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April 16, 2025
Judge Restores EPA Grant Funds For Climate Change Groups
A D.C. federal judge has ordered Citibank NA to start disbursing Biden-era federal grant funding to nonprofits working on climate change projects, and blocked the U.S. Environmental Protection Agency's effort to terminate the grants.
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April 15, 2025
Judge Tells Feds To Unfreeze Climate, Infrastructure Funds
The U.S. Department of Agriculture, U.S. Environmental Protection Agency and other federal agencies must "turn the funding spigots back on" while environmental groups challenge the Trump administration's decision to cut congressionally approved dollars for infrastructure, agriculture, climate and other initiatives, a Rhode Island federal judge ruled Tuesday.
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April 15, 2025
Securities Org. Says SEC Must Hand Over Texting Sweep Data
The American Securities Association has urged a Florida federal court to order the U.S. Securities and Exchange Commission to turn over spreadsheets related to the regulator's enforcement sweep of so-called off-channel communications, arguing the SEC's "ever-changing excuses" cannot shield it from Freedom of Information Act requirements.
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April 15, 2025
OCC Pledges Transparency Amid 'Ongoing' Breach Review
Following a "major" breach of its email system, the Office of the Comptroller of the Currency said it is still figuring out what sensitive information was accessed and will let banks know individually if material on them or their customers was included.
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April 15, 2025
Chase Says Fla. Biz Playing Games With NY 'Debanking' Suit
JPMorgan Chase Bank NA wants a case accusing it of "debanking" a Florida company sent to the Sunshine State, arguing that it has already won at least one nearly identical suit there and that the company's attempt to bring the current action in New York is a transparent attempt at forum shopping.
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April 15, 2025
No Appeal For Green Energy Co. CEO In $40M Investor Suit
The CEO of a company purportedly funded by a green energy outfit can't appeal a judge's determination in a proposed investor class action that found the executive is subject to the Tennessee federal court's jurisdiction, saying he failed to meet the requirements for such an appeal.
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April 15, 2025
Pot Co. Settles With Capital Firm In 'Neobank' Fraud Suit
Cannabis company Killa Bees Distribution LLC has agreed to a settlement with a venture capital firm and its executive, resolving claims that they benefited from alleged fraud by a "neobank" for cannabis businesses who couldn't use traditional banking.
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April 15, 2025
Judge Vacates CFPB's Credit Card Late Fee Rule
A Texas federal judge on Tuesday vacated the Consumer Financial Protection Bureau's $8 credit card late fee rule after the agency reached 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 15, 2025
Davis Polk Guides StoneX On $900M RJ O'Brien Buy
Davis Polk & Wardwell LLP is guiding New York-based StoneX Group on its agreement to acquire Mayer Brown LLP-advised futures brokerage R.J. O'Brien, or RJO, at an equity value of approximately $900 million.
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April 14, 2025
SEC Won't Revisit WhatsApp Settlements With 16 Firms
A divided U.S. Securities and Exchange Commission refused Monday to redo settlements it inked with 16 financial firms over their failure to keep records of so-called off-channel communications, finding the "settlor's remorse" the firms are suffering because others received better terms is not reason enough to modify their deals.
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April 14, 2025
BofA Ordered To Pay FDIC $540M For Underpaid Premiums
A Washington, D.C., federal court has ruled that Bank of America must pay the Federal Deposit Insurance Corp. more than $540 million plus interest for underpaying its deposit insurance premiums, ending an eight-year-long case whose resolution was delayed in light of the U.S. Supreme Court's Loper Bright decision overturning federal agency rulemaking deference.
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April 14, 2025
NY AG Accuses MoneyLion, DailyPay Of Predatory Lending
New York Attorney General Letitia James on Monday sued MoneyLion Inc. and DailyPay Inc. for fraud and usury, alleging that their so-called earned wage access services are actually payday loans in disguise that target vulnerable New Yorkers with predatory interest rates.
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April 14, 2025
Auto Insurers Can't Shake Feds' Forced Coverage Claims
A group of insurers will have to face the federal government's claims that they forced auto-loan customers to pay for unnecessary "collateral protection insurance" by setting an unreasonably high bar for proving the borrowers held other auto insurance policies, a Pennsylvania federal judge ruled Monday, concluding that the United States had satisfied pleading standards.
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April 14, 2025
4th Circ. Asked To Rethink Credit Union's Liability In Scam
A metal fabricator asked the full Fourth Circuit to rethink a panel decision finding a credit union cannot be held liable for a scammer's use of its services to swindle the fabricator out of $560,000, saying the majority should have deferred to the district court's findings about the scheme.
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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 account 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.
Expert Analysis
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FDIC Shift On ALJs May Show Agencies Meeting New Norms
The Federal Deposit Insurance Corp.’s recent reversal, deciding to not fight a Kansas bank’s claim that the FDIC's administrative law judge removal process is unconstitutional, shows that independent agencies may be preemptively reconsidering their enforcement and adjudication authority amid executive and judicial actions curtailing their operations, say attorneys at Snell & Wilmer.
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Opinion
The SEC Must Protect Its Best Tool For Discovering Fraud
By eliminating the consolidated audit trail's collection of most retail customer information, the U.S. Securities and Exchange Commission may squander a once-in-a-generation opportunity to deter securities market fraud and abuse, something new Chair Paul Atkins must ensure doesn't happen, says former SEC data strategist Hugh Beck.
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Series
Florida Banking Brief: All The Notable Legal Updates In Q1
The first quarter of 2025 saw the Trump administration's crypto-forward approach permeate the banking industry, including Florida banking institutions, and a Fourth District Court of Appeal decision provide a new precedent for borrower/lender standing, say attorneys at Kozyak Tropin.
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A Cold War-Era History Lesson On Due Process
The landmark Harry Bridges case from the mid-20th century Red Scare offers important insights on why lawyers must be free of government reprisal, no matter who their client is, says Peter Afrasiabi at One LLP.
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How Latin American Finance Markets May Shift Under Trump
Changes in the federal government are bringing profound implications for Latin American financial institutions and cross-border financing, including increased competition from U.S. banks, volatility in equity markets and stable green investor demand despite deregulation in the U.S., says David Contreiras Tyler at Womble Bond.
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Series
Improv Makes Me A Better Lawyer
Improv keeps me grounded and connected to what matters most, including in my legal career where it has helped me to maintain a balance between being analytical, precise and professional, and creative, authentic and open-minded, says Justine Gottshall at InfoLawGroup.
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How BigLaw Executive Orders May Affect Smaller Firms
Because of the types of cases they take on, solo practitioners, small law firms and public interest attorneys may find themselves more dramatically affected by the collective impact of recent government action involving the legal industry than even the BigLaw firms named in the executive orders, says Reuben Guttman at Guttman Buschner.
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Opinion
Lawsuits Shouldn't Be Shadow Assets For Foreign Capital
Third-party litigation financing amplifies inefficiencies from litigation and facilitates national exposure to foreign influence in the U.S. justice system, so full disclosure of financing arrangements should be required as a matter of institutional integrity, says Roland Eisenhuth at the American Property Casualty Insurance Association.
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How To Accelerate Your Post-Attorney Career Transition
Professionals seeking to transition to nonattorney careers may encounter skepticism as nontraditional candidates, but there are opportunities for thought leadership and to leverage speaking and writing to accelerate a post-attorney career transition, say Janet Falk at Falk Communications and Evgeny Efremkin at Toronto Metropolitan University.
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3 Action Items For Innovators Amid Fintech Regulatory Pivot
As the federal banking agencies seek to smooth the way for banks to engage in crypto-related activities, banks and technology companies should take note of this new chapter in payments services, especially as leadership in digital financial technology becomes a national priority, says Jess Cheng at Wilson Sonsini.
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Opinion
GENIUS Act Can Bring Harmony To Crypto-Banking Discord
By embracing crypto innovation while establishing appropriate guardrails, the so-called GENIUS Act charts a path forward that promotes financial inclusion and technological advancement without compromising stability or constitutional rights, says J.W. Verret at George Mason University's Antonin Scalia Law School.
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Series
Law School's Missed Lessons: Be An Indispensable Associate
While law school teaches you to research, write and think critically, it often overlooks the professional skills you will need to make yourself an essential team player when transitioning from a summer to full-time associate, say attorneys at Stinson.
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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.