Banking

  • November 20, 2024

    Wells Fargo Must Turn Over E-Docs In TelexFree Litigation

    A Massachusetts magistrate judge on Wednesday ordered Wells Fargo Advisors LLC to hand over electronic files maintained by a compliance manager who investigated potential misconduct by an employee handling accounts of TelexFree associates under investigation in a $3 billion Ponzi scheme.

  • November 20, 2024

    Hinshaw Brings On Ex-JPMorgan Counsel From Ballard Spahr

    A Ballard Spahr LLP attorney and former in-house counsel for JPMorgan Chase & Co. has joined Hinshaw & Culbertson LLP as a partner in the firm's consumer financial services practice group in New York, where he will advise banks, lenders and fintechs on state and federal regulations, compliance matters and litigation.

  • November 20, 2024

    Biden Bank Regulators Punt Big-Ticket Rulemakings To Trump

    Top Biden administration banking regulators told House lawmakers on Wednesday that they don't plan to move forward on efforts to strengthen banks' requirements for capital, liquidity or long-term debt before President-elect Donald Trump takes office, although the Federal Reserve's supervision chief said he's not leaving anytime soon. 

  • November 20, 2024

    Archegos Founder Gets 18 Years For Massive Market Fraud

    Bill Hwang, the founder of collapsed hedge fund Archegos, was sentenced Wednesday to 18 years in prison after he was convicted of lying to banks in order to secure billions of dollars in loans used to manipulate the market.

  • November 20, 2024

    Bankman-Fried Tech Deputy Who Parsed Code Avoids Prison

    A Manhattan federal judge allowed tech expert Zixiao "Gary" Wang to avoid jail Wednesday for his role in the $11 billion FTX fraud, crediting his effort to detail programming "back doors" that enabled Sam Bankman-Fried to loot the bankrupt crypto exchange.

  • November 19, 2024

    Keep Colo. Interest Rate Opt-Out Law Blocked, 10th Circ. Told

    A coalition of organizations representing the financial services industry has urged the Tenth Circuit to uphold a district court's injunction against a Colorado interest rate opt-out law, arguing the state's attempt to reframe the federal provision allowing the opt-out as a consumer protection measure ignores the underlying statute's history as rooted in federalist principles.

  • November 19, 2024

    11th Circ. Weighs Whether Tornado Cash Sanctions Overreach

    An Eleventh Circuit panel on Tuesday dove deep into the mechanisms of cryptocurrency mixing service Tornado Cash as the judges weighed whether government sanctions intended to curb illicit finance on the protocol are permitted under the law.

  • November 19, 2024

    Online Lenders, Contractor Face Service Members' Fraud Suit

    California-based contractor Multitaskr Construction Inc. and several online lending companies were hit with a consumer lawsuit in California federal court alleging they conspired to originate lucrative fraudulent loans for home improvement projects that were never completed.

  • November 19, 2024

    CFPB's Medical Debt Guidance Faces Industry Injunction Bid

    Debt collectors asked a D.C. federal court on Monday to put an immediate hold on recent Consumer Financial Protection Bureau guidance aimed at the medical debt collection market, escalating their challenge to the document ahead of its looming effective date.

  • November 19, 2024

    Ex-Fed Examiner Cops To Insider Trading, Settles With SEC

    A former senior banking supervisor with the Federal Reserve Bank of Richmond pled guilty Tuesday in Virginia federal court to insider trading, the same day he resolved the U.S. Securities and Exchange Commission's claims accusing him of inappropriately trading in shares of New York Community Bancorp and Capital One Financial Corp.

  • November 19, 2024

    Dentons Atty Owed No Duty In $54M Currency Swap, Jury Told

    A Hunton Andrews Kurth LLP partner on Tuesday defended the actions of a former Dentons attorney in a failed $54 million bolivar-to-dollars currency swap, telling jurors that she did not owe a duty to the Venezuelan attorney suing her for malpractice because she never represented him as his attorney. 

  • November 19, 2024

    Ex-Fed Staffer Says Vax Bias, DEI Initiatives Got Him Sacked

    A former employee of the Federal Reserve Board sued the central bank's leadership alleging he faced discrimination as a straight, white man and "utter disdain" from his managers, and that he was ultimately fired days before his planned retirement after refusing coronavirus vaccination on religious grounds.

  • November 19, 2024

    DC Sues Wage Advance Co. For 'Predatory Lending'

    Pay advance app EarnIn deceptively lures in cash-strapped borrowers with promises of providing payday advances with no mandatory fees but ultimately causes users to incur interest rates that can exceed 300%, the Washington, D.C., attorney general said in a lawsuit filed Tuesday.

  • November 19, 2024

    FCC To Vote On More Credit Options To Back Broadband Aid

    The Federal Communications Commission is poised to allow more financial institutions to issue letters of credit that broadband providers can rely on to secure federal funding for high-speed infrastructure projects.

  • November 19, 2024

    Senators Blast Visa And Mastercard, Promise Action On Fees

    A bipartisan group of Senate Judiciary Committee members blasted executives from Visa and Mastercard on Tuesday over swipe fees charged to merchants, promising to rein in what the lawmakers called the companies' monopoly on credit card payments if they do not change their practices.

  • November 19, 2024

    Ballard Spahr Brings On Former Federal Prosecutor In LA

    Ballard Spahr LLP is expanding its consumer finance services team, announcing Tuesday that a former assistant U.S. attorney is joining its Los Angeles office as of counsel.

  • November 19, 2024

    NY Judge Rejects Ozy Media CEO's DQ Bid Over Investments

    U.S. District Judge Eric R. Komitee of New York's Eastern District on Tuesday refused to step aside from former Ozy Media CEO Carlos Watson's fraud and identity theft case, slamming as meritless Watson's effort to undo his convictions over the judge's financial investments.

  • November 19, 2024

    Trump Names Wall St. Exec For Chief Commerce Role

    Donald Trump will nominate longtime Wall Street financier Howard Lutnick to head up the U.S. Department of Commerce, the president-elect announced Tuesday, selecting a top member of his transition team to oversee a vast bureaucracy that grapples with key trade policies.

  • November 19, 2024

    FDIC's Gruenberg To Exit On Eve Of Trump's Inauguration

    The Federal Deposit Insurance Corp.'s embattled chairman, Martin Gruenberg, said Tuesday that he will step down and retire from the agency before President-elect Donald Trump takes office, clearing the way for a new, likely Republican leader at the deposit insurer.

  • November 18, 2024

    State Department Sanctions Official Rejoins Crowell & Moring

    After more than three years working as a senior sanctions policy official in the U.S. State Department, Erik Woodhouse has returned to private practice at Crowell & Moring LLP in the firm's Washington, D.C., office, the firm announced Tuesday.

  • November 18, 2024

    Justices Urged To Pass On 3rd Circ. CFPB Loan Trust Case

    The Consumer Financial Protection Bureau has asked the U.S. Supreme Court to deny an appeal by a group of student loan trusts fighting an enforcement action by the agency, arguing that industry concerns about the Third Circuit case are overblown and unavailing.

  • November 18, 2024

    Justices Urged To Deny TCPA Class Certification Challenge

    A Florida-based financial services company found to have violated the Telephone Consumer Protection Act for sending fax ads to nearly 60,000 recipients is telling the U.S. Supreme Court to reject a petition from one of those respondents that sought to turn the case into a class action.

  • November 18, 2024

    Dems Probe Treasury On Effects Of Crypto Mixer Sanctions

    A group of House Democrats pressed the U.S. Department of the Treasury on Monday to provide information on how effective its sanctions regime against cryptocurrency mixing services has been at detecting and curbing illicit finance.

  • November 18, 2024

    Treasury Finalizes Tougher Foreign Investment Law Penalties

    The Treasury Department on Monday finalized a rule sharpening its enforcement authority to stop or demand additional information regarding foreign-investment deals that the U.S. deems potential threats to national security.

  • November 18, 2024

    Mo. Bank Properly Valued At $1.1M, Commission Rules

    A Missouri property that is owned and operated by a bank branch was properly valued at $1.1 million, the state's tax commission ruled, saying the bank's appraiser was not persuasive in her argument that the value should be lowered to $725,000.

Expert Analysis

  • Series

    Florida Banking Brief: All The Notable Legal Updates In Q3

    Author Photo

    With the implementation of H.B. 989, the third quarter of 2024 has been transformative for banking law and regulation in Florida, and this new law places a strong emphasis on fair access to banking, and prohibits ideologically or politically motivated decisions by financial institutions, says Sha’Ron James at Gunster.

  • 8 Childhood Lessons That Can Help You Be A Better Attorney

    Author Photo

    A new school year is underway, marking a fitting time for attorneys to reflect on some fundamental life lessons from early childhood that offer a framework for problems that no legal textbook can solve, say Chris Gismondi and Chris Campbell at DLA Piper.

  • Navigating Complex Regulatory Terrain Amid State AG Races

    Author Photo

    This year's 10 attorney general elections could usher in a wave of new enforcement priorities and regulatory uncertainty, but companies can stay ahead of the shifts by building strong relationships with AG offices, participating in industry coalitions and more, say Ketan Bhirud and Dustin McDaniel at Cozen O’Connor.

  • Challenge To Ill. Card Fee Law Explores Compliance Hurdles

    Author Photo

    A recent federal lawsuit challenging an Illinois law that will soon forbid electronic payment networks from charging fees for processing the tax and tip portions of card transactions, fleshes out the glaring compliance challenges and exposure risks financial institutions must be ready to face next summer, says Martin Kiernan at Amundsen Davis.

  • Opinion

    This Election, We Need To Talk About Court Process

    Author Photo

    In recent decades, the U.S. Supreme Court has markedly transformed judicial processes — from summary judgment standards to notice pleadings — which has, in turn, affected individuals’ substantive rights, and we need to consider how the upcoming presidential election may continue this pattern, says Reuben Guttman at Guttman Buschner.

  • Series

    Playing Diplomacy Makes Us Better Lawyers

    Author Photo

    Similar to the practice of law, the rules of Diplomacy — a strategic board game set in pre-World War I Europe — are neither concise nor without ambiguity, and weekly gameplay with our colleagues has revealed the game's practical applications to our work as attorneys, say Jason Osborn and Ben Bevilacqua at Winston & Strawn.

  • Proposed Mortgage Assistance Rule: Tips For Servicers

    Author Photo

    The Consumer Financial Protection Bureau's recent proposal to alter Regulation X mortgage servicing procedures to broadly construe requests for assistance, and stay foreclosure proceedings during loss mitigation review, will, if finalized, require mortgage servicers to make notable procedural changes to comply, says Louis Manetti at Locke Lord.

  • Antitrust In Retail: Why FTC Is Studying 'Surveillance Pricing'

    Author Photo

    The Federal Trade Commission's decision to study targeted "surveillance pricing" should provide greater clarity into the nature of the data aggregation industry, but also raises several issues, including whether these practices are in fact illegal under any established interpretations of U.S. antitrust law, say attorneys at Holland & Knight.

  • Mental Health First Aid: A Brief Primer For Attorneys

    Author Photo

    Amid a growing body of research finding that attorneys face higher rates of mental illness than the general population, firms should consider setting up mental health first aid training programs to help lawyers assess mental health challenges in their colleagues and intervene with compassion, say psychologists Shawn Healy and Tracey Meyers.

  • Series

    Calif. Banking Brief: All The Notable Legal Updates In Q3

    Author Photo

    In the third quarter of the year, California continued to be at the forefront of banking regulation as it enacted legislation on unfair banking practices and junk fees, and the state Department of Financial Protection and Innovation notably initiated enforcement actions focused on crypto-assets and student loan debt relief, say Stuart Richter and Eric Hail at Katten.

  • What 2 Key Rulings Mean For Solicitation Under TCPA

    Author Photo

    Two recent rulings from federal district courts in New York and California — each of which came to a different conclusion — bring to light courts' continued focus on and analysis of when an alleged communication constitutes a solicitation under the Telephone Consumer Protection Act, say Felix Shipkevich and Jessica Livingston at Shipkevich.

  • Series

    NY Banking Brief: All The Notable Legal Updates In Q3

    Author Photo

    In a relatively light few months for banking legal updates in New York, the state Department of Financial Services previewed its views on banking sector artificial intelligence use via insurer guidance, and an anti-money laundering enforcement action underscored the importance of international monitoring processes, say Eric McLaughlin and Dana Bayersdorfer at Davis Polk.

  • Series

    Collecting Art Makes Me A Better Lawyer

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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.

Want to publish in Law360?


Submit an idea

Have a news tip?


Contact us here
Can't find the article you're looking for? Click here to search the Banking archive.
Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!