me to excel in both endeavors, with each holding important lessons about discipline, dedication, drive and failure, says Damien Bielli at VF Law.
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Year Of The Snake Will Shake Up RE And Mortgage Finance
The year ahead may bring profound transformation and opportunities for growth in the real estate and mortgage finance sectors, with significant issues including policy battles and questions surrounding the future of Fannie Mae and Freddie Mac, says Marty Green at Polunsky Beitel.
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The Syria Sanctions Dilemma Facing Trump Administration
Parties looking to engage in transactions involving Syria will be watching the expiration of General License 24 in July, when the Trump administration will need to decide whether to make significant changes to the Syrian sanctions program and reconsider the de facto government's status as a foreign terrorist organization, says Charlie Lyons at Ferrari & Associates.
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Inside The Uncertainty Surrounding ÃÛÌÒÊÓÆµ's Overdraft Rule
The Consumer Financial Protection Bureau's overhaul of overdraft fee regulation hangs in limbo as the industry watches to see whether new leadership will repeal the rule, allow it to stay in place, or wait for congressional action or the courts to drive its demise, say attorneys at Alston & Bird.
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The Case For Compliance During The Trump Administration
Given the Trump administration’s shifting white collar enforcement priorities, C-suite executives may have the natural instinct to pare back compliance initiatives, but there are several good reasons for companies to at least stay the course on their compliance programs, if not enhance them, say attorneys at Riley Safer.
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Opinion
Despite Noble Intentions, Va. Usury Bill Is Bad For Consumers
A Virginia bill purportedly aimed at eradicating predatory online bank lending actually does nothing to achieve that goal, and instead would limit credit opportunities for state residents, says Catherine Brennan at Hudson Cook.
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Opinion
DOJ's Visa Suit Shows Pitfalls Of Regulating Innovative Tech
A policy of allowing free-market mechanisms to operate without undue interference remains the most effective way to foster innovation, and the U.S. Department of Justice's 2024 case against Visa illustrates the drawbacks of regulating innovative technology, says attorney Thomas Willcox.
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ÃÛÌÒÊÓÆµ Small Biz Study Brings Fair Lending Considerations
The Consumer Financial Protection Bureau's recent report highlighting potential racial discrimination in small business lending may not result in more aggressive enforcement under the Trump administration — but lenders can expect state regulators, private plaintiffs and advocacy groups to step up their own efforts, say attorneys at Husch Blackwell.
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Expect To Feel Aftershocks Of Chopra's ÃÛÌÒÊÓÆµ Shake-Up
Publications released by Consumer Financial Protection Bureau personnel in the last days of the Biden administration outline former Director Rohit Chopra's long-term vision for aggressive state-level enforcement of federal consumer financial laws, opening the doors for states to launch investigations and pursue actions, say attorneys at Hudson Cook.
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Corp. Transparency Act's Future Under Treasury's Bessent
The Corporate Transparency Act’s ultimate fate faced uncertain terms at the end of 2024, but new U.S. Department of the Treasury Secretary Scott Bessent's statements and actions so far demonstrate that he does not intend to ignore the law, though he may attempt to make modifications, say attorneys at Taylor English.
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A Look At A Possible Corporate Transparency Act Exemption
Attorneys at Kirkland offer a deep dive into the application of the Corporate Transparency Act's reporting requirements specifically to U.S.-domiciled co-issuers in typical collateralized loan obligation transactions, and consider whether such issuers may be able to assert an exemption from the CTA's reporting requirements.
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Opinion
Inconsistent Injury-In-Fact Rules Hinder Federal Practice
A recent Third Circuit decision, contradicting a previous ruling about whether consumers of contaminated products have suffered an injury in fact, illustrates the deep confusion this U.S. Supreme Court standard creates among federal judges and practitioners, who deserve a simpler method of determining which cases have federal standing, says Eric Dwoskin at Dwoskin Wasdin.
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What Financial Intermediaries Can Expect From New Admin
Understanding the current regulatory landscape of consumer financial services — and anticipating how it might evolve under Trump 2.0 — is essential for brokers, lead generators and digital platforms, and they should consider strategies for managing regulatory uncertainty, say attorneys at Sheppard Mullin.
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Virginia AI Bills Could Serve As Nationwide Model
If signed into law, two Virginia bills focused on regulating the use of high-risk AI systems in the private and public sectors have the potential to influence similar legislation in other states, as well as the compliance strategies of companies operating in the commonwealth and across the U.S., say attorneys at Woods Rogers.