Banking

  • February 21, 2025

    CFPB's Data Security In Spotlight After Agency Goes Dark

    The Consumer Financial Protection Bureau's de facto shutdown following the arrival of Elon Musk's Department of Government Efficiency is raising concerns that sensitive data inside the agency could be exposed or exploited. Experts say financial institutions should take note.

  • February 21, 2025

    Trump-Targeted CFPB Drops Suit Against Online Lender

    The embattled Consumer Financial Protection Bureau told a California federal judge Friday that it has dropped litigation it filed against online lending platform SoLo Funds, which the watchdog agency had accused of deceiving borrowers about the total cost of loans.

  • February 21, 2025

    Wall Street Groups Back Rescinding Biden Crypto Guidance

    Wall Street's top lobbies are backing President Donald Trump's cryptocurrency agenda and have called for the recission of Biden-era federal banking policies and guidance that it says have "hindered" banks' ability to engage in the digital asset industry.

  • February 21, 2025

    CFPB Shutdown Means 'Irreparable Harm,' 23 State AGs Say

    Nearly two dozen attorneys general on Friday filed an amicus brief backing the union that represents Consumer Financial Protection Bureau workers in their lawsuit over the agency's shutdown, arguing they will suffer "several forms of irreparable harm" without a preliminary injunction.

  • February 21, 2025

    Energy Transfer Brings $300M Greenpeace Case To Jury

    Dakota Access Pipeline builder Energy Transfer LP heads to trial Monday against Greenpeace in a $300 million defamation suit over Greenpeace's role in supporting Standing Rock Indian Reservation protests — a suit the environmental group calls an attempt to stifle free speech. Here, Law360 previews what to watch for in the hotly anticipated trial.

  • February 21, 2025

    GOP Leader Zeros In On Fintech And Enviro Rules For Repeal

    An Internal Revenue Service rule targeting digital asset sales and U.S. Commodity Futures Trading Commission guidance on the trading of voluntary carbon credits are among the environmental and financial regulations that Republicans are prioritizing for repeal, according to House Majority Leader Steven Scalise.

  • February 21, 2025

    Crypto Mining Machine Co. Bgin Blockchain Files $50M IPO

    Cryptocurrency mining company Bgin Blockchain Ltd. filed for an initial public offering Friday with the U.S. Securities and Exchange Commission that is expected to raise $50 million, represented by Hunter Taubman Fischer & Li LLC and underwriters counsel Robinson & Cole LLP.

  • February 21, 2025

    Judge Trims $40M Green Energy Co. Investor Suit

    A Tennessee federal judge won't toss a proposed class action claiming that a Chicago green energy outfit and its executives used false promises of extravagant returns to lure investors, but ruled two defendants can escape some of the suit's claims.

  • February 21, 2025

    Payday Lender Says CFPB Uncertainty Should Pause Suit

    ACE Cash Express has asked a Texas federal judge to pause a case launched by the Consumer Financial Protection Bureau accusing the payday lender of concealing free repayment plans from struggling borrowers, saying it is unclear how the agency will move forward with the action now that the Trump administration has effectively shut it down. 

  • February 21, 2025

    FINRA Fines Merrill Lynch Over Early Sales Of IPO Shares

    Merrill Lynch will pay a $275,000 fine to settle the Financial Industry Regulatory Authority claim that, for nearly three years, the firm accepted purchase orders for shares of newly issued stock prior to the opening of secondary market trading in those shares.

  • February 21, 2025

    Judge Questions Trump Administration Fund Freeze Authority

    A Rhode Island federal judge on Friday left in place a temporary restraining order blocking a funding freeze by President Donald Trump's administration until the judge can rule on a request by a coalition of states for a preliminary injunction.

  • February 21, 2025

    CFPB's $8 Late Fee Rule On Ropes As Banks Move In For Kill

    The U.S. Chamber of Commerce and other trade groups have urged a Texas federal judge to strike down the Consumer Financial Protection Bureau's $8 credit card late fee rule once and for all, saying, among other things, that the CFPB is itself a "veritable issue-spotter of constitutional law violations."

  • February 21, 2025

    Va. Judge Won't Bar DOGE Access To Treasury, OPM Data

    A Virginia federal judge on Friday rejected a data privacy watchdog's bid for a preliminary injunction blocking Elon Musk's Department of Government Efficiency from accessing data systems housed in the U.S. Department of the Treasury and the U.S. Office of Personnel Management.

  • February 21, 2025

    First Horizon Says Ex-CEO Is Dropping Claims To Avoid Loss

    First Horizon Bank told a Florida federal judge that a former bank CEO cannot drop claims against individual bank directors to shield himself from an inevitable adverse judgment in the suit, which accused the bank and its directors of setting up the CEO as a scapegoat in the legal fallout of attorney Scott Rothstein's $1.2 billion Ponzi scheme.

  • February 21, 2025

    Swizz Beatz Says Suit Over 1MDB Funds Is Time-Barred

    Hip-hop artist Swizz Beatz has told a Manhattan federal judge that a suit claiming he received millions of dollars that were stolen in the 1Malaysia Development Berhad fraud scandal should be tossed since it was brought after the six-year statute of limitations.

  • February 21, 2025

    Coinbase Says SEC Will Drop Suit Amid Crypto Policy Shift

    Coinbase said Friday the U.S. Securities and Exchange Commission has committed to dropping its enforcement action against the crypto exchange, a move that would see the regulator walk away from one of its flagship crypto suits amid a wider policy shift under the Trump administration.

  • February 20, 2025

    DOJ Says Job Protections For ALJs Are Unconstitutional

    The U.S. Department of Justice announced Thursday that it no longer backs long-standing job protections for administrative law judges, saying it has determined that the "multiple layers of removal restrictions" shielding ALJs are unconstitutional because they violate the separation of powers doctrine.

  • February 20, 2025

    New SEC Enforcement Unit Shows Drift From Crypto Focus

    The U.S. Securities and Exchange Commission continued its efforts to shift its approach to digital asset enforcement under the Trump administration when it announced Thursday that it replaced the unit responsible for many of its controversial crypto registration suits with a new fraud-focused iteration that will take a broader focus on "cyber and emerging technologies."

  • February 20, 2025

    FDIC Watchdog Will Review Agency Layoffs' Impact

    The Federal Deposit Insurance Corp.'s inspector general has indicated that she will review how the agency and the larger banking industry will be impacted by the agency's acting Chairman Travis Hill's recent decision to rescind more than 200 job offers to bank examiners following a presidential executive order.

  • February 20, 2025

    Ex-CFPB Chief Chopra Raps 'Totally Weird' Trump Shutdown

    Former Consumer Financial Protection Bureau Director Rohit Chopra knocked the Trump administration's efforts to shut down the consumer agency as a bizarre and potentially self-owning policy choice, warning Thursday that it will only hurt businesses and consumers.

  • February 20, 2025

    Fed's Barr Defends Long-Term Debt Mandate For Big Banks

    The Federal Reserve's chief bank regulator said Thursday that the country's financial system was "sound and resilient" but warned of increased risks if post-financial crisis reforms aren't maintained and finished, specifically arguing for the implementation of Basel III Endgame rules on liquidity standards and debt requirements.

  • February 20, 2025

    Trump Admin Says CFPB Defunding Suit Guesses At Harms

    The Trump administration on Thursday pushed back on a lawsuit alleging it seeks to "defund" the Consumer Financial Protection Bureau, arguing that concerns about access to a consumer complaint database and other information are "baseless speculation" about the agency's future financial decisions that don't justify an injunction.

  • February 20, 2025

    Unions' Downsizing Suit Belongs Before FLRA, Judge Says

    A D.C. federal judge denied requests Thursday to block the president from carrying out three federal downsizing initiatives, rejecting unions' argument that their challenge is an exception to the rule that federal union disputes belong before the agency charged with adjudicating them.

  • February 20, 2025

    Feds Say DC Judge Can't Bar 'Hypothetical' Spending Freezes

    A Justice Department attorney argued before a D.C. federal judge Thursday that there is no basis to continue blocking the Trump administration from implementing a blanket suspension on federal spending, saying the court cannot bar "hypothetical" future freezes.

  • February 20, 2025

    Wells Fargo, AAA Look To Nix Fraudulent Inducement Suit

    Wells Fargo and the American Arbitration Association are urging a California federal judge to nix a proposed class action accusing them of colluding to fraudulently induce consumers into accepting a fundamentally unfair arbitration process, with the bank arguing that the claims must be arbitrated.

Expert Analysis

  • What Trump Presidency May Mean For Climate Reporting

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    While the Trump administration will likely take a hands-off approach to climate-related disclosures and rescind regulations promulgated under the Biden administration, state and international ESG laws mean the private sector may not reverse course on such disclosures, say attorneys at Seyfarth.

  • Unpacking The CFPB's Personal Financial Data Final Rule

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    The Consumer Financial Protection Bureau's personal financial data rights rule includes several important changes from the proposed rule, and hundreds of pages of supplementary information that provide important insights into the manner in which the bureau will enforce the final rule, say attorneys at Sidley.

  • Opinion

    Feds May Have Overstepped In Suit Against Mortgage Lender

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    The U.S. Department of Justice's lawsuit against Rocket Mortgage goes too far in attempting to combat racial bias and appears to fail on the fatal flaw that mortgage lenders should be at arm's length from appraisers, says Drew Ketterer at Ketterer & Ketterer.

  • The Bar Needs More Clarity On The Discovery Objection Rule

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    Almost 10 years after Federal Rule of Civil Procedure 34 was amended, attorneys still seem confused about what they should include in objections to discovery requests, and until the rules committee provides additional clarity, practitioners must beware the steep costs of noncompliance, says Tristan Ellis at Shanies Law Office.

  • Trump Faces Uphill Battle If He Tries To Target Prosecutors

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    On the campaign trail, President-elect Donald Trump promised to go after the state and federal prosecutors who had investigated and prosecuted him, but few criminal statutes would be applicable — to say nothing of the evidence required to substantiate any charges against prosecutors, says William Johnston at Bird Marella.

  • Foreclosing Lenders Still Floating In Murky Legal Waters In NY

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    The New York foreclosure landscape remains in disarray after the state's highest court last month declined to weigh in on whether legal changes from 2022 that severely curtailed lenders' ability to bring successive foreclosure cases were retroactive, says Brian Rich at Barclay Damon.

  • The Do's And Don'ts Of Commercial Debt Under Calif. FDCPA

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    Lenders, servicers and attorneys collecting on their behalf should pay careful attention to the consumer protections under the newly expanded California Rosenthal Fair Debt Collection Practices Act that may apply going forward to some commercial debts, say attorneys at Womble Bond.

  • Series

    Being A Navy Reservist Makes Me A Better Lawyer

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    Serving this country in uniform has not only been one of the greatest honors of my life, but it has also provided me with opportunities to broaden my legal acumen and interpersonal skills in ways that have indelibly contributed to my civilian practice, says Phillip Smith at Weinberg Wheeler.

  • Cos. Should Inventory Issues To Prep For New Congress

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    As the legislative and oversight agendas of the 119th Congress come into sharper focus, corporate counsel should assess and plan for areas of potential oversight risk — from tax policy changes to supply chain integrity — even as much uncertainty remains, say attorneys at WilmerHale.

  • OCC Recovery Guidance Can Help Banks Bounce Back Better

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    The Office of the Comptroller of the Currency's recently finalized recovery guidelines add to the constellation of exercises that larger banks must undertake, while also aiding information-gathering and preparedness efforts that can help prevent — or better manage — bank failures, say attorneys at Davis Wright.

  • Navigating DOJ's Patchwork Whistleblower Regime

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    In the past few months, the U.S. Department of Justice and several individual U.S. attorney’s offices have issued different pilot programs aimed at incentivizing individuals to blow the whistle on misconduct, but this piecemeal approach may create confusion and suboptimal outcomes, say attorneys at BakerHostetler.

  • So You Want To Move Your Law Practice To Canada, Eh?

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    Google searches for how to move to Canada have surged in the wake of the U.S. presidential election, and if you’re an attorney considering a move to the Great White North, you’ll need to understand how the practice of law differs across the border, says David Postel at Henein Hutchison.

  • A Look At Similarities Between SOX And SEC's Cyber Rule

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    Just as the Sarbanes-Oxley Act paved the way for greater transparency and accountability in financial reporting, the SEC's cybersecurity rule is doing much the same for cybersecurity, ensuring that companies are resilient in the face of growing cyber threats, says Padraic O'Reilly at CyberSaint.

  • Class Actions At The Circuit Courts: November Lessons

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    In this month's review of class action appeals, Mitchell Engel at Shook Hardy discusses six federal court decisions that touch on Rule 23 of the Federal Rules of Civil Procedure, and when individual inquiries are needed to prove economic loss.

  • 5 Areas Congress May Investigate After GOP Election Wins

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    With Republicans poised to take control of Congress in addition to the executive branch next year, private companies can expect an unprecedented uptick in congressional investigations focused on five key areas, including cryptocurrency and healthcare, say attorneys at Cahill Gordon.

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