Fintech

  • 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

    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 26, 2025

    Bradley Arant Hires SEC Enforcement Trial Atty In DC

    Bradley Arant Boult Cummings LLP has hired a government investigations partner in Washington, D.C., with more than a decade of experience at the U.S. Securities and Exchange Commission prosecuting and probing a range of fraud.

  • February 25, 2025

    FBI Came For Abramoff Asking About Russian Spy-Linked Pal

    Disgraced lobbyist and government witness Jack Abramoff told jurors Tuesday during his cross-examination at the fraud trial of a cryptocurrency company founder he worked for that the FBI initially approached him in 2018 with questions about his connection to a conservative operative once linked to a Russian agent.

  • 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

    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

    Horse-Racing Co.'s 'Unregistered' NFTs Cost Gains, Suit Says

    A nonfungible token project that once allowed users to invest in virtual versions of real-life racehorses is caught in a proposed class action from an investor who alleges that "Game of Silks" failed to register its tokens as securities and disclose key information to buyers before it collapsed.

  • February 25, 2025

    Another Crypto Co. Says SEC Inquiry Ends Without Action

    Decentralized finance platform Uniswap Labs announced Tuesday that the U.S. Securities and Exchange Commission closed its multi-year investigation into the firm, marking the latest crypto business to claim the regulator is walking away without taking action.

  • February 25, 2025

    Dem Commissioner To Leave CFTC Upon New Chair's Arrival

    U.S. Commodity Futures Trading Commission member Christy Goldsmith Romero said Tuesday afternoon that she plans to exit the agency as soon as Congress confirms the appointment of a new chair, likely leaving the financial markets regulator with only a single Democrat overseeing its activities. 

  • February 25, 2025

    SEC's Small Biz Panel Seeks Relief For Venture Funds

    A U.S. Securities and Exchange Commission advisory group is recommending the agency ease rules to allow qualifying venture funds to attract more investors without registering with the SEC, hoping to bolster capital available to small businesses.

  • 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

    Lobbyist Abramoff Testifies At Fraud Trial Against Crypto CEO

    Disgraced Washington, D.C., power broker Jack Abramoff told jurors on Monday that he participated in a conspiracy with the founder of an "anti-money laundering" cryptocurrency company accused of bilking investors out of $5 million, testifying remotely due to a recent cancer diagnosis.

  • 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

    SEC Crypto Task Force Wants Input, Commissioner Says

    U.S. Securities and Exchange Commission Commissioner Hester Peirce urged firms to bring their input to her Crypto Task Force in a Friday statement that outlined a series of questions the group is grappling with, including the taxonomy of tokens.

  • February 24, 2025

    Robinhood, OpenSea Say SEC Closed Crypto Inquiries

    Robinhood said Monday that the U.S. Securities and Exchange Commission "has officially closed" an investigation into its cryptocurrency arm without any enforcement action, joining a growing number of crypto matters the SEC has dropped or paused under the new Trump administration.

  • February 24, 2025

    Tax Software Co. Says Rival Is The Real Trade Secrets Thief

    Corporate-focused tax preparation software company Avalara, accused by Vertex Inc. of poaching workers to steal trade secrets, has asked to file counterclaims, arguing Vertex has actually done the illegal poaching.

  • February 24, 2025

    SEC Could Loosen Income Limits On Startup Investments

    The U.S. Securities and Exchange Commission's acting chairman said Monday that the agency is looking at a number of changes aimed at freeing up capital for investment, including the possibility of allowing lower- and middle-income Americans to invest in private, early-stage companies.

  • 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

    Venable Litigator Jumps To Steptoe In California

    Steptoe LLP continues growing its West Coast team, announcing Monday it is bringing in a Venable LLP commercial trial lawyer as a partner in its Los Angeles and San Francisco offices.

  • 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.

Expert Analysis

  • Litigation Inspiration: Reframing Document Review

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    For attorneys — new ones especially — there is much fulfillment to find in document review by reflecting on how important, interesting and pleasant it can be, says Bennett Rawicki at Hilgers Graben.

  • 2 Cases Show DAOs May Face Increasing Legal Scrutiny

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    Two ongoing cases that recently survived motions to dismiss in California federal courts concerning Compound DAO and Lido DAO threaten to expand the potential liability for activity attributed to decentralized autonomous organizations — and to indirectly create liability for their participants, say attorneys at Cahill Gordon.

  • 3 Changes Community Banks Should Expect Under Trump

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    A second Trump administration promises a sea change for regional and community banks, including shifts in the regulatory environment, Community Reinvestment Act rules and the M&A landscape, say attorneys at Manatt.

  • 5 Ways SEC's Crypto Approach Could Change Under Trump

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    Given the Trump campaign's procrypto stance, the U.S. Securities and Exchange Commission could take a number of different approaches to crypto policy in the next administration, including pausing registration-only enforcement actions and proposing tailored rules that take into account the differences between crypto-assets and traditional securities, say attorneys at WilmerHale.

  • Series

    Flying Makes Me A Better Lawyer

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    Achieving my childhood dream of flying airplanes made me a better lawyer — and a better person — because it taught me I can conquer difficult goals when I leave my comfort zone, focus on the demands of the moment and commit to honing my skills, says Ivy Cadle at Baker Donelson.

  • With Precautions, AI Can Help With Suspicious Activity Filings

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    While artificial intelligence can enhance suspicious activity report processes, financial services firms should review applicable expectations and areas of deficiencies that can lead to enforcement actions before using AI to help write SARs, say attorneys at Jenner.

  • How Crypto Cos. Can Take Advantage Of 'Mini-IPOs'

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    Against the backdrop of U.S. Securities and Exchange Commission enforcement in the crypto space, mini-initial public offerings, with less burdensome requirements than full registration, can serve as an alternative way for token issuers to raise funds, say attorneys at O'Melveny.

  • Takeaways From Final Regulations For China Investment Ban

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    ​The U.S. Department of the Treasury’s final rule banning U.S. investment in emerging Chinese technology clarifies some key requirements, includes additional exceptions for covered transactions and attempts to address concerns that the rule will put U.S. businesses at a competitive disadvantage, say attorneys at Simpson Thacher.

  • Nvidia Supreme Court Case May Not Make Big Splash

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    The skeptical tenor of the justices' questioning at oral argument in Nvidia v. Ohman Fonder suggests that the case is unlikely to alter the motion to dismiss pleading standard in securities class actions, as some had feared, say attorneys at WilmerHale.

  • AI Monitoring And FCRA: Employer Compliance Essentials

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    As the Consumer Financial Protection Bureau and the Federal Trade Commission signal determination to treat AI-based workplace surveillance as a potential Fair Credit Reporting Act issue, employers must commit to educating HR and compliance staff on these quickly evolving regulatory expectations, say attorneys at Sheppard Mullin.

  • Series

    Circus Arts Make Me A Better Lawyer

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    Performing circus arts has strengthened my ability to be more thoughtful, confident and grounded, all of which has enhanced my legal practice and allowed me to serve clients in a more meaningful way, says Bailey McGowan at Stinson.

  • How D&O Coverage Can Aid Against Increased AI Scrutiny

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    The recent increase in regulatory enforcement and securities class actions stemming from corporate use of artificial intelligence should prompt companies to ensure that their directors and officers liability insurance coverage is appropriately tailored to AI-related risks, say attorneys at Reed Smith.

  • Crypto Cos. Add New Play In Their Offense Against SEC

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    Consensys and Crypto.com have adopted a novel strategy of preempting U.S. Securities and Exchange Commission enforcement actions by moving to crypto-friendly Texas and filing declaratory lawsuits challenging the SEC's jurisdiction to regulate crypto-assets — an aggressive approach that may pay off, say attorneys at Herrick Feinstein.

  • Purse-Case Scenarios: 'MetaBirkin' Appeal Tests TM Rights

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    A federal court's finding that "MetaBirkin" nonfungible tokens infringed on Hermes' iconic Birkin bag imagery is now on appeal in the Second Circuit, and the order will have a lasting effect on how courts balance trademark rights and the First Amendment, say attorneys at Venable.

  • 3 Ways To Train Junior Lawyers In 30 Minutes Or Less

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    Today’s junior lawyers are experiencing a skills gap due to pandemic-era disruptions, but firms can help bring them up to speed by offering high-impact skill building content in bite-sized, interactive training sessions, say Stacey Schwartz at Katten, Diane Costigan at Winston & Strawn and Lauren Tierney at Freshfields.

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