Banking

  • February 26, 2025

    GOP-Led House Panel Pushes Easier Rules On Capital Raising

    A U.S. House of Representatives subcommittee invited input Wednesday on a slew of deregulatory bills that seek to ease rules governing private and public securities offerings, drawing plaudits from the Republican majority and mixed responses from Democrats.

  • February 26, 2025

    Banks' Fight Over CFPB Open Banking Rule Put On Pause

    A Kentucky federal judge agreed Tuesday to pause a banking industry challenge to the Consumer Financial Protection Bureau's open banking rule, giving the agency's new leadership time to review what it wants to do with the Biden-era measure.

  • February 26, 2025

    Top Dem Urges Trump To Leave Independent Agencies Alone

    The top Democrat on the House Administration Committee urged President Donald Trump on Wednesday to rescind his executive order seeking to assert more control over independent agencies, which the congressman says is an "unprecedented violation" of law.

  • February 26, 2025

    Defunct Fla. Law Firm Can't Revive Suit Over Theft Case

    A Florida state appeals court has refused to revive defunct law firm Glary & Israel PA's malpractice suit against another firm for failing to sue a bank over theft by Glary & Israel's bookkeeper's.

  • February 26, 2025

    JPMorgan Paying For Lawyers On Both Sides Of Javice Trial

    JPMorgan Chase, the bank allegedly duped by Frank founder Charlie Javice into paying $175 million for her education startup, is paying legal fees for defense counsel as well as for lawyers representing prosecution witnesses, according to statements in court Wednesday.

  • February 25, 2025

    DC Judge Blocks Trump's Federal Funding Freeze

    A D.C. federal judge on Tuesday issued a preliminary injunction blocking the Trump administration from implementing a federal spending freeze while a group of nonprofits challenge the freeze, calling the measure "ill-conceived from the beginning."

  • February 25, 2025

    Binance Can't Evade Terror Victims' Suit, But It's Trimmed

    The New York federal judge overseeing Hamas attack survivors' claims against Binance and its former CEO said on Tuesday that the defendants can't dodge the suit claiming they aided terrorist groups on a jurisdictional basis, but said some of the plaintiffs are not closely related enough to the victims to bring claims under the Anti-Terrorism Act.

  • February 25, 2025

    GreenSky Loan Class Action Certified In Calif. Court

    A California federal judge has granted class certification to consumers suing GreenSky Inc. over alleged unlawful loan transaction fees, finding that expert analysis showed merchants likely passed these fees onto borrowers, but also granted summary judgment to the lending company on claims related to performance fees over the lack of evidence that consumers had to pay them.

  • February 25, 2025

    Trump Admin Says 'There Will Continue To Be A CFPB'

    The Trump administration denied late Monday that it is planning to eliminate the Consumer Financial Protection Bureau, telling a D.C. federal judge that it had closed the agency's headquarters and benched employees instead partly due to their own "disruptive protests."

  • February 25, 2025

    FDIC Will No Longer Defend In-House Judges In Bank Suit

    The Federal Deposit Insurance Corp. has told a Kansas federal judge that it will no longer defend its use of in-house judges in litigation with a Kansas bank after the U.S. Department of Justice determined that "multiple layers of removal restrictions" for the judges are unconstitutional.

  • February 25, 2025

    Block Considers NY Settlement Over Money-Laundering Curbs

    Block Inc., the parent company of the peer-to-peer mobile payments platform Cash App and payments platform Square, is working to resolve allegations from New York state's financial regulator touching on its compliance with money-laundering restrictions, the company says.

  • February 25, 2025

    Ga. County Collected Too Late On Theft Claim, Panel Says

    The Georgia Court of Appeals has stripped a state county of a nearly $350,000 judgment it won from insurer Old Republic Surety Co. to cover a court employee's theft of hundreds of thousands of dollars from the public coffers, ruling the county filed its claim well after the statute of limitations had run.

  • February 25, 2025

    Customers Say Doxim Breach Exposed Bank Data To Hackers

    Credit union customers claim a data breach at software-as-a-service company Doxim Inc. caused their valuable personal information to be available for sale on the dark web and that they've spent time and money mitigating fraud risk, arguing Monday they have demonstrated sufficient harm to support their class action.

  • February 25, 2025

    Referral Co. Barred From $5.54B Swipe Fee MDL Settlement

    A New York federal judge has blocked a referral partner of a claims filing service from any role in the $5.54 billion settlement of long-running multidistrict litigation accusing Visa and Mastercard of charging improper merchant fees, after the referral partner allegedly improperly used class member information to submit claims.

  • February 24, 2025

    FDIC Scraps 10th Circ. Brief Backing Colo.'s Opt-Out Law

    In a pivot, the Federal Deposit Insurance Corp. on Monday withdrew a Tenth Circuit brief that had supported Colorado in industry litigation against the state's "opt-out" law aimed at curbing higher-cost online lending.

  • February 24, 2025

    Patent Eligibility Appeals 'Will Not Go Away,' Justices Told

    Another plea to hear a patent eligibility case has been lodged at the U.S. Supreme Court, this time in an amicus brief from the owner of two invalidated patents covering medical machinery that warned "the problem will not go away. The problem will get worse and worse."

  • February 24, 2025

    US Was Behind Privatbank Nationalization, Suit Alleges

    Two Miami-based associates of the former owners of Ukraine's largest bank have sued the U.S. State Department in Florida, saying officials are wrongly refusing to release records showing that the U.S. — not an alleged $5 billion money laundering scheme — was behind the bank's nationalization in late 2016.

  • February 24, 2025

    DC Judge Wary Of Constitutionality Of Musk's DOGE

    A D.C. federal judge on Monday questioned the constitutionality of Elon Musk's Department of Government Efficiency while expressing skepticism that groups challenging the department's access to federal systems housing Americans' sensitive data had established the irreparable harm needed to block access.

  • February 24, 2025

    Comerica Bank Wants Dismissal Of CFPB's Benefits Card Suit

    Comerica Bank has urged a Texas federal judge to toss a suit brought by the Consumer Financial Protection Bureau, accusing the bank of multiple failures in administering a government benefits card program, arguing the case overextends the agency's authority, among other things.

  • February 24, 2025

    Investor Settles In $2.1B Danish Tax Fraud Case

    A U.S. investor who was among those accused by Denmark's tax agency of participating in a $2.1 billion tax fraud scheme related to fraudulently claiming refunds on tax withheld from stock dividends has reached a settlement, according to New York federal court documents filed Monday.

  • February 24, 2025

    Texas Bank Fights To Keep $28M In Assets In Ginnie Mae Suit

    A bank told a Texas federal court that it will lose $28 million worth of collateral assets if Ginnie Mae secures a summary judgment win in a suit over a vacated first-priority lien.

  • February 24, 2025

    Crypto Exchange OKX To Pay $504M For Allowing Illicit Deeds

    Cryptocurrency exchange OKX on Monday agreed to pay $504 million in a deal with New York federal prosecutors who said the company ran afoul of U.S. anti-money laundering rules and allowed its platform to be used for more than $5 billion worth of suspicious transactions.

  • February 24, 2025

    High Court Won't Hear Bankruptcy 'Safe Harbor' Dispute

    The U.S. Supreme Court declined Monday to hear a dispute over what transactions are protected from clawback by a trustee, leaving in place a Second Circuit decision finding that the U.S. Bankruptcy Code's safe harbor provisions trump the trustee's state-law based fraudulent transfer claims.

  • February 22, 2025

    NY Judge Extends Block On DOGE's Treasury Access

    A New York federal judge on Friday barred Elon Musk's Department of Government Efficiency from accessing U.S. Treasury Department data, handing a win to 19 state attorneys general who claimed giving the new entity access to citizens' personal information posed a massive cybersecurity risk.

  • February 21, 2025

    CFPB's Data Security In Spotlight After Agency Goes Dark

    The Consumer Financial Protection Bureau's de facto shutdown following the arrival of Elon Musk's Department of Government Efficiency is raising concerns that sensitive data inside the agency could be exposed or exploited. Experts say financial institutions should take note.

Expert Analysis

  • Top Considerations For Insurance Companies In 2025

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    As insurance industry participants look to plan for the year, regulatory changes, climate-related challenges, the ongoing effects of social inflation and the potential for significant mergers and acquisitions will be among the key items for insurer boards and management to have on their radar, say attorneys at Debevoise.

  • Scope And Nature Of Judicial Relief Will Affect Loper's Impact

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    The practical result of post-Loper Bright rulings against regulatory actions will depend on the relief courts grant — and there has been controversy in these types of cases over whether the ruling is applied just to the parties or nationwide, and whether the action can be left in place while it's corrected, says Steven Gordon at Holland & Knight.

  • The Implications Of E-Cigarette Cos. Taking Suits To 5th Circ.

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    The U.S. Supreme Court recently heard oral arguments in U.S. Food and Drug Administration v. R.J. Reynolds over the definition of an "adversely affected" person under the Tobacco Control Act, and the justices' ruling will have important and potentially wide-ranging implications for forum shopping claims, says Trillium Chang at Zuckerman Spaeder.

  • Del. Dispatch: Lessons From Failed Albertsons-Kroger Merger

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    The allegations in Albertsons' lawsuit against Kroger following the grocery stores' blocked merger demonstrate how a target company can best ensure that a buyer timely and effectively complies with its obligations to pursue the necessary regulatory approvals for a deal, say attorneys at Fried Frank.

  • Series

    Adventure Photography Makes Me A Better Lawyer

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    Photographing nature everywhere from Siberia to Cuba and Iceland to Rwanda provides me with a constant reminder to refresh, refocus and rethink the legal issues that my clients face, says Richard Birmingham at Davis Wright.

  • How Cos. Can Respond To CFPB Digital Asset Safeguard Plan

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    Though the Consumer Financial Protection Bureau’s proposal to regulate online payment platforms via existing federal laws would create new challenges, digital payment companies that engage with the rulemaking process could help shape a win-win regulatory framework that protects consumer data and ensures the sector’s growth, says Allison Raley at Arnall Golden.

  • How Ch. 11 Can Alleviate Merchant Cash Advance Concerns

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    Merchant cash advance funding is one of the biggest challenges for small businesses today because funders are so prevalent, aggressive and expensive, but bankruptcy can provide several tools for dealing with MCA agreements that may allow the debtor business to restructure and survive, says Patricia Fugée at FisherBroyles.

  • Future Of Crypto-Asset Classification Is In 2nd Circ.'s Hands

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    A definitive ruling from the Second Circuit in a rare interlocutory appeal in the U.S. Securities and Exchange Commission's ongoing court battle with Coinbase could finally establish clear guidelines on the classification of digital assets, influencing how they are regulated and traded in the U.S., say attorneys at Manatt.

  • 5 Ways To Create Effective Mock Assignments For Associates

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    In order to effectively develop associates’ critical thinking skills, firms should design mock assignments that contain a few key ingredients, from messy fact patterns to actionable feedback, says Abdi Shayesteh at AltaClaro.

  • Assessing Gary Gensler's Legacy At The SEC

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    Gary Gensler's tenure as U.S. Securities and Exchange Commission chair is defined by a record of commonsense regulation in some areas and social activism in others, and by increasing judicial skepticism about the SEC's authority to fulfill its regulatory, enforcement, administrative law and adjudicatory functions, say attorneys at Arnold & Porter.

  • Takeaways From DOJ Fraud Section's 2024 Year In Review

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    Attorneys at Paul Weiss highlight notable developments in the U.S. Department of Justice Fraud Section’s recently released annual report, and discuss what the second Trump administration could mean for enforcement in the year to come.

  • A Defendant's Guide To 4 Common CFPB Discovery Tactics

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    With the Consumer Financial Protection Bureau's recent flurry of new lawsuits showing no signs of stopping, defendants should know the bureau's most relied-upon discovery strategies — and be prepared to resist them, say attorneys at Goodwin.

  • The 7th Circ.'s Top 10 Civil Opinions Of 2024

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    Attorneys at Jenner & Block examine the most significant decisions issued by the Seventh Circuit in 2024, and explain how they may affect issues related to mass arbitration, consumer fraud, class certification and more.

  • Kansas Bank's Suit Could Upend FDIC Enforcement Authority

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    ​​​​​​​Should CBW Bank's federal lawsuit in Kansas challenging the Federal Deposit Insurance Corp.'s enforcement authority gain traction with a post-Chevron U.S. Supreme Court, it could have profound implications for the FDIC and the banking industry at large, says Jack Harrington at Bradley Arant.

  • Class Actions At The Circuit Courts: Nov. And Dec. Lessons

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    In this month's review of class action appeals, Mitchell Engel at Shook Hardy discusses five federal court decisions and identifies practice tips from cases involving takings clause violations, breach of contract with banks, life insurance policies, employment and automobile defects.

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