Banking

  • November 22, 2024

    Capital One 'Abuses' Cast Pall Over Discover Deal, Dems Say

    As the Biden administration winds down with Capital One's bid to buy Discover Financial still pending, progressive Democrats led by Sen. Elizabeth Warren and Rep. Alexandria Ocasio-Cortez are putting renewed pressure on federal bank regulators reviewing the deal.

  • November 22, 2024

    Dems Introduce Foreign Work Disclosure Bill For WH Picks

    Two Democratic lawmakers introduced a bill that would require presidential nominees to disclose any past work they've done for foreign governments, citing concerns that past nominees had potential conflicts of interest.

  • November 22, 2024

    Crypto Lobby Asks Trump, Congress To Prioritize Rulemaking

    Crypto industry group Blockchain Association sent a letter to President-elect Donald Trump and members of Congress on Friday detailing what the industry feels should be immediate priorities for the next administration, including implementing a regulatory framework for digital assets and installing more crypto-amenable agency heads.

  • November 22, 2024

    Debt Collector Awakened Illegal 'Zombie Loans,' Suit Says

    Real Time Resolutions Inc., a debt collection company, is facing a new proposed class action from two North Carolina homeowners, who have accused it of assessing an illegal interest on their mortgage that was charged off more than a decade ago.

  • November 22, 2024

    Bondi Vowed Trump Payback. Ex-Colleagues Aren't Worried.

    U.S. attorney general nominee Pam Bondi is an outspoken ally of President-elect Donald Trump and vowed during the campaign that his "prosecutors will be prosecuted," but people who've worked with her say she's well qualified to serve as the nation's top cop and downplayed concerns that she would politicize the U.S. Department of Justice.

  • November 22, 2024

    Fed Bans Ex-CEO Of Bank Felled By Crypto Scam

    The former CEO of Kansas' now-shuttered Heartland Tri-State Bank has been banned by the federal government from being a part of the banking industry after stealing $47.1 million from the bank to give to cryptocurrency scammers, leading his bank to fail.

  • November 22, 2024

    Lender Can't Arbitrate Fired Worker's Suit Over Cancer Leave

    A California appeals court upheld a trial court's order that a mortgage lender cannot arbitrate a worker's suit alleging she was wrongfully fired after a cancer diagnosis, ruling the former employee cast enough doubt about the signature on the deal to keep her case in court.

  • November 21, 2024

    Citibank Says Bankers Took Info On Its Atty Clients To Rival

    Citibank NA on Wednesday accused two of its former bankers of jumping ship to instead work for competitor Bank of Montreal — and with confidential information regarding Citibank law firm and attorney clients, according to a suit filed in California federal court.

  • November 21, 2024

    FDIC's 'Hot Money' Revamp Gets Bank, Fintech Cold Shoulder

    Banking and fintech lobbyists are calling on the Federal Deposit Insurance Corp. to scrap its proposal to overhaul rules on brokered deposits, also known as "hot money," arguing the effort represents a step backward for the industry that would raise costs for everyone.

  • November 21, 2024

    US Strikes At Last Of Russia's Major Non-Sanctioned Banks

    The United States has now sanctioned all of Russia's major banks after freezing the assets of Gazprombank and its six foreign subsidiaries on Thursday for channeling military equipment purchases for Russia's ongoing war on Ukraine.

  • November 21, 2024

    Forex Trader Gets 23 Years For $93M Investor Fraud

    A Colorado federal judge on Thursday sentenced a retired Marine convicted of wire fraud and conspiracy to 23 years in prison for his role in a scheme that swindled investors out of $93 million.

  • November 21, 2024

    Fed's Bowman Sees The Bright Side In Chevron's Demise

    Federal Reserve Gov. Michelle Bowman, a Republican seen as a potential Trump administration contender for the central bank's top supervision job, chided the regulatory response to last year's regional bank failures and said the U.S. Supreme Court's Loper Bright decision could "transform agency rulemakings positively."

  • November 21, 2024

    Fla. Insurance Broker Pleads Guilty To Defrauding Ga. Bank

    A Florida insurance broker has pled guilty to bank fraud for defrauding a Georgia bank out of $6 million through loans to commercial borrowers for insurance premiums.

  • November 21, 2024

    Weed Co. Must Pay $5M To Entrepeneur In Investor Dispute

    A marijuana consulting firm must pay $5 million to a former business partner after allegedly derailing plans to purchase a marijuana grow facility in Michigan by convincing the main investors to put their money into a Colorado weed business instead.

  • November 21, 2024

    Trump Selects Ex-Fla. AG Pam Bondi As New AG Pick

    President-elect Donald Trump announced Thursday that he has selected Pam Bondi, a former attorney general of Florida, as his new pick for U.S. attorney general, just hours after former U.S. Rep. Matt Gaetz withdrew his name from consideration amid allegations of sexual misconduct and drug use.

  • November 21, 2024

    Dentons Atty Owed No Duty In $54M Currency Deal, Jury Says

    A Florida state court jury found Thursday that a former Dentons US LLP attorney didn't intentionally make a false statement or commit malpractice in a failed $54 million dollars-to-bolivares currency swap in which a Venezuelan lawyer lost millions of dollars.

  • November 21, 2024

    Trump Eyes Crypto, SpaceX To Sell Shares, And More Rumors

    Donald Trump's social media company wants to enter the cryptocurrency business, while Elon Musk's SpaceX is planning a tender offer of shares that values the space technology startup at $250 billion. Here, Law360 breaks down these and other notable deal rumors from the past week.

  • November 21, 2024

    SEC Chair Gensler To Step Down When Trump Takes Office

    U.S. Securities and Exchange Commission Chair Gary Gensler said Thursday that he will be leaving the agency on Jan. 20, clearing the way for new leadership under an incoming Trump administration that is expected to dismantle Gensler's climate disclosure regulation and open the SEC's door to more crypto-friendly policies.

  • November 21, 2024

    Gaetz Ends AG Bid, Citing 'Distraction' To Trump Transition

    Former U.S. Rep. Matt Gaetz withdrew his name from consideration Thursday as President-elect Donald Trump's nominee for attorney general amid allegations of sexual misconduct and drug use.

  • November 21, 2024

    CFPB Wraps Rule To Pull Big Payment Apps Into Supervision

    The Consumer Financial Protection Bureau said Thursday that it has finalized a measure to bring providers of major digital payment apps under its supervisory umbrella, expanding the reach of its oversight deeper into the technology sector and drawing fresh calls to reverse course.

  • November 20, 2024

    SEC Cooperators More Likely To See Pay Reprieve In 2024

    The U.S. Securities and Exchange Commission's recent emphasis on cooperation seems to have paid off for both the agency and some of the entities it regulates, according to a report released Thursday, which found that more public companies entered into nonmonetary settlements with the SEC in fiscal year 2024 than in any year over the previous decade.

  • November 20, 2024

    Not So Fast: Lenders Say CFPB Payday Rule Must Stay On Ice

    Lender trade groups challenging the Consumer Financial Protection Bureau's payday loan rule have told the Fifth Circuit that they anticipate pursuing another U.S. Supreme Court appeal in their case, and that the rule should be kept on hold for even longer in the meantime.

  • November 20, 2024

    Musk, Ramaswamy Say High Court Rulings OK Federal Cuts

    Billionaire Elon Musk and former presidential candidate Vivek Ramaswamy, President-elect Donald Trump's picks to lead a newly created "Department of Government Efficiency," on Wednesday said two recent U.S. Supreme Court rulings will give them the authority to cut off power to regulatory agencies and conduct massive federal layoffs.

  • November 20, 2024

    FDIC Says BofA Deliberately Underpaid For Deposit Insurance

    A D.C. federal judge on Wednesday weighed the Federal Deposit Insurance Corp.'s $1.1 billion unjust enrichment suit against Bank of America, promising to rule shortly on competing summary judgment motions in the years-long proceeding, but not tipping her hand as to how she might ultimately come down.

  • November 20, 2024

    US Called Upon To Lead Cross-Border Payment Overhaul

    A senior official with the U.S. Department of the Treasury has warned that wide adoption of a poorly designed, cross-border payment system could threaten international financial stability and economic security, advising the U.S. to take the lead in developing and governing such systems.

Expert Analysis

  • Series

    Collecting Art Makes Me A Better Lawyer

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    The therapeutic aspects of appreciating and collecting art improve my legal practice by enhancing my observation skills, empathy, creativity and cultural awareness, says attorney Michael McCready.

  • A Look At Recent Case Law On Expedited Judgment In NY

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    A number of recent New York state court decisions clarify and refine the contours surrounding Civil Practice Law and Rule 3213, providing landlords, lenders and other payees guidance on how to seek accelerated judgment in certain litigation, says Alexander Lycoyannis at Holland & Knight.

  • Series

    A Day In The In-House Life: Best Egg CLO Talks Power Of Prep

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    On a typical Monday in her life, Best Egg Chief Legal Officer Amy Thoreson Long chronicles a remote workday in which she makes time for everything from getting ahead on regulatory issues and researching recent Supreme Court decisions to dog walks and podcast breaks.

  • Secret Service Failures Offer Lessons For Private Sector GCs

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    The Secret Service’s problematic response to two assassination attempts against former President Donald Trump this summer provides a crash course for general counsel on how not to handle crisis communications, says Keith Nahigian at Nahigian Strategies.

  • Managing Sanctions Defense Across Multiple Jurisdictions

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    Companies called before multiple regulators to account for the same conduct in this era of increased global sanctions and import-control enforcement should consider national differences in law and policy, and proactively coordinate their responses in certain key areas, say attorneys at Baker McKenzie.

  • Series

    Colorado Banking Brief: All The Notable Legal Updates In Q3

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    In the third quarter of 2024, Colorado's banking and financial services sector faced both regulatory updates and changes to state law due to recent federal court decisions — with consequences for local governments, mortgage lenders, state-chartered trust companies and federally chartered lenders serving Colorado consumers, says Sarah Auchterlonie at Brownstein Hyatt.

  • Litigation Inspiration: Honoring Your Learned Profession

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    About 30,000 people who took the bar exam in July will learn they passed this fall, marking a fitting time for all attorneys to remember that they are members in a specialty club of learned professionals — and the more they can keep this in mind, the more benefits they will see, says Bennett Rawicki at Hilgers Graben.

  • Series

    In The CFPB Playbook: No Lazy, Hazy Days Of Summer

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    The Consumer Financial Protection Bureau is headed for a brisk fall season, on the heels of a heated summer, which included the U.S. Supreme Court's ruling that the CFPB funding structure is constitutional, and in advance of the November election, says Eamonn Moran at Holland & Knight.

  • Payward And The Secondary Crypto Transaction Confusion

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    Following orders in cases against Coinbase and Binance, the recent California federal court ruling in U.S. Securities and Exchange Commission v. Payward raises even more questions about regulation of secondary transactions involving crypto-assets, as it tries to sidestep fundamental flaws in the SEC's legal theories, say attorneys at Cahill Gordon.

  • Opinion

    AI May Limit Key Learning Opportunities For Young Attorneys

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    The thing that’s so powerful about artificial intelligence is also what’s most scary about it — its ability to detect patterns may curtail young attorneys’ chance to practice the lower-level work of managing cases, preventing them from ever honing the pattern recognition skills that undergird creative lawyering, says Sarah Murray at Trialcraft.

  • A Class Action Trend Tests Limit Of Courts' Equity Powers

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    A troubling trend has developed in federal class action litigation as some counsel and judges attempt to push injunctive relief classes under Rule 23(b)(2) of the Federal Rules of Civil Procedure beyond the traditional limits of federal courts' equitable powers, say attorneys at Jones Day.

  • Key Takeaways From DOJ's New Corp. Compliance Guidance

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    The U.S. Department of Justice’s updated guidance to federal prosecutors on evaluating corporate compliance programs addresses how entities manage new technology-related risks and expands on preexisting policies, providing key insights for companies about increasing regulatory expectations, say attorneys at Debevoise.

  • The Key Changes In Revised FDIC Hiring Regulations

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    Attorneys at Ogletree break down the Federal Deposit Insurance Corp.'s new rule, effective Oct. 1, that will ease restrictions on financial institutions hiring employees with criminal histories, amend the FDIC's treatment of minor offenses and clarify its stance on expunged or dismissed criminal records.

  • FDIC's Cautious Approach To Industrial Banks, Reaffirmed

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    Although the Federal Deposit Insurance Corp. recently approved an industrial loan company's deposit insurance application and proposed new rules regarding parent companies, these developments do not represent a liberalization or modernization of the FDIC's regulatory framework, say Max Bonici and Andrew Bigart at Venable.

  • Basel Endgame Rules: A Change Is Coming

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    The Federal Reserve Board's recently announced recalibration of the Basel endgame proposal begins a critical chapter in the evolution of not only the safety and soundness of U.S. banks, but also of banks' abilities to lend and support American businesses and consumers, say attorneys at Davis Wright.

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