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Fintech
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April 16, 2024
CFPB Moves To 'Streamline' How It Tags Nonbanks For Exams
The Consumer Financial Protection Bureau on Tuesday unveiled procedural adjustments to its process for singling out fintech firms and other nonbanks for examination, changes the agency attributed in part to plans for an internal reorganization of its supervision and enforcement unit.
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April 16, 2024
Terraform Creditors Say All Clear To Hire Crypto Tracing Firm
The creditors committee for bankrupt cryptocurrency startup Terraform Labs Pte. Ltd. said on Tuesday it had resolved the only issues the U.S. Trustee's Office had with the committee's request to hire an investment bank to advise it on tracing cryptocurrency in Terraform's Chapter 11 case.
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April 16, 2024
Binance.US Adds Ex-NY Fed Compliance Chief To Board
Binance.US announced Tuesday that it had brought aboard a seasoned compliance and regulation expert to join its board of directors, three months after the cryptocurrency platform hired a new top compliance officer amid federal regulators' ongoing scrutiny of the platform.
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April 16, 2024
Chancery Tosses Zelle Fraud Suit Against JPMorgan Directors
A JPMorgan Chase & Co. shareholder that sued the bank's board for allegedly ignoring fraud on the payment platform Zelle has not shown the bank failed to respond to the problem, a Delaware Chancery Court judge ruled Tuesday, dismissing the shareholder's case.
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April 15, 2024
Dems Grill Chamber Over 'Outrageous' CFPB Card Fee Suit
Two top Democratic senators are calling on the U.S. Chamber of Commerce to explain why it sued to block the Consumer Financial Protection Bureau's $8 credit card late fee rule, a case they say is "outrageous" and puts the interests of big banks over the group's rank and file.
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April 15, 2024
FTX Liquidators Describe Operating Blindly In Initial Days
The U.S. liquidator for collapsed cryptocurrency exchange FTX told attendees at the OffshoreAlert Conference in Miami Beach, Florida, the case was unlike any other he'd handled as the company had "no set of books," forcing both onshore and offshore liquidators to scramble to track down assets.
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April 15, 2024
'Pig Butchering' Scams' Human Toll Has Experts Alarmed
Financial institutions, cryptocurrency exchanges and social media companies need to do more to stem a growing tide of so-called pig butchering scams, which experts at the OffshoreAlert Conference in Miami said Monday are wreaking havoc on victims while funding a large human trafficking operation.
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April 15, 2024
Coinbase Wants 2nd Circ. To Weigh Crypto's Howey Question
Crypto exchange Coinbase has asked a Manhattan federal judge to send the question of whether digital assets meet the definition of investment contracts to the Second Circuit, challenging a March order that found the U.S. Securities and Exchange Commission had adequately pled that the platform offered securities.
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April 15, 2024
CFPB Hits Back At Bank Challenge To Small-Biz Lending Rule
The Consumer Financial Protection Bureau has urged a Texas federal judge to dispense with an industry-backed challenge to its now-stayed reporting requirements for lenders in the nearly $2 trillion small-business loan market, arguing much of the case boils down to a beef with Congress for mandating the requirements in the first place.
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April 15, 2024
Worldpay Sues Shuttered Retailer Over Refund Refusals
Payment processor Worldpay LLC is requesting injunctive relief in Ohio federal court to alleviate the millions of dollars in losses it says it has incurred since home appliance retailer Pirch Inc. began refusing to honor its customers' credit card refund requests after halting operations abruptly in March.
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April 15, 2024
Feds Say $3.5M 'Cryptojacking' Scam Targeted Cloud Services
A Nebraska man defrauded two cloud computing services of $3.5 million and used the proceeds to mine an additional $1 million in cryptocurrency, Brooklyn federal prosecutors said Monday.
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April 15, 2024
Senators Demand Info On CFTC Chats With Bankman-Fried
Two U.S. senators have asked the U.S. Commodity Futures Trading Commission's chair to detail all of his communications and meetings with convicted FTX fraudster Sam Bankman-Fried.
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April 15, 2024
Justices Allow Class Action Over ATM Fees To Proceed
The U.S. Supreme Court on Monday declined to review a D.C. Circuit decision affirming class certifications in a long-running ATM fee dispute, which Visa and Mastercard claimed created a circuit split over the correct standard of review courts should use when considering certification motions.
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April 12, 2024
Jane Street Says Millennium, Ex-Workers Stole Trade Secrets
Trading firm Jane Street Group LLC sued rival Millennium Management LLC and two former employees in New York federal court Friday, alleging they stole a confidential trading strategy and have reaped "massive profits from this theft."
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April 12, 2024
Feds Rest In $110M Mango Markets Trial Of Crypto Trader
Manhattan federal prosecutors on Friday rested their case against a crypto trader accused of stealing $110 million from Mango Markets investors by pumping the price of the exchange's native token, while the defense argued that the government had failed to show that the crypto derivatives at issue were swaps as alleged in the indictment.
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April 12, 2024
Crypto-Friendly Atty Reveals Backers In Bid To Unseat Warren
The cryptocurrency-boosting attorney running in Massachusetts to unseat crypto critic Sen. Elizabeth Warren has garnered the support of notable digital asset industry leaders, according to his quarterly report to the Federal Election Commission.
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April 12, 2024
'Much More Is Coming': Experts See Wave Of AI-Related Suits
Legal experts speaking Friday at the University of California, Berkeley School of Law's symposium on artificial intelligence and evidence in civil litigation warned that broadening usage and increased regulation will lead to a wave of litigation over the technology, leaving courts to analyze the "black box" of corporate AI algorithms to determine liability.
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April 12, 2024
Republicans Warn CFPB Against Pursuing Arbitration Rule 2.0
Two Republican lawmakers are cautioning the Consumer Financial Protection Bureau against heeding calls for another rulemaking to restrict arbitration provisions in consumer financial contracts, warning that such an effort would be a "significant abuse" of the agency's authority.
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April 12, 2024
Capital Recruiter Awarded $7.8M In Back Fees In Breach Suit
An Atlanta-area capital recruiting firm is owed more than $7.8 million in lost commissions from a former financial technology client that violated its agreement to pay the recruiter to connect it with investors, according to a verdict from a Georgia federal jury.
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April 12, 2024
Ex-Amazon Engineer Gets 3 Years For $12M Crypto Hacks
The former technical lead of Amazon's "bug bounty" program was sentenced in Manhattan federal court Friday to three years in prison for using his specialized computer engineering skills to steal more than $12 million from two decentralized cryptocurrency exchanges.
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April 11, 2024
CFPB Says Credit Card Shares Disqualifying In 5th Circ. Case
The Consumer Financial Protection Bureau sparred Thursday with a coalition of trade groups over recusal standards in their Fifth Circuit lawsuit challenging the agency's new $8 credit card late fee rule, arguing that a judge's ownership of stock in a major card-issuing bank ought to be disqualifying in itself.
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April 11, 2024
Crypto Trader Hit With Judgment In SEC's $4.3M Fraud Case
A cryptocurrency trader has consented to a judgment to end a U.S. Securities and Exchange Commission suit accusing him of duping investors out of $4.3 million by falsely claiming the money would be invested in digital assets that could be obtained at a discount.
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April 11, 2024
Visa Beats Some Merchant Claims In Antitrust MDL
A New York federal judge has trimmed claims lodged by Home Depot and other merchants against Visa and several banks in sprawling multidistrict antitrust litigation dating back to 2005 over network rules forcing merchants to accept the companies' cards.
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April 11, 2024
CFPB, EU Say Teamwork 'Critical' As Fintech Bridges Atlantic
The consumer protection watchdogs in Europe and the U.S. said Thursday that their ongoing dialogue has yielded three shared focuses — the expansion of technology firms' payment services, the use of artificial intelligence in consumer markets and buy now, pay later products.
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April 11, 2024
Investors Get OK For $111M Ponzi Case Receiver Passed On
A Colorado federal judge has given the green light for a group of investors to seek over $111 million from a forex-focused financial technology firm in the U.K. and its affiliate, in a lawsuit alleging they played an instrumental role in a scheme that duped investors and drew the attention of U.S. securities regulators and prosecutors.
Expert Analysis
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General Counsel Need Data Literacy To Keep Up With AI
With the rise of accessible and powerful generative artificial intelligence solutions, it is imperative for general counsel to understand the use and application of data for myriad important activities, from evaluating the e-discovery process to monitoring compliance analytics and more, says Colin Levy at Malbek.
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5 Credit Card Practices Drawing CFPB Notice In New Report
The Consumer Financial Protection Bureau's biennial consumer credit report may offer insight into the future of the watchdog's enforcement priorities, particularly when it comes to trends in consumer credit card interest rates and novel products like installment payment plans, among other practices, says Rich Zukowsky at Davis Wright.
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A Tale Of 2 SVB Reports: Where The Fed's Barr And OIG Differ
Some have said the recent report on Silicon Valley Bank's failure prepared by the Federal Reserve Board's Office of Inspector General is nearly identical to one conducted by Vice Chair for Supervision Michael Barr earlier in the year, but in reality, the OIG report is far more critical and less forgiving of the Fed supervisory staff, say attorneys at Davis Polk.
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Navigating Discovery Of Generative AI Information
As generative artificial intelligence tools become increasingly ubiquitous, companies must make sure to preserve generative AI data when there is reasonable expectation of litigation, and to include transcripts in litigation hold notices, as they may be relevant to discovery requests, say Nick Peterson and Corey Hauser at Wiley.
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Finding Focus: Strategies For Attorneys With ADHD
Given the prevalence of ADHD among attorneys, it is imperative that the legal community gain a better understanding of how ADHD affects well-being, and that resources and strategies exist for attorneys with this disability to manage their symptoms and achieve success, say Casey Dixon at Dixon Life Coaching and Krista Larson at Stinson.
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Decoding The Digital Asset Landscape In Bankruptcy
Recent cases show the explosion of cryptocurrency as an asset class has created new challenges for debtors-in-possession, bankruptcy trustees, and federal and state receivers, and fiduciaries will have to consider a number of legal and practical considerations when determining how to manage these assets in insolvency, say David Castleman at Otterbourg and Anthony Facciano at Stretto.
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Keeping Tabs On Fight Over Board Diversity Rule At 5th Circ.
Attorneys at Mintz dissect why the Fifth Circuit rejected a constitutional challenge to Nasdaq’s new requirement that listed companies disclose board diversity data, assess how a petition calling the decision pro-discrimination may fare, and discuss where companies that have yet to meet the exchange's diversity goals go next.
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What To Expect From California's Digital Assets Regime
California’s recent passage of two new laws that create a broad licensing, oversight and enforcement framework for the virtual currency arena will likely affect most digital asset companies doing business in the U.S. when it goes into effect in January 2025, say attorneys at Jenner & Block.
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Why SEC Is Worried AI Could Lead To Recession, Racial Bias
U.S. Securities Exchange Commission Chair Gary Gensler recently indicated he believes the agency should have a seat at the artificial intelligence regulatory table, which he said, if left unchecked, could lead to systemic racial bias, IP issues and even a recession, says Nancy Wojtas at Cooley.
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Preparing Bank Customer Service For New CFPB Scrutiny
With the Consumer Financial Protection Bureau indicating it will soon use a lesser-known Dodd-Frank provision to pursue large banks that unreasonably impede consumers seeking account information, all financial institutions should look for potential obstructions posed by their customer service procedures, says Matthew Walker at Vorys.
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New CFTC Enforcement Policy May Finally Deter Recidivists
The U.S. Commodity Futures Trading Commission’s recently announced policies designed to crack down on market misconduct recidivists may finally raise the stakes enough to motivate institutions to improve their compliance infrastructure, say Dan Chirlin and Marc Armas at Walden Macht.
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Key Points From NY Regulators' Crypto Listing Update
Virtual currency entities should review the New York State Department of Financial Services' recently proposed guidance for self-certification of coins, which features heightened listing standards and a new delisting framework, and evaluate its impact on their existing practices and coin-listing procedures, say attorneys at WilmerHale.
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Attorneys, Law Schools Must Adapt To New Era Of Evidence
Technological advancements mean more direct evidence is being created than ever before, and attorneys as well as law schools must modify their methods to account for new challenges in how this evidence is collected and used to try cases, says Reuben Guttman at Guttman Buschner.
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Inside The Current State Of International Crypto Compliance
A recent Financial Action Task Force report regarding adoption of international virtual asset compliance standards reflects a fairly grim state of affairs, but a broader look at providers' risk mitigation efforts and developments is encouraging, say Leah Moushey and Franco Jofré at Miller & Chevalier, and Meredith Fitzpatrick at Forensic Risk Alliance.
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Why Public Cos. Should Also Comply With SEC's Names Rule
While the U.S. Securities and Exchange Commission's updated Names Rule specifically clarifies that funds must consider ESG factors in their investment strategies if their names so imply, public companies should also heed the message and conduct business consistent with the way they market or advertise themselves, says Spencer Feldman at Olshan Frome.