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Banking
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April 14, 2025
Ex-Allied Wallet Exec Seeks Trial Delay Amid Recusal Bid
A former executive of payment processing company Allied Wallet asked to pause his criminal bank fraud case Monday while a Massachusetts federal judge considers a recusal motion questioning his impartiality.
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April 14, 2025
CFPB To Vacate Credit Card Late Fee Rule In Deal With Banks
The Consumer Financial Protection Bureau said Monday it has agreed to vacate as unlawful its $8 credit card late fee rule as part of a deal with the U.S. Chamber of Commerce and other trade groups to settle their litigation over the agency's Biden-era rule.
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April 14, 2025
CFPB's Vought Looks To Roll Back 'Weaponized' Guidance
Acting Consumer Financial Protection Bureau Director Russell Vought has called for a crackdown on so-called regulation through guidance at the agency, launching a sweeping review that could cull bulletins, circulars and other advisory materials dating back years.
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April 13, 2025
DC Circ. Limits CFPB Layoff Ban Amid Trump Admin Appeal
A D.C. Circuit panel has cleared a path for the Trump administration to resume job cuts at the Consumer Financial Protection Bureau as it pursues an appeal of a preliminary injunction barring it from shutting down the agency.
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April 11, 2025
SEC Digs Into Policing Crypto Trading At Roundtable
The U.S. Securities and Exchange Commission's acting chairman said Friday the agency should consider granting temporary regulatory relief for crypto firms while the agency crafts long-term solutions to oversee digital asset markets, one of many ideas discussed during a roundtable on tailoring regulation to crypto trading.
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April 11, 2025
CFPB To Pull Medical Debt Opinion, May Ax Nonbank Registry
The Consumer Financial Protection Bureau said Friday that it will scrap recent guidance aimed at reining in medical debt collectors and may close out its new national nonbank enforcement registry, extending the agency's pullback from its Biden-era policies.
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April 11, 2025
CFPB Cuts Loose Comerica Suit After Missing Filing Deadline
The Consumer Financial Protection Bureau on Friday dismissed at least for now its suit against Comerica Bank in Texas federal court that accused the bank of mismanaging a government benefit card program after missing a filing deadline and losing out on a bid to have the action stayed.
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April 11, 2025
Coinbase 'Mining Pools' Scam Case Heads To Arbitration
Cryptocurrency exchange Coinbase and its subsidiary Toshi Holdings Ltd. are moving ahead with arbitration of a Virginia man's claims that he saw $50,000 drained from his Coinbase wallet by means of a "malicious smart contract" that appeared to be a liquidity mining pool.
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April 11, 2025
DOGE, OMB Ordered To Ready 1,000s Of Pages In FOIA Suit
A D.C. federal judge ordered the Office of Management and Budget and the Department of Government Efficiency to start processing 1,000 pages of documents per month to potentially hand over to a watchdog group seeking insight into DOGE's "secretive operations," saying DOGE's actions were of "highest national concern."
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April 11, 2025
9th Circ. Won't Renew Wash. DACA Recipient's Loan Bias Suit
The Ninth Circuit declined on Friday to revive a woman's discrimination suit against a Washington credit union, saying she cannot show she was refused a car loan because of her status as a Deferred Action for Childhood Arrivals program recipient.
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April 11, 2025
Kansas City Bank Tries To Sink Ex-Detainees' Debit Fee Case
Central Bank of Kansas City said Friday that a Washington federal judge should toss a class action from former inmates and detainees who said they were charged illegal debit card fees to regain access to money that was confiscated from them, arguing the lead plaintiff requested his card and knew how to avoid the fees.
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April 11, 2025
Tariff Reprieve Offers Little Comfort For Venture-Backed IPOs
President Donald Trump's move to pause most tariff threats is not reassuring venture-backed startups eyeing public listings, many of which will likely postpone initial public offerings for at least another quarter or until shaky market conditions stabilize, a new report concludes.
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April 11, 2025
SEC Takes 'Small Step' On Corporate Crypto Disclosures
A U.S. Securities and Exchange Commission division has released a statement aimed at clarifying how federal securities laws apply to some offerings and registrations in cryptocurrency asset markets, which one commissioner called "a small step in identifying relevant disclosures."
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April 11, 2025
Crypto Firm To Pay SEC Fine Over False Client Claims
Cryptocurrency firm Nova Labs Inc. has agreed to pay $200,000 to settle a U.S. Securities and Exchange Commission lawsuit claiming it falsely touted client relationships with Nestle and other large businesses in an effort to sell crypto mining devices tied to the so-called Helium network.
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April 11, 2025
Ex-BofA Worker Seeks Class Status Over Unpaid PTO
Bank of America applies the same nationwide policy of not paying unused vacation time when employees part ways with the company, a former lending officer said, urging a California federal court to grant her case class certification.
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April 11, 2025
Did DOJ Bless A Crypto Free-For-All? Think Again, Attys Say
The Justice Department's move to scale back cryptocurrency enforcement and dissolve its crypto fraud investigations unit isn't exactly a "get-out-of-jail-free card" for industry players who commit crimes using digital assets, experts say.
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April 11, 2025
Fox Rothschild Hires Familiar Corporate Partner In Boston
Fox Rothschild LLP has expanded its Boston office with the addition of a Withers mergers and acquisitions attorney and corporate partner, who noted his path to the firm was shaped years ago, when he sat across the negotiation table from its lawyers on a memorable deal.
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April 11, 2025
Taxation With Representation: Norton Rose, Ropes & Gray
In this week's Taxation With Representation, Capri Holdings sells Versace to Prada, Woodside Energy sells a liquefied natural gas terminal stake to Stonepeak, crypto infrastructure firm Ripple acquires prime brokerage platform Hidden Road, and Bain Capital takes a stake in Lincoln Financial.
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April 11, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen law firm Michael Wilson & Partners reignite a 20-year dispute with a former director over an alleged plot to form a rival partnership, headphone maker Marshall Amplification sue a rival in the intellectual property court, and a commercial diving company pursue action against state-owned nuclear waste processor Sellafield. Here, Law360 looks at these and other new cases in the U.K.
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April 10, 2025
2nd Circ. Says Investor Can't Join $250M Sri Lanka Bond Suit
The Second Circuit on Thursday held that a U.S.-based investor can't intervene in a lawsuit between the Sri Lankan government and Hamilton Reserve Bank over more than $250 million in foreign bonds, finding that the investor failed to show how his property interest in the bonds overlapped with the bank's claims.
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April 10, 2025
Ex-Ill. Bank Exec Charged With $2M Check-Kiting Scheme
A former Illinois regional bank executive faces federal charges that he defrauded his employer out of nearly $2 million in a check-kiting scheme that falsely inflated his personal account at the bank by depositing checks from other accounts with insufficient funds.
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April 10, 2025
Senate Dems Press Fed's Bowman On Political Independence
President Donald Trump's pick for Federal Reserve supervision czar told senators on Thursday that the central bank should have independence to set monetary policy, but she declined to say whether its regulatory policy should be subject to White House review.
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April 10, 2025
Debt Collector Can Hang Tight While CFPB Mulls Probe
A Georgia federal judge has said that National Credit Systems does not have to turn over documents and other material to the Consumer Financial Protection Bureau for the time being, as the agency decides whether it is proceeding with a pending investigation into the debt collector for alleged credit reporting and debt collection violations.
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April 10, 2025
Texas Group Seeks Halt Of Trump Admin Border Cash Order
A Texas trade group has urged a federal judge to immediately block the Trump administration's order singling out cash-moving businesses along the southwest border for heightened anti-money laundering reporting, saying the order is unjustified and discriminates against businesses that serve predominately Latino immigrant communities.
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April 10, 2025
NY AG Calls For 'Common-Sense' Rules In Crypto Legislation
New York Attorney General Letitia James sent a letter to leaders of both chambers of Congress on Thursday urging them to ensure that any crypto legislation includes strong guardrails to protect consumers, national security and market stability.
Expert Analysis
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Mass. AG Emerges As Key Player In Consumer Protection
Through enforcement actions and collaborations with other states — including joining a recent amicus brief decrying the defunding of the Consumer Financial Protection Bureau — Massachusetts Attorney General Andrea Campbell has established herself as a thought leader for consumer protection and corporate accountability, say attorneys at Troutman Pepper.
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Series
Birding Makes Me A Better Lawyer
Observing and documenting birds in their natural habitats fosters patience, sharpens observational skills and provides moments of pure wonder — qualities that foster personal growth and enrich my legal career, says Allison Raley at Arnall Golden.
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Series
Calif. Banking Brief: All The Notable Legal Updates In Q1
Among the most notable developments in California banking in the first quarter of the year, regulators and legislators issued regulations interpreting debt collection laws, stepped up enforcement actions, and expanded consumer protections for those affected by wildfires, says Stephen Britt at Severson & Werson.
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Inside State AGs' Arguments Defending The CFPB
Recent amicus briefs filed by a coalition of 23 attorneys general argue that the Trump administration's efforts to dismantle the Consumer Financial Protection Bureau will irreparably harm consumers in several key areas, making clear that states are preparing to fill in any enforcement gaps, say attorneys at Kelley Drye.
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Series
Adapting To Private Practice: From DOJ Leadership To BigLaw
The move from government service to private practice can feel like changing one’s identity, but as someone who has left the U.S. Department of Justice twice, I’ve learned that a successful transition requires patience, effort and the realization that the rewards of practicing law don’t come from one particular position, says Richard Donoghue at Pillsbury.
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How The CRE Industry Is Adapting To Tariff Uncertainty
Amid uncertainty about pending tariffs and their potential ripple effects, including higher material costs, supply chain delays and tighter margins, commercial real estate industry players are focusing on strategic planning and risk mitigation, says Daniel Diaz Leyva at Day Pitney.
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Series
NY Banking Brief: All The Notable Legal Updates In Q1
The most noteworthy developments from the first quarter of the year in New York financial services include newly proposed regulations on overdraft fees, a groundbreaking settlement by the state attorney general, and a potentially precedent-setting opinion regarding the Electronic Fund Transfer Act, say attorneys at Quinn Emanuel.
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Law Firm Executive Orders Create A Legal Ethics Minefield
Recent executive orders targeting BigLaw firms create ethical dilemmas — and raise the specter of civil or criminal liability — for the government attorneys tasked with implementing them and for the law firms that choose to make agreements with the administration, say attorneys at Buchalter.
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The OCC's Newly Relaxed Approach To Bank Crypto Activity
With the early March rescission of Biden-era interpretive guidance, the Office of the Comptroller of the Currency has loosened its approach to regulating national banks and federal savings associations' crypto-asset activities, possibly removing one barrier to banks engaging in such activities, say attorneys at Debevoise.
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Firms Must Embrace Alternative Billing Models Or Fall Behind
As artificial intelligence tools eliminate inefficiencies and the Big Four accounting firms enter the legal market, law firms that pivot from the entrenched billable hour model to outcomes-based pricing will see a distinct competitive advantage, says attorney William Brewer.
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Opinion
7 Ways CFTC Should Nix Unnecessary Regulatory Burdens
Several U.S. Commodity Futures Trading Commission regulations do not work efficiently in practice, all of which can be abolished or improved in order to comply with a recent executive order requiring the elimination of 10 regulations for every new one implemented, say attorneys at K&L Gates.
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How Attorneys Can Master The Art Of On-Camera Presence
As attorneys are increasingly presented with on-camera opportunities, they can adapt their traditional legal skills for video contexts — such as virtual client meetings, marketing content or media interviews — by understanding the medium and making intentional adjustments, says Kerry Barrett.
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Border Cash Transaction Rule Heralds Wider AML Crackdown
The Financial Crimes Enforcement Network’s new order for money services providers near the Mexican border to report cash transactions over $200 should warn financial institutions to prepare for the new administration's heightened scrutiny of cross-border transactions and anti-money laundering compliance, says Daniel Silva at Buchalter.
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Series
Baseball Fantasy Camp Makes Me A Better Lawyer
With six baseball fantasy experiences under my belt, I've learned time and again that I didn't make the wrong career choice, but I've also learned that baseball lessons are life lessons, and I'm a better lawyer for my time at St. Louis Cardinals fantasy camp, says Scott Felder at Wiley.
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Paul Atkins' Past Speeches Offer A Glimpse Into SEC's Future
Following Paul Atkins' Thursday Senate confirmation hearing, a look at his public remarks while serving as a commissioner at the U.S. Securities and Exchange Commission between 2002 and 2008 reveals eight possible structural and procedural changes the SEC may see once he likely takes over as chair, say attorneys at Covington.