Banking

  • February 14, 2025

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen Spice Girls star Mel B's ex-husband bring a defamation claim against the publisher of The Sun, a hotel sue a former director convicted of embezzling its funds for breach of fiduciary duty, and comedian Russell Brand face a sexual abuse claim. Here, Law360 looks at these and other new claims in the U.K.

  • February 14, 2025

    Financial Services Atty Leaves MoFo For White & Case In NY

    White & Case LLP announced it has expanded its global debt finance practice, financial services regulatory practice and global financial institutions industry group with a former Morrison Foerster LLP partner.

  • February 14, 2025

    CFPB's Vought Agrees To Pause Layoffs Amid Union Litigation

    The Trump administration agreed to a temporary reprieve for the Consumer Financial Protection Bureau, promising to preserve data and hold off for now on any more broad firings of employees pending a challenge by the agency's union.

  • February 14, 2025

    Womble Bond Adds BakerHostetler Business Partner In Irvine

    Womble Bond Dickinson has hired a former BakerHostetler partner, who joined the firm's business litigation practice group as a partner in Irvine, California.

  • February 14, 2025

    Judge Leaves Curbs On DOGE Treasury Access After Hearing

    A Manhattan federal judge left in place temporary curbs on sweeping powers handed by President Donald Trump to Elon Musk's government-slashing U.S. DOGE Service Temporary Organization, after 19 states challenged the organization's access to U.S. Treasury payment systems.

  • February 13, 2025

    More CFPB Employees Axed As Union Presses For Injunction

    The Trump administration moved late Thursday to slash more of the Consumer Financial Protection Bureau's workforce, initiating another round of layoffs shortly after lawyers for the agency's union petitioned a D.C. federal court for an emergency injunction to prevent it.

  • February 13, 2025

    Wells Fargo Followed Seminoles' Orders For Trust, Jury Hears

    Wells Fargo told a Florida state jury Thursday its stewardship of a major trust for the Seminole tribe was sound, saying that the tribe asked for and received a "keep-it-safe trust" and there was no missing $800 million.

  • February 13, 2025

    SEC Nets $38M In Judgments Over Cannabis Fraud Claims

    A purported marijuana cultivation company and associated entities are on the hook for judgments worth nearly $38 million to settle U.S. Securities and Exchange Commission claims over an alleged Ponzi-like scheme soliciting would-be investors in "nonexistent" grow facilities.

  • February 13, 2025

    Arrow Financial Investors Get Final OK For $850K Deal

    Investors suing multibank holding company Arrow Financial Corp. received final approval from a New York federal judge Thursday for an $850,000 deal settling claims the company concealed defective internal controls that led to missed financial filings.

  • February 13, 2025

    GOP Lawmakers Seek To Vacate CFPB Overdraft Rule

    Top U.S. House and Senate Republicans introduced legislation on Thursday to repeal the Consumer Financial Protection Bureau's $5 overdraft fee rule, a move that could help ensure big banks retain more regulatory flexibility to charge higher amounts.

  • February 13, 2025

    Walmart Says CFPB Suit Should Wait Amid Agency Chaos

    Walmart and fintech company Branch Messenger Inc. asked a Minnesota federal judge to stay the Consumer Financial Protection Bureau's enforcement case over allegedly mandatory deposit accounts for delivery drivers until policymakers untangle the agency's role under the Trump administration.

  • February 13, 2025

    NC Biz Court Bulletin: Defaulted Notes, EB-5 Investor Fraud

    The North Carolina Business Court has been handed in the first half of February a receivership case involving a defaulted $17.5 million promissory note, a fraud suit by Chinese EB-5 investors and a request to depose the chief legal officer of Smithfield Foods Inc.

  • February 13, 2025

    NYC Man Pleads Guilty To $62.8M Crowdfunded CRE Scheme

    A New York City man who raised $62.8 million through commercial real estate platform CrowdStreet for sham developments in Atlanta, Georgia, and Miami Beach, Florida, has pled guilty to a federal wire fraud charge.

  • February 13, 2025

    McGuireWoods Taps BNY Litigator For Pittsburgh Office

    McGuireWoods LLP announced on Thursday the hiring of a managing director at the Bank of New York Mellon Corp. as a litigation partner in its Pittsburgh office, marking the third new partner hire for the location this year.

  • February 12, 2025

    Baltimore Sues To Stop 'Unilateral Defunding' Of CFPB

    The city of Baltimore sued Wednesday to block the Trump administration from defunding the Consumer Financial Protection Bureau, alleging the agency is in danger of being bled dry and left unable to protect city residents from financial abuse.

  • February 12, 2025

    Wells Fargo Cheated Seminole Trust Out Of $800M, Jury Hears

    Wells Fargo and its predecessor Wachovia cheated minors of the Seminole Tribe of Florida out of $818 million by secretly hiking fees and mismanaging investments in a multibillion-dollar gambling trust, a Florida jury heard Wednesday in opening statements for a multiweek trial in litigation involving more than 2,000 minors.

  • February 12, 2025

    Unions Beef Up Suit To Keep DOGE Out Of Federal Agencies

    Unions and nonprofits seeking to stop Elon Musk's Department of Government Efficiency from accessing the U.S. Department of Labor's data have enhanced their injunction request, looking also to shield the Consumer Financial Protection Bureau's and Department of Health and Human Services' data and prove they have standing to sue.

  • February 12, 2025

    Judge Partially Certifies Credit Suisse XIV Notes Class Action

    A New York federal judge has granted class certification to investors alleging that Credit Suisse manipulated the market for its XIV notes, while denying certification for those claiming losses from misrepresentations, finding that the suggested class failed to resolve previous deficiencies in its proposal.

  • February 12, 2025

    OCC Departs International Network Focused On Climate Risks

    The Office of the Comptroller of the Currency on Tuesday became the latest U.S. government entity to withdraw from the Network of Central Banks and Supervisors for Greening the Financial System, an international consortium focused on the financial sector's responses and resilience to climate change.

  • February 12, 2025

    RI Judge Won't Pause Order To Unfreeze Funds Amid Appeal

    A Rhode Island federal judge refused Wednesday to pause a court order blocking a freeze on funding for federal grants and programs while the Trump administration appeals the ruling to the First Circuit.

  • February 12, 2025

    Fintech Group Wants To Defend CFPB's Open Banking Rule

    Fintech industry group the Financial Technology Association on Wednesday filed to defend the Consumer Financial Protection Bureau's open banking rule in an ongoing challenge from the banking industry since the agency's own defense of the rule is uncertain in the wake of Trump administration shake-ups.

  • February 12, 2025

    House GOP Eyes Medicaid Cuts, Work Requirements

    House Republicans set their sights on potential cuts and changes to Medicaid on Wednesday, arguing Congress and Elon Musk's Department of Government Efficiency should target improper payments, institute work requirements and repeal a Biden-era rule that made enrolling in the federal healthcare program easier. 

  • February 12, 2025

    Treasury Chief Exempt From Block On DOGE's System Access

    A New York federal judge clarified that an order blocking Elon Musk and members of his Department of Government Efficiency team from accessing U.S. Treasury Department payment systems does not apply to Treasury Secretary Scott Bessent.

  • February 12, 2025

    Blank Rome Adds 2 Ex-Otterbourg Finance Pros In NY

    Blank Rome LLP has added the former chair of Otterbourg PC's banking and finance department and a fellow asset-based lending and corporate transactions specialist previously with that firm as partners in its New York office, the firm has announced.

  • February 12, 2025

    Sidley Litigator Tapped For Treasury GC Post

    President Donald Trump has nominated Sidley Austin LLP regulatory litigation and white collar partner Brian P. Morrissey to become the U.S. Department of the Treasury's top lawyer, which would mark a return to the department where he was previously the number two lawyer.

Expert Analysis

  • 10 Noteworthy CFPB Developments From 2024

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    In a banner year for consumer finance regulation, the Consumer Financial Protection Bureau made significant strides in its efforts to rein in Big Tech and nonbank financial firms, including via rules regarding open banking, credit card late fees, and buy now, pay later products, say attorneys at Wiley.

  • Series

    Fixing Up Cars Makes Me A Better Lawyer

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    From problem-solving to patience and adaptability to organization, the skills developed working under the hood of a car directly translate to being a more effective lawyer, says Christopher Mdeway at Kaufman Dolowich.

  • 2024 Has Been A Momentous Year For ESG

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    Significant developments in the environmental, social and governance landscape this year include new legislation, evolving global frameworks, continued litigation and enforcement actions, and a U.S. Supreme Court decision that has already affected how lower courts have viewed some ESG challenges, say attorneys at Katten.

  • Making The Pitch To Grow Your Company's Legal Team

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    In a compressed economy, convincing the C-suite to invest in additional legal talent can be a herculean task, but a convincing pitch — supported by metrics and cost analyses — may help in-house counsel justify the growth of their team, say Elizabeth Smith and Roger Garceau at Major Lindsey.

  • The Story Of 2024's Biggest Bank Regs, And Their Fate In 2025

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    U.S. federal bank regulators were very active in 2024 with initiatives ranging from antitrust and capital to proposals regarding controlling shareholders and incentive-based compensation, but many regulations face an uncertain future under the new administration, say attorneys at Latham.

  • Conducting A 'Reasonably Expected Market Area' Analysis

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    Regardless of whether the incoming administration scales back on redlining examinations and investigations, lenders should take steps to understand how regulators define "reasonably expected market areas," and how to conduct analyses of such areas, say attorneys at Mitchell Sandler.

  • Gov't Scrutiny Of Workplace Chat Apps Set To Keep Growing

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    The incoming Trump administration and Republican majorities in Congress are poised to open numerous investigations that include increasing demands for entities to produce communications from workplace chat apps, so companies must evaluate their usage and retention policies, say attorneys at Orrick.

  • Del. Dispatch: The 2024 Corporate Cases You Need To Know

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    The Delaware Court of Chancery in 2024 issued several decisions that some viewed as upending long-standing corporate practices, leading to the amendment of the Delaware General Corporation Law and debates at some Delaware corporations about potentially reincorporating to another state, say attorneys at Fried Frank.

  • 2024 Regulatory Developments For Bank-Fintech Partnerships

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    Joseph Silvia at Duane Morris reviews a handful of particularly noteworthy 2024 updates regarding bank-fintech partnerships, including federal banking agencies issuing a number of important pieces of guidance that reiterate and update previous guidance in the area of third-party risk management.

  • When US Privilege Law Applies To Docs Made Outside The US

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    As globalization manifests itself in disputes over foreign-created documents, a California federal court’s recent trademark decision illustrates nuances of both U.S. privilege frameworks and foreign evidentiary protections that attorneys must increasingly bear in mind, say attorneys at Hunton.

  • Why Asset-Based Loans May Suit PE Companies In 2025

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    As the prospect of higher tariffs and interest rates expands the need for liquidity, private equity investors would do well to explore the timing and provisions of asset-based loans offered in the burgeoning credit-fund sector, say attorneys at McDermott.

  • Changes To Expect From SEC Under Trump Nominee

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    President-elect Donald Trump's nomination of Paul Atkins for U.S. Securities and Exchange Commission chair will likely lead to significant shifts in the Division of Enforcement's priorities, likely focused on protecting retail investors and the stability of the capital markets, say attorneys at Morrison Foerster.

  • Executive Orders That Could Affect Financial Services In 2025

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    The incoming Trump administration is likely to quickly revive or update a number of prior executive orders, and possibly issue new ones, that could affect financial services by emphasizing market discipline rather than regulatory initiatives to drive change in the industry, say attorneys at Davis Wright.

  • What To Know About FinCEN's Deepfake Warning

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    A recent alert from the Financial Crimes Enforcement Network warns about the increased use of deepfake media to target financial institutions and their customers, showing that what seems like futuristic technology is a current threat that requires diligent controls and awareness of red flags, say attorneys at Davis Wright.

  • 'Minimal Participant' Bar Is Tough To Clear For Whistleblowers

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    Under the U.S. Department of Justice’s corporate whistleblower pilot program, would-be whistleblowers will find it tough to show that they only minimally participated in criminal misconduct while still providing material information, but sentencing precedent shows how they might prove their eligibility for an award, say attorneys at MoloLamken.

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