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Fintech
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May 06, 2024
FDIC, OCC Gear Up For Another Shot At Banker Bonus Rules
The Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency on Monday revived an Obama-era proposal to set restrictions on incentive-based pay for executives at big banks, a lingering item of unfinished Dodd-Frank Act business, and for now, the Federal Reserve is sitting out.
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May 06, 2024
SEC Targets Robinhood's Crypto Unit For Possible Lawsuit
Robinhood Markets Inc. notified investors Monday that the U.S. Securities and Exchange Commission plans to sue its crypto arm for allegedly failing to register as a securities brokerage firm and clearing agency, saying the agency could go as far as demanding that the platform be shut down.
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May 03, 2024
Binance Founder's Sentence Shaped By Plea And Apology
Binance founder Changpeng Zhao's willingness to cooperate with law enforcement and accept responsibility in court for the crypto exchange's anti-money laundering violations helped the former CEO land a deal with prosecutors that got him a relatively short prison sentence to close out a yearslong investigation.
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May 03, 2024
NY's Citi Suit Imperils Wire Transfer Market, Bank Groups Say
Major banking trade groups are backing Citibank NA in its fight against the New York attorney general's lawsuit over the bank's payment fraud protocols, warning that the state's claims seek to change how wire transfers are regulated in a way that could "upend" the marketplace for such services.
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May 03, 2024
5th Circ. Stands By Keeping CFPB Late Fee Case In Texas
A Fifth Circuit panel will not reconsider its decision rejecting the cross-country transfer of a bank industry-backed challenge to the Consumer Financial Protection Bureau's $8 credit card late fee standard, denying the agency's bid to move the case back to Washington, D.C., from Texas.
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May 03, 2024
Charities Can't Get 'Second Bite Of The Apple' Against PayPal
An Illinois federal judge on Friday trimmed a second lawsuit by charities challenging the way PayPal solicits and distributes charitable contributions, saying they can't get a "second bite of the apple" after their nearly identical claims were dismissed because they'd agreed to individually arbitrate disputes.
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May 03, 2024
Biden's AI Guidance For Gov't May Need More Risk Controls
The Biden administration's latest guidance for federal agencies' purchases of generative artificial intelligence technologies doesn't fully account for risks such as systems failing to work as intended, and could therefore fail to deter agencies from ill-advised investments, according to experts.
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May 03, 2024
BTC-e Mastermind Cops To Money Laundering Conspiracy
A Russian national pled guilty Friday to conspiracy to commit money laundering related to his central role in operating the cryptocurrency exchange BTC-e from 2011 to 2017, according to the U.S. Attorney's Office for the Northern District of California.
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May 03, 2024
Fed. Circ. Says PTAB Rightly Axed Some Ioengine IP Claims
The Federal Circuit has backed the Patent Trial and Appeal Board's finding that invalidated numerous Ioengine LLC patent claims on card reader technology challenged by Ingenico Inc.
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May 03, 2024
Sentencing Delayed For Ex-Fintech Exec In Crypto Case
Sentencing for the CEO of fintech company Hydrogen Technology Corp. was delayed Friday after a dispute over how to calculate the amount of money lost in the conspiracy to manipulate the market for Hydrogen's digital assets.
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May 03, 2024
Fintech Co. Says PNC Acknowledged Use Of Logo For Years
Fintech company Plaid Inc. tried to fend off PNC Bank's allegations it tricked customers into handing over confidential account information, telling a Pennsylvania federal judge on Friday that the bank knew its trademarks were being used on Plaid's system.
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May 03, 2024
SoFi Unit To Pay FINRA $1.1M To Settle Customer ID Claims
SoFi Securities has agreed to pay $1.1 million to settle Financial Industry Regulatory Authority claims that it lacked a suitable user verification process for the firm's cash management brokerage business, allowing the opening of 800 accounts used by third parties to illegally transfer $8.6 million from other financial institution accounts.
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May 03, 2024
Kwok's Ex-Chief Of Staff Pleads Out Before $1B Fraud Trial
The former chief of staff to exiled Chinese billionaire Ho Wan Kwok pled guilty in Manhattan federal court on Friday to participating in a $1 billion investor fraud, less than three weeks before she was scheduled to go to trial alongside her erstwhile boss.
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May 02, 2024
Wells Fargo Discloses Zelle Dispute-Handling Scrutiny
Wells Fargo & Co. on Thursday became the latest financial institution to disclose government scrutiny of how customers' dispute claims for potentially mistaken or fraudulent instant payments are being handled.
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May 02, 2024
No Atty Fees For Objectors To $5.6B Swipe Fees Settlement
Class members who initially objected to a $5.6 billion settlement with Visa and Mastercard cannot collect nearly $1 million in attorney fees, a New York federal judge ruled Thursday, saying they haven't shown their objections to the original 2013 settlement substantially benefited the class.
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May 02, 2024
Tech, Finance Experts Urge CFTC To Consider AI Regs
Tech advisers urged the U.S. Commodity Futures Trading Commission on Thursday to consider policies to manage the risks associated with artificial intelligence, along with a list of other recommendations detailing potential approaches to the growing use of AI in financial markets.
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May 02, 2024
Attys Due For Spam Suit Sanction, But Not $750K, Judges Say
Class counsel's misconduct in helping instigate a spam text suit against stock-trading app Robinhood Financial LLC warranted sanctions, a Washington state appeals court panel ruled Thursday, but the judges said the $750,000 penalty went over the top in deterring the bad behavior.
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May 02, 2024
Barnes & Noble Joins Visa, Mastercard Settlement Objectors
A new collection of major retailers is joining Target Corp. and Grubhub in objecting to a proposed settlement deal cut by Visa and Mastercard, saying the deal would actually codify an illegal price-fixing agreement.
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May 02, 2024
Ex-FTX Boss Ryan Salame To Give Up $5.9M Bahamas House
Ryan Salame, the former co-chief executive of FTX Digital Markets, an affiliate of bankrupt cryptocurrency exchange FTX Trading Ltd., has agreed to transfer a $5.9 million house he owns in the Bahamas to FTX in lieu of paying the firm restitution over fraudulent political donations, according to a Wednesday motion.
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May 02, 2024
Deals Rumor Mill: Coca-Cola, General Mills, MLB's Giants
Coca-Cola is preparing an IPO for its African bottling division, cereals giant General Mills is exploring selling its North America yogurt business, and a 5% stake in the San Francisco Giants is up for sale at a price that could value the club at $4 billion. Here, Law360 breaks down these and other notable deal rumors from the past week.
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May 01, 2024
Republicans Say Bank Merger Reviews 'Need A Shot Clock'
House Republicans on Wednesday raised concerns with federal banking officials about how long it can take their agencies to sign off on proposed bank mergers, a long-standing industry complaint that the lawmakers say a tight "shot clock" could help address.
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May 01, 2024
Forex Fraudsters Hid Losses From Investors, Jury Hears
Federal prosecutors told a Colorado jury Wednesday that two men helping run a foreign exchange investment company sold investors on a supposedly successful trading algorithm that ended up being nothing more than a multimillion-dollar fraud.
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May 01, 2024
PayPal Won't Face CFPB Enforcement Over Venmo Probe
Payments giant PayPal is not expecting any enforcement action from the Consumer Financial Protection Bureau after the agency told the firm it was closing its inquiry into social payment subsidiary Venmo, the company disclosed in a securities filing.
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May 01, 2024
Artist Can Exhibit 'MetaBirkins' NFT Despite TM Trial Loss
A New York federal judge has said the Los Angeles-based designer behind the "MetaBirkins" non-fungible token can provide permission to a Swedish museum to display his trademark-infringing artwork, despite an injunction barring him from promoting or selling the NFTs.
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May 01, 2024
NY Man Charged With $43M Hospitality Ponzi Scheme
A Manhattan resident was charged Wednesday with soliciting $43 million in investments through a Ponzi scheme that peddled false claims about his company's business interests in cryptocurrency, Las Vegas sports stadiums and hospitality.
Expert Analysis
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Series
In The CFPB Playbook: Rulemaking Rush Before Election Year
In this quarterly Consumer Financial Protection Bureau activity recap by former bureau personnel, attorneys at McGuireWoods explain the regulator's recent push to finalize new rules about data aggregators, digital payment apps and more before the election-year Congressional Review Act window opens.
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Securities Question Stands After Contradicting Crypto Rulings
The debate about the regulation of crypto-assets came to a head in 2023 when two New York federal judges came to opposite conclusions about whether crypto-assets were securities by using the Howey test, highlighting the uncertainty facing the crypto industry as it seeks to resolve definitional questions, say attorneys at Ballard Spahr.
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What The Law Firm Of The Future Will Look Like
As the legal landscape shifts, it’s become increasingly clear that the BigLaw business model must adapt in four key ways to remain viable, from fostering workplace flexibility to embracing technology, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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4 PR Pointers When Your Case Is In The News
Media coverage of new lawsuits exploded last year, demonstrating why defense attorneys should devise a public relations plan that complements their legal strategy, incorporating several objectives to balance ethical obligations and advocacy, say Nathan Burchfiel at Pinkston and Ryan June at Castañeda + Heidelman.
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Compliance Risk After SEC Warning Against 'AI Washing'
The U.S. Securities and Exchange Commission has begun looking into the way public companies disclose how they use artificial intelligence to investors and it is likely to become an enforcement priority, meaning companies and their compliance programs should take steps now to avoid regulatory sanctions and shareholder lawsuits, say attorneys at Bracewell.
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Series
Texas Banking Brief: All The Notable Legal Updates In Q4
Among the most noteworthy developments in the Texas banking sphere in the last quarter of 2023 were the Texas Department of Banking's extension of the state banking commissioner's authority, a recommendation to implement an updated ransomware self-assessment tool, and ongoing litigation in the state involving the Consumer Financial Protection Bureau, says Patrick Hanchey at Alston & Bird.
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SDNY Ruling Highlights Fed's Broad Master Account Power
In denying a Puerto Rican bank’s recent motion for injunction against the New York Fed, a New York federal court went beyond the specifics of the case in holding that financial institutions have no statutory right to a master account with a Federal Reserve bank, emphasizing the Fed’s unilateral discretion in these matters, say attorneys at Ballard Spahr.
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Cybersecurity Issues For Financial Industry To Track In 2024
In 2024 financial institutions will confront new federal, state and industry regulations around cybersecurity that require additional procedures, enhanced proactive security measures, and timely disclosure of security incidents, say Alex Koskey and Matt White at Baker Donelson.
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Charting The Course For Digital Assets In 2024
Although 2023 was a tough year for the digital asset industry, upcoming court decisions, legislation and regulatory action will bring clarity, allowing the industry to expand and evolve, and the government will decide what innovation it will allow without challenge, says Joshua Smeltzer at Gray Reed.
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What To Expect From The CFPB This Year
The potential for upheaval at the Consumer Financial Protection Bureau will be greater during an election year, and there are several opportunities and challenges ahead for the bureau in 2024, say Eric Mogilnicki and David Stein at Covington.
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Law Firm Strategies For Successfully Navigating 2024 Trends
Though law firms face the dual challenge of external and internal pressures as they enter 2024, firms willing to pivot will be able to stand out by adapting to stakeholder needs and reimagining their infrastructure, says Shireen Hilal at Maior Consultants.
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The Most-Read Legal Industry Law360 Guest Articles Of 2023
A range of legal industry topics drew readers' attention in Law360's Expert Analysis section this year, from associate retention strategies to ethical billing practices.
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What The 2023 Bank Failures Taught Us, And What's To Come
As 2023 draws to a close, it's apparent that the bank failures this past spring sparked a seismic shift in the regulatory and supervisory landscape for banking organizations, and the consequences are still continuing to be felt throughout the financial sector as we head into 2024, say attorneys at Morgan Lewis.
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How SEC And NY Cyber Reporting Rules Affect Key Industries
The new U.S. Securities and Exchange Commission and New York State Department of Financial Services cybersecurity disclosure requirements, and their competing obligations, reveal the increasing complexity for organizations evaluating and reacting to cybersecurity incidents — particularly those in the healthcare and financial services industries, say attorneys at Manatt.
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Attorneys' Busiest Times Can Be Business Opportunities
Attorneys who resolve to grow their revenue and client base in 2024 should be careful not to abandon their goals when they get too busy with client work, because these periods of zero bandwidth can actually be a catalyst for future growth, says Amy Drysdale at Alchemy Consulting.