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Featured
CFPB, OCC Order US Bank To Pay $36M Over COVID Benefits
U.S. Bank has agreed to pay regulators almost $36 million for allegedly freezing tens of thousands of accounts and blocking customers from receiving unemployment benefits during the pandemic, the Consumer Financial Protection Bureau and Office of the Comptroller of the Currency announced Tuesday.
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September 12, 2024
Employment Firm GQ Littler Hires Pro From Baker McKenzie
GQ Littler has hired a long-serving employment lawyer at Baker McKenzie to its office in London to represent U.K. and international clients, particularly in the financial services, technology and media sectors.
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September 12, 2024
BNP Paribas Attempts To Prune London Banker's Claim
BNP Paribas attempted to trim a manager's claim at a London employment tribunal on Thursday, arguing that the employee had taken a "kitchen sink approach" by adding excessive legal claims onto some of her allegations.
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September 12, 2024
Watchdog Waters Down Planned New Capital Rules For Banks
The Prudential Regulation Authority published Thursday the second part of its rules on capital requirements for banks and has delayed their implementation by six months to the beginning of 2026.
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September 12, 2024
Mastercard To Buy Recorded Future Security Co. For $2.65B
Mastercard Inc. said Thursday that it plans to buy global threat intelligence company Recorded Future from software investor Insight Partners for $2.65 billion to bolster its cybersecurity offering.
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September 12, 2024
Navient Agrees To Pay $120M To End CFPB Student Loan Case
Navient Corp. would be barred from servicing federal student loans and required to pay $120 million to settle allegations related to its student lending practices under a proposed settlement the Consumer Financial Protection Bureau announced Thursday.
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September 12, 2024
Canada's Laurentian Bank Changes Legal Leadership
Canada's Laurentian Bank this week announced a new head of legal matters amid a broader leadership reshuffle.
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September 12, 2024
Austrian Bank Can't Recover Licence Axed Over AML Controls
The European Union's highest court upheld on Thursday a decision by the bloc's central bank to strip an Austrian lender of its license over alleged money laundering failures and regulatory breaches.
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September 11, 2024
Litigation Spending To Rise As Cases Grow More Aggressive
A substantial number of large companies are expecting to increase their litigation spending by double digits next year in the face of more complex and hard-fought cases — and they are more open to bringing in new legal talent to navigate the matters, according to a report released Thursday.
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September 11, 2024
Philly Loan Biz Brothers Admit To $100M Investment Scam
The two brothers helming Philadelphia's Par Funding cash advance company admitted to reaping $100 million through an investment fraud scheme that could land them each over a decade in prison, Philadelphia's top federal prosecutor announced.
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September 11, 2024
Atlanta Fed Chief Violated Trading Blackout Rule, OIG Says
The president and CEO of the Federal Reserve Bank of Atlanta, Raphael Bostic, violated internal rules and policies covering trading during blackout periods, financial disclosures, holding limits, and trading preclearances, but did not trade based on confidential information, according to a report issued by the Fed's internal watchdog.
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September 11, 2024
Department Of Homeland Security's Top Lawyer Steps Down
The Department of Homeland Security's top lawyer has resigned from his position in the administration, according to a LinkedIn post.
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September 11, 2024
Proskauer Lands Fried Frank's Arbitration Head In London
Proskauer Rose LLP has recruited the former head of arbitration at Fried Frank Harris Shriver & Jacobson LLP in London as the firm looks to boost its litigation practice in the U.K.
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September 11, 2024
EU Court Upholds Sanctions On Russian Clearinghouse
Russia's securities clearinghouse has lost its appeal challenging sanctions imposed by the European Union in response to the invasion of Ukraine, after a Luxembourg court ruled Wednesday that the decisions were backed up by evidence.
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September 11, 2024
Star Witness In Bankman-Fried Trial Seeks No Prison Time
Former FTX insider Caroline Ellison urged a Manhattan federal judge not to sentence her to prison for her part in the crypto exchange's massive fraud scheme, citing her remorse and the "devastating" trial testimony she gave against onetime romantic partner and company founder Sam Bankman-Fried.
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September 11, 2024
TD Bank To Pay $28M Over Consumer Reporting Failings
The Consumer Financial Protection Bureau hit TD Bank with a $20 million fine on Wednesday for its failures over inaccurate consumer credit reports and ordered it to pay nearly $8 million to customers, four years after the regulator imposed a $122 million fine against the bank over illegal overdraft fees.
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September 11, 2024
Watchdog Warns Small Banks To Improve Lending Controls
The Bank of England's regulatory arm warned smaller banks and building societies in a letter Tuesday to improve their lending controls and affordability assessments.
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September 11, 2024
Solaris Sues Binance For €144M After Debit Card Deal Axed
Online banking group Solaris has sued Binance in London for €144 million ($159 million) it claims to be owed in guaranteed fees after the cryptocurrency exchange operator terminated an agreement for the provision of debit cards to customers of Binance companies.
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September 11, 2024
Oligarchs Fridman, Aven Fail To Ax Sanctions Reporting Rules
European Union measures that require oligarchs including Mikhail Fridman and Petr Aven to disclose their assets and cooperate in investigations are lawful and "necessary" for maintaining the bloc's sanctions regime, a European court ruled Wednesday, saying the rules were "unprecedented."
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September 11, 2024
Jones Day Litigators Jump To Holland & Knight In Mexico City
Holland & Knight LLP has hired two lawyers from Jones Day for its Mexico City office, where they will handle a sharp increase in litigation and arbitration cases in the country.
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September 11, 2024
Missouri Man Gets 3 Years In Prison For Fraud, Tax Crimes
A Missouri man was sentenced to three years in prison for attempting to raid bank accounts and fetching roughly $3 million in corporate tax refunds for a bogus company, Connecticut's top federal prosecutor announced.
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September 10, 2024
Fed Official Previews 'Broad' Changes To Bank Capital Plans
A top Federal Reserve official on Tuesday revealed plans to sharply revise draft bank capital rules proposed last year, including cutting in half the amount of additional capital the largest banks would have to hold while largely sparing midsize lenders from the proposed new requirements.
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September 10, 2024
Natixis Worker Class Headed To Trial In 401(k) Suit
Natixis will have to go to trial over workers' claims that it mismanaged their investment funds, according to a Massachusetts federal judge's ruling Tuesday that rejected the French investment firm's objections to a magistrate judge's report and recommendations.
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September 10, 2024
Fannie Says Pa. Landlords Owe $60M For 7 Apt. Buildings
Fannie Mae is seeking foreclosure on roughly $60 million in overdue mortgage loans and interest tied to seven commercial properties in and around Philadelphia, according to a complaint filed in Pennsylvania federal court.
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September 10, 2024
Holland & Knight Grows In DC With Ex-IDB Invest Counsel
A former lead counsel with development bank IDB Invest has joined Holland & Knight LLP in Washington, D.C., boosting the firm's financial services team and its Latin American practice.
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September 10, 2024
Ex-Barclays VP Loses Bid To Retry Lost Promotion Claim
An attempt by a former Barclays vice president to revive her claim that she faced racial discrimination during a promotion round has failed, as an employment tribunal ruled that she was merely trying to "have another bite at the cherry."
Expert Analysis
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How Companies Are Approaching Insider Trading Policies
An analysis of insider trading policies recently disclosed by 49 S&P 500 companies under a new U.S. Securities and Exchange Commission rule reveals that while specific provisions vary from company to company, certain common themes are emerging, say attorneys at Gibson Dunn.
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What To Know About CFPB Stance On Confidentiality Terms
A recent circular from the Consumer Financial Protection Bureau represents a growing effort across government agencies to address overbroad confidentiality agreements, and gives employers insight into the bureau's perspective on the issue as it relates to the Consumer Financial Protection Act, say Holly Williamson and Elizabeth King at Hunton.
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How Methods Are Evolving In Textualist Interpretations
Textualists at the U.S. Supreme Court are increasingly considering new methods such as corpus linguistics and surveys to evaluate what a statute's text communicates to an ordinary reader, while lower courts even mull large language models like ChatGPT as supplements, says Kevin Tobia at Georgetown Law.
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What's Next For Federal Preemption In Financial Services
The Office of the Comptroller of the Currency's review of its preemption interpretations and growing pressure from state regulators signal potential changes ahead for preemption in U.S. financial services, and the path forward will likely involve a reevaluation of the entire framework, say attorneys at Clark Hill.
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Unpacking Jurisdiction Issues In 3rd Circ. Arbitration Ruling
The Third Circuit's recent ruling in George v. Rushmore Service Center could be interpreted to establish three principles regarding district courts' jurisdiction to enter arbitration-related orders under the Federal Arbitration Act, two of which may lead to confusion, says David Cinotti at Pashman Stein.
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Why Attorneys Should Consider Community Leadership Roles
Volunteering and nonprofit board service are complementary to, but distinct from, traditional pro bono work, and taking on these community leadership roles can produce dividends for lawyers, their firms and the nonprofit causes they support, says Katie Beacham at Kilpatrick.
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'Pig Butchering': The Scam That Exploits Crypto Confusion
Certain red flags can tip off banks to possible "pig-butchering," and with the scam's increasing popularity, financial institutions need to take action to monitor entry points into the crypto space, detect suspicious activity and provide a necessary backstop to protect customers, say Brandon Essig and Mary Parrish McCracken at Lightfoot Franklin.
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Opinion
Agencies Should Reward Corporate Cyber Victim Cooperation
The increased regulatory scrutiny on corporate victims of cyberattacks — exemplified by the U.S. Securities and Exchange Commission's case against SolarWinds — should be replaced with a new model that provides adequate incentives for companies to come forward proactively and collaborate with law enforcement, say attorneys at McDermott.
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9 Liability Management Tips As Debt Maturity Cliff Looms
As the debt maturity cliff swiftly approaches in this challenging environment, attorneys at Winston & Strawn highlight the top considerations for boards of directors and finance professionals to think about when structuring and executing liability management transactions, including reviewing capital structure, evaluating debt covenants, and more.
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How Transaction Lookbacks Can Guide Fintech Companies
As transaction lookbacks continue to be a key focus of enforcement actions, newer financial institutions like fintech companies should know they can benefit from proactively investigating their potential failure to identify suspicious activity, creating a compliance road map and building trust with regulators in the process, say attorneys at Jenner & Block.
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Firms Must Offer A Trifecta Of Services In Post-Chevron World
After the U.S. Supreme Court’s Loper Bright Enterprises v. Raimondo decision overturning Chevron deference, law firms will need to integrate litigation, lobbying and communications functions to keep up with the ramifications of the ruling and provide adequate counsel quickly, says Neil Hare at Dentons.
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Roundup
A Day In The In-House Life
As more attorneys make the jump to fintech companies, and the regulatory landscape continues to shift, this Expert Analysis series follows in-house fintech counsel on an average workday as they grapple with everything from regulatory challenges and product launches to work-life balance and lunch orders.
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Series
A Day In The In-House Life: Narmi GC Talks Peak Productivity
On a work-from-home day in August, Narmi general counsel Amy Pardee chronicles a typical day in her life in which she organizes her time to tackle everything from advising on products and contract negotiations to volunteering and catching up on the New York Times crossword.
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Opinion
CFPB's AI Stance Backslides On Innovation Issues
The Consumer Financial Protection Bureau's recent response to a Treasury Department's request for information about artificial intelligence in the financial services sector uses alarmist rhetoric about the technology's risks, ceding an opportunity to help shape this important discussion, says Mike Silver at Husch Blackwell.
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5 Tips To Succeed In A Master Of Laws Program And Beyond
As lawyers and recent law school graduates begin their Master of Laws coursework across the country, they should keep a few pointers in mind to get the most out of their programs and kick-start successful careers in their practice areas, says Kelley Miller at Reed Smith.