Banking

February 26, 2025
Police Supply Store, Others Ask 5th Circ. To Keep CTA Paused

A Texas police supply store joined with Mississippi libertarians and several other parties asking the Fifth Circuit to keep the Corporate Transparency Act on hold, saying ending the stoppage of that law could force 32 million business entities to file beneficial ownership reports.
February 26, 2025
GOP-Led House Panel Pushes Easier Rules On Capital Raising

A U.S. House of Representatives subcommittee invited input Wednesday on a slew of deregulatory bills that seek to ease rules governing private and public securities offerings, drawing plaudits from the Republican majority and mixed responses from Democrats.
February 26, 2025
Banks' Fight Over CFPB Open Banking Rule Put On Pause

A Kentucky federal judge agreed Tuesday to pause a banking industry challenge to the Consumer Financial Protection Bureau's open banking rule, giving the agency's new leadership time to review what it wants to do with the Biden-era measure.
February 26, 2025
Top Dem Urges Trump To Leave Independent Agencies Alone

The top Democrat on the House Administration Committee urged President Donald Trump on Wednesday to rescind his executive order seeking to assert more control over independent agencies, which the congressman says is an "unprecedented violation" of law.
February 26, 2025
Defunct Fla. Law Firm Can't Revive Suit Over Theft Case

A Florida state appeals court has refused to revive defunct law firm Glary & Israel PA's malpractice suit against another firm for failing to sue a bank over theft by Glary & Israel's bookkeeper's.
February 26, 2025
JPMorgan Paying For Lawyers On Both Sides Of Javice Trial

JPMorgan Chase, the bank allegedly duped by Frank founder Charlie Javice into paying $175 million for her education startup, is paying legal fees for defense counsel as well as for lawyers representing prosecution witnesses, according to statements in court Wednesday.
February 25, 2025
DC Judge Blocks Trump's Federal Funding Freeze

A D.C. federal judge on Tuesday issued a preliminary injunction blocking the Trump administration from implementing a federal spending freeze while a group of nonprofits challenge the freeze, calling the measure "ill-conceived from the beginning."
February 25, 2025
Binance Can't Evade Terror Victims' Suit, But It's Trimmed

The New York federal judge overseeing Hamas attack survivors' claims against Binance and its former CEO said on Tuesday that the defendants can't dodge the suit claiming they aided terrorist groups on a jurisdictional basis, but said some of the plaintiffs are not closely related enough to the victims to bring claims under the Anti-Terrorism Act.
February 25, 2025
GreenSky Loan Class Action Certified In Calif. Court

A California federal judge has granted class certification to consumers suing GreenSky Inc. over alleged unlawful loan transaction fees, finding that expert analysis showed merchants likely passed these fees onto borrowers, but also granted summary judgment to the lending company on claims related to performance fees over the lack of evidence that consumers had to pay them.
February 25, 2025
Trump Admin Says 'There Will Continue To Be A CFPB'

The Trump administration denied late Monday that it is planning to eliminate the Consumer Financial Protection Bureau, telling a D.C. federal judge that it had closed the agency's headquarters and benched employees instead partly due to their own "disruptive protests."
February 25, 2025
FDIC Will No Longer Defend In-House Judges In Bank Suit

The Federal Deposit Insurance Corp. has told a Kansas federal judge that it will no longer defend its use of in-house judges in litigation with a Kansas bank after the U.S. Department of Justice determined that "multiple layers of removal restrictions" for the judges are unconstitutional.
February 25, 2025
Block Considers NY Settlement Over Money-Laundering Curbs

Block Inc., the parent company of the peer-to-peer mobile payments platform Cash App and payments platform Square, is working to resolve allegations from New York state's financial regulator touching on its compliance with money-laundering restrictions, the company says.
February 25, 2025
Ga. County Collected Too Late On Theft Claim, Panel Says

The Georgia Court of Appeals has stripped a state county of a nearly $350,000 judgment it won from insurer Old Republic Surety Co. to cover a court employee's theft of hundreds of thousands of dollars from the public coffers, ruling the county filed its claim well after the statute of limitations had run.
February 25, 2025
Customers Say Doxim Breach Exposed Bank Data To Hackers

Credit union customers claim a data breach at software-as-a-service company Doxim Inc. caused their valuable personal information to be available for sale on the dark web and that they've spent time and money mitigating fraud risk, arguing Monday they have demonstrated sufficient harm to support their class action.
February 25, 2025
Referral Co. Barred From $5.54B Swipe Fee MDL Settlement

A New York federal judge has blocked a referral partner of a claims filing service from any role in the $5.54 billion settlement of long-running multidistrict litigation accusing Visa and Mastercard of charging improper merchant fees, after the referral partner allegedly improperly used class member information to submit claims.
February 24, 2025
FDIC Scraps 10th Circ. Brief Backing Colo.'s Opt-Out Law

In a pivot, the Federal Deposit Insurance Corp. on Monday withdrew a Tenth Circuit brief that had supported Colorado in industry litigation against the state's "opt-out" law aimed at curbing higher-cost online lending.
February 24, 2025
Patent Eligibility Appeals 'Will Not Go Away,' Justices Told

Another plea to hear a patent eligibility case has been lodged at the U.S. Supreme Court, this time in an amicus brief from the owner of two invalidated patents covering medical machinery that warned "the problem will not go away. The problem will get worse and worse."
February 24, 2025
US Was Behind Privatbank Nationalization, Suit Alleges

Two Miami-based associates of the former owners of Ukraine's largest bank have sued the U.S. State Department in Florida, saying officials are wrongly refusing to release records showing that the U.S. — not an alleged $5 billion money laundering scheme — was behind the bank's nationalization in late 2016.
February 24, 2025
DC Judge Wary Of Constitutionality Of Musk's DOGE

A D.C. federal judge on Monday questioned the constitutionality of Elon Musk's Department of Government Efficiency while expressing skepticism that groups challenging the department's access to federal systems housing Americans' sensitive data had established the irreparable harm needed to block access.
February 24, 2025
Comerica Bank Wants Dismissal Of CFPB's Benefits Card Suit

Comerica Bank has urged a Texas federal judge to toss a suit brought by the Consumer Financial Protection Bureau, accusing the bank of multiple failures in administering a government benefits card program, arguing the case overextends the agency's authority, among other things.
February 24, 2025
Investor Settles In $2.1B Danish Tax Fraud Case

A U.S. investor who was among those accused by Denmark's tax agency of participating in a $2.1 billion tax fraud scheme related to fraudulently claiming refunds on tax withheld from stock dividends has reached a settlement, according to New York federal court documents filed Monday.
February 24, 2025
Texas Bank Fights To Keep $28M In Assets In Ginnie Mae Suit

A bank told a Texas federal court that it will lose $28 million worth of collateral assets if Ginnie Mae secures a summary judgment win in a suit over a vacated first-priority lien.
February 24, 2025
Crypto Exchange OKX To Pay $504M For Allowing Illicit Deeds

Cryptocurrency exchange OKX on Monday agreed to pay $504 million in a deal with New York federal prosecutors who said the company ran afoul of U.S. anti-money laundering rules and allowed its platform to be used for more than $5 billion worth of suspicious transactions.
February 24, 2025
High Court Won't Hear Bankruptcy 'Safe Harbor' Dispute

The U.S. Supreme Court declined Monday to hear a dispute over what transactions are protected from clawback by a trustee, leaving in place a Second Circuit decision finding that the U.S. Bankruptcy Code's safe harbor provisions trump the trustee's state-law based fraudulent transfer claims.
February 22, 2025
NY Judge Extends Block On DOGE's Treasury Access

A New York federal judge on Friday barred Elon Musk's Department of Government Efficiency from accessing U.S. Treasury Department data, handing a win to 19 state attorneys general who claimed giving the new entity access to citizens' personal information posed a massive cybersecurity risk.

Expert Analysis

Series

Coaching Little League Makes Me A Better Lawyer

While coaching poorly played Little League Baseball early in the morning doesn't sound like a good time, I love it — and the experience has taught me valuable lessons about imperfection, compassion and acceptance that have helped me grow as a person and as a lawyer, says Alex Barnett at DiCello Levitt.
How Fintechs Can Respond To New CFPB Supervisory Rule

Even though a new Consumer Financial Protection Bureau rule pulling large payment apps into supervision faces an uncertain fate in the new administration, providers should still examine the rule's definitions and prepare for increased compliance costs and more consumer-friendly practices, say attorneys at DLA Piper.
5 Litigation Funding Trends To Note In 2025

Lawyers and their clients must be prepared to navigate an evolving litigation funding market in 2025, made more complicated by a new administration and the increasing overall cost of litigation, says Jeffery Lula at GLS Capital.
Predicting Where State AGs Will Direct Their Attention In 2025

In 2025, we expect state attorneys general will navigate a new presidential administration while continuing to further regulate and police financial services, artificial intelligence, junk fees and antitrust, say attorneys at Troutman Pepper.
The Blueprint For A National Bitcoin Reserve

The new administration has the opportunity to pave the way for a U.S.-backed crypto reserve, which could conceptually function as a strategic asset akin to traditional reserves like gold markets, hedge against economic instability, and influence global crypto adoption, say attorneys at Duane Morris.
Student Loan Entities In Hot Seat After CFPB Goes To College

While the direction of student loan servicer oversight in the new presidential administration is unclear, recent Consumer Financial Protection Bureau actions still signal heightened regulatory scrutiny at both the federal and state levels of college institutional loan programs, along with their service providers, says attorney Jonathan Joshua.
Rethinking Litigation Risk And What It Really Means To Win

Attorneys have a tendency to overestimate litigation risk before summary judgment and underestimate risk after it, but an eight-stage litigation framework can clarify risk at different points and help litigators reassess what true success looks like in any particular case, says Joshua Libling at Arcadia Finance.
Takeaways From SEC's Registered Investment Cos. Risk Alert

The U.S. Securities and Exchange Commission's Division of Examinations' recent risk alert pertaining to registered investment companies provides a high-level overview of its risk-based approach to selecting RICs for examination — a potential hint that the division is investigating some of the covered topics, say attorneys at Simpson Thacher.
Roundup

Banking Brief: State Law Recaps From Each Quarter Of 2024

In this Expert Analysis series, throughout 2024 attorneys provided quarterly recaps discussing the biggest developments in banking regulation, litigation and policymaking in various states, including New York, California and Illinois.
How DOGE's Bite Can Live Up To Its Bark

All signs suggest that the Department of Government Efficiency will be an important part of the new Trump administration, with ample tools at its disposal to effectuate change, particularly with an attentive Republican-controlled Congress, say attorneys at K&L Gates.
Small Biz Caught In Corporate Transparency Act Crossfire

Despite compliance being put on hold due to a nationwide preliminary injunction, small businesses have been caught in the middle of the legal battle over the Corporate Transparency Act — and confusion over the law's requirements could result in major penalties, say attorneys at Snell & Wilmer.
5 Notable Information Security Events In 2024

B. Stephanie Siegmann at Hinckley Allen discusses 2024's largest and most destructive data breaches seen yet, ranging from ransomware disrupting U.S. healthcare systems on a massive scale, to tensions increasing between the U.S. and China over cyberespionage and the control of U.S. data.
Roundup

Texas Banking Brief

In this Expert Analysis series, attorneys provide quarterly recaps discussing the biggest developments in Texas banking regulation and policymaking.
Series

Playing Rugby Makes Me A Better Lawyer

My experience playing rugby, including a near-fatal accident, has influenced my legal practice on a professional, organizational and personal level by showing me the importance of maintaining empathy, fostering team empowerment and embracing the art of preparation, says James Gillenwater at Greenberg Traurig.
What Broker-Dealers Must Know Before Selling Bitcoin ETPs

Interest in bitcoin exchange-traded products is already high, and only expected to grow in light of the incoming Trump administration's pro-crypto stance, but broker-dealers must still consider numerous regulatory requirements before recommending a bitcoin ETP to a client, say Frank Weigand and Justine Woods at Cahill Gordon.