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Banking
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July 19, 2024
Fed Fines Green Dot $44M Over Lax Compliance Program
The Federal Reserve Board on Friday fined prepaid debit card issuer Green Dot $44 million, accusing it of violating consumer protection law through several unfair and deceptive practices and maintaining a "deficient" consumer compliance risk management program.
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July 19, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen a libel clash between comedian Paul Currie and the Soho Theatre Company over allegations of anti-semitism, technology giant Huawei face a patents claim by Mediatek, Westfield Europe pursue action against Clearpay Finance for contract breaches and tour operating company Carnival hit chartered airline Maleth Aero for significant flight delays. Here, Law360 looks at these and other new claims in the U.K.
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July 18, 2024
Bizlato Founder Avoids More Time For Illicit Crypto Deals
The founder of Bitzlato Ltd. on Thursday was spared further incarceration for using the cryptocurrency exchange to process what prosecutors say was over $700 million in criminal proceeds, the latest case among many where judges factor in the vile conditions at Brooklyn's notorious federal jail, the Metropolitan Detention Center, as a reason for leniency.
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July 18, 2024
'Dreamer' Sues California Credit Union Alleging Loan Bias
University Credit Union violated both federal and California antidiscrimination laws by withdrawing a woman's auto loan because she was a Deferred Action for Childhood Arrivals program recipient, the woman alleged in a proposed class action filed Thursday in California federal court.
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July 18, 2024
8th Circ. Blocks Another Biden Student Debt Relief Plan
The Eighth Circuit has blocked the Biden administration from implementing another plan for student loan forgiveness while the appellate court considers a Missouri-led state alliance's injunction request, according to an order entered Thursday.
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July 18, 2024
4 Men Cop To $2M 'Instant Deposit' Robinhood Fraud
Four men have pled guilty in New York federal court to being involved in a scheme to steal millions of dollars from trading firm Robinhood by exploiting a program that gave them access to cash advances.
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July 18, 2024
OCC's Hsu Calls For 'More Nuanced' Preemption Approach
The Office of the Comptroller of the Currency's acting chief has signaled plans for a potential shift in his agency's approach to federal preemption following a recent U.S. Supreme Court decision, calling for "more nuanced analysis" when evaluating the applicability of state laws to banks it oversees.
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July 18, 2024
Chancery Awards $6M Stockholder Atty Fee In Moelis Suit
A Delaware vice chancellor granted a $6 million fee request on Thursday from attorneys who won a Chancery Court strike-down of a stockholder agreement granting Moelis & Co. founder Ken Moelis expansive control over the global investment bank's decisions.
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July 18, 2024
LPL Reaps Benefits From Forced Cash Sweep, Suit Says
LPL Financial was hit with a putative class suit by a customer who claims the broker-dealer automatically moves customers' uninvested cash into its cash sweep programs, primarily benefiting the firm at the expense of its clients.
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July 18, 2024
Chase Can't Arbitrate Returned-Check Suit, Customers Say
Chase Bank customers have urged a federal judge not to let the bank force them to arbitrate a complaint over fees charged on deposited checks that were returned, arguing that they never agreed to an arbitration clause and that the bank failed to prove their consent to arbitration.
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July 18, 2024
Judge Won't Pause Sanctions In Byju's Ch. 11
A Delaware district court Thursday ruled hedge fund Camshaft Capital Fund LP cannot hold off a contempt order from a Delaware bankruptcy court in the Chapter 11 case of Byju's Alpha while it appeals the sanctions, finding that it could avoid sanctions if it complied with a court order.
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July 18, 2024
Atty Says Golf Malpractice Row Already Ran Its Course
An attorney seeking summary judgment in a legal malpractice suit told a New York federal judge that, five years and three courts later, the owners of the Foothills Club West Golf Court have still failed to produce evidence to support their allegations.
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July 18, 2024
Moody's Says White Ex-Director's Depo 'Fatal' To Bias Suit
Financial analytics company Moody's on Wednesday told a Pennsylvania federal judge that it was clear a former employee who sued it for discrimination wasn't fired for being white and old, pointing to his "fatal" admission that he'd still be employed had he responded to a company vaccination survey.
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July 18, 2024
Bank Exec's Tax Tip Case Wrongly Axed, Estate Tells DC Circ.
The estate of a Dutch bank executive asked the D.C. Circuit to overturn a U.S. Tax Court decision denying him a whistleblower award for reporting on tax avoidance schemes, saying the lower court improperly relied on proposed regulations from the Internal Revenue Service.
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July 18, 2024
CFPB Eyes Loan Treatment For 'Earned Wage' Cash Advances
The Consumer Financial Protection Bureau moved Thursday to apply federal truth-in-lending requirements to the growing market for fintech cash advances, issuing a proposed rule that would classify many "earned wage access" products as consumer loans needing clear pricing disclosures.
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July 17, 2024
SEC's Peirce Calls For Rule Agenda Reset After Court Rulings
Hester Peirce, a member of the U.S. Securities and Exchange Commission, called on the agency Wednesday to reconsider its rulemaking agenda given recent court rulings, saying it should "really think about hewing closely" to its statutory mandate, in comments made just weeks after the U.S. Supreme Court's decision to end Chevron deference.
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July 17, 2024
Fla. Co. Says NY Lender Charges Usurious 950% Interest Rate
A Florida-based startup has sued a New York small business lender, alleging the lender saddled it with "a high interest usurious loan" when it thought it was entering into a future receivables agreement.
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July 17, 2024
SEC Says Ex-CEO Of Trump-Tied SPAC Hid Merger Talks
The U.S. Securities and Exchange Commission on Wednesday accused the former CEO of Digital World Acquisition Corp. of falsely representing that the special purpose acquisition company had no potential merger targets when he was actually personally discussing a merger with former President Donald Trump's social media company.
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July 17, 2024
SEC Awards $37 Million To Whistleblower
The U.S. Securities and Exchange Commission on Wednesday announced a $37 million award to a whistleblower who provided information that the commission did not previously know, which contributed to a successful enforcement action.
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July 17, 2024
Top Florida Real Estate News In 2024 So Far
Catch up on the hottest real estate news out of Florida so far this year, from alleged zoning abuse and bankruptcy to a brewing condo crisis and a seven-figure highway expansion.
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July 17, 2024
Merrill Lynch Urges Arbitration Of Sweeping RICO Lawsuit
Merrill Lynch told a Texas federal judge Tuesday that a wealthy telecommunications entrepreneur who is accusing the bank of a sweeping money laundering fraud doesn't have the right to bring the case to court, as the entrepreneur agreed to arbitration when he parked his money with Merrill.
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July 17, 2024
Keep Consumer Protection Suit Against Bill Pay Co., FTC Says
Seattle-based online bill pay platform Doxo Inc. shouldn't be allowed to escape the Federal Trade Commission's claims that Doxo tricked consumers into using its services, the FTC has argued in a brief calling the company's dismissal bid a "jumble of arguments."
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July 17, 2024
Warburg Pincus Pours $100M Into Brazilian Fintech Biz
Brazilian banking software provider Matera on Wednesday revealed that it received a $100 million investment from private equity giant Warburg Pincus, which will be used to fund the fintech company's expansion into the North American market with a focus on growing its product development.
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July 17, 2024
Rocket Mortgage Says Results Refute Investors' Fraud Claims
Rocket Mortgage is arguing that the company didn't mislead its shareholders when Rocket's former CEO claimed the company could grow its lending business in a rising interest rate environment because the firm's actual financial performance ended up proving that prediction true.
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July 17, 2024
'Curious' CFPB Agenda Item Sparks Buzz Over Contract Rules
A mystery item tucked into the Consumer Financial Protection Bureau's latest regulatory agenda is fueling speculation among attorneys that the agency may soon try to clamp down on some terms and conditions included in lenders' contractual agreements with consumer borrowers.
Expert Analysis
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Series
Playing Music Makes Me A Better Lawyer
My deep and passionate involvement in playing, writing and producing music equipped me with skills — like creativity, improvisation and problem-solving — that contribute to the success of my legal career, says attorney Kenneth Greene.
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Proposed Cannabis Reschedule Sidesteps State Law Effects
The U.S. Department of Justice's recent proposal to move cannabis to Schedule III of the Controlled Substances Act provides certain benefits, but its failure to address how the rescheduling would interact with existing state cannabis laws disappointed industry participants hoping for clarity on this crucial question, says Ian Stewart at Wilson Elser.
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What's New In Kentucky's Financial Services Overhaul
Kentucky's H.B. 726 will go into effect in July and brings with it some significant restructuring to the Kentucky Financial Services Code, including changes to mortgage loan license fees and repeals of provisions relating to installment term loans and savings associations, say attorneys at Frost Brown.
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How Attys Can Avoid Pitfalls When Withdrawing From A Case
The Trump campaign's recent scuffle over its bid to replace its counsel in a pregnancy retaliation suit offers a chance to remind attorneys that many troubles inherent in withdrawing from a case can be mitigated or entirely avoided by communicating with clients openly and frequently, says Christopher Konneker at Orsinger Nelson.
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The Effects Of New 10-Year Limitation On Key Sanctions Laws
Recently enacted emergency appropriations legislation, doubling the statute of limitations for civil and criminal economic sanctions violations, has significant implications for internal records retention, corporate transaction due diligence and government investigations, say attorneys at Greenberg Traurig.
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What 11th Circ. FCRA Ruling Means For Credit Furnishers
Credit furnishers should revisit their internal investigation and verification procedures after the Eleventh Circuit declined last month in Holden v. Holiday to impose a bright-line rule that only purely factual or transcription errors are actionable under the Fair Credit Reporting Act, say Diana Eng and Michael Esposito at Blank Rome.
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FEPA Cases Are Natural Fit For DOJ's Fraud Section
The U.S. Department of Justice’s recent announcement that its Fraud Section would have exclusive jurisdiction over the Foreign Extortion Prevention Act — a new law that criminalizes “demand side” foreign bribery — makes sense, given its experience navigating the political and diplomatic sensitivities of related statutes, say James Koukios and Rachel Davidson Raycraft at MoFo.
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Using A Children's Book Approach In Firm Marketing Content
From “The Giving Tree” to “Where the Wild Things Are,” most children’s books are easy to remember because they use simple words and numbers to tell stories with a human impact — a formula law firms should emulate in their marketing content to stay front of mind for potential clients, says Seema Desai Maglio at The Found Word.
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CFPB Poised To Up The Ante After Supreme Court Victory
When the U.S. Supreme Court emphatically ruled last week that the Consumer Financial Protection Bureau's funding structure did not violate the Constitution, the agency boasted that it was "here to stay," signaling that it is moving full steam ahead with its regulatory, enforcement and supervisory agenda, says Jim Sandy at McGlinchey Stafford.
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2nd Circ. Ruling Affirms NY Law's Creditor-Friendly Approach
The Second Circuit’s recent ruling in 245 Park Member v. HNA International provides creditors with some reason for optimism that debtors in New York may face rejection in court for aiming to keep creditors at arm’s length by transferring personal assets into an LLC, says Jeff Newton at Omni Bridgeway.
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2 Oil Trader FCPA Pleas Highlight Fine-Reduction Factors
Recent Foreign Corrupt Practices Act settlements with Gunvor and Trafigura — the latest actions in a yearslong sweep of the commodities trading industry — reveal useful data points related to U.S. Department of Justice policies on cooperation credit and past misconduct, say Michael DeBernardis and Laura Perkins at Hughes Hubbard.
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Diving Deep Into Sweeping NY Financing Bill — And Its Pitfalls
A New York bill seeking to impose state usury limits onto a broader variety of financing arrangements and apply lender licensing requirements to more diverse entities would present near-insurmountable compliance challenges for lenders and retailers, say Kate Fisher and Tom Quinn at Hudson Cook.
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New Crypto Reporting Will Require Rigorous Recordkeeping
The release of a form for reporting digital asset transactions is a pivotal moment in the Internal Revenue Service's efforts to track cryptocurrency activities that increases oversight by requiring brokers to report investor sales and exchanges, say Shaina Kamen and Max Angel at Holland & Knight.
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A Comparison Of FDIC, OCC Proposed Merger Approaches
Max Bonici and Connor Webb at Venable take a closer look at the Federal Deposit Insurance Corp.'s and Office of the Comptroller of the Currency's respective bank merger proposals and highlight certain common themes and important differences, in light of regulators continually rethinking their approaches to bank mergers.
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Crypto Mixer Laundering Case Provides Evidentiary Road Map
A Washington, D.C., federal court’s recent decision to allow expert testimony on blockchain analysis software in a bitcoin mixer money laundering case — which ultimately ended in conviction — establishes a precedent for the admissibility of similar software-derived evidence, say Peter Hardy and Kelly Lenahan-Pfahlert at Ballard Spahr.