Banking

  • May 28, 2024

    Capital One Is The Latest To Face 'Refer A Friend' Text Suit

    Capital One Financial Corp. faces a proposed class action in Seattle federal court alleging it violated a Washington state law barring advertising texts in connection with the "refer a friend" texts it prompted existing customers to send to their own personal contacts.

  • May 28, 2024

    Treasury To Allow Online Banking, Cloud Services For Cuba

    The U.S. Department of the Treasury on Tuesday eased restrictions on Cuba by modifying financial regulations to allow cloud-based services, bank accounts for entrepreneurs and remittance processing, saying the effort is to "increase support for the Cuban people."

  • May 28, 2024

    Texas Judge Sends Suit Over CFPB Late Fee Rule Back To DC

    A Texas federal judge Tuesday ordered another cross-country trip for a banking industry lawsuit that challenges the Consumer Financial Protection Bureau's $8 credit card late fee rule, sending the case back to Washington, D.C., shortly after regaining control over it.

  • May 28, 2024

    Fed. Circ. Won't Revive 'Checking Financial History' Patents

    The Federal Circuit ruled Tuesday that a judge in Georgia made the right call in deciding that a prolific patent lawyer should have never been issued a handful of patents covering "the idea of checking financial history before completing a transaction."

  • May 28, 2024

    High Court Passes On Collection Firm's CFPB Funding Fight

    The U.S. Supreme Court said Tuesday that it won't take up a now-shuttered debt collection law firm's fight against an investigative demand by the Consumer Financial Protection Bureau, turning down a case that covered the same constitutional ground as one that the justices recently decided in the agency's favor.

  • May 28, 2024

    OCC's Hsu Says More Banks May Need Crisis Playbook Rules

    The Office of the Comptroller of the Currency's acting chief Michael Hsu called for potentially subjecting more banks to recovery planning standards that currently kick in at the $250 billion asset size threshold, floating it as another possible regulatory response to last year's regional bank failures.

  • May 28, 2024

    Biz Groups Back BofA In Merger Interest Tax Fight At 4th Circ.

    Business groups told the Fourth Circuit on Tuesday that they supported Bank of America in its fight against a North Carolina federal court ruling that found the bank wasn't entitled to net the interest on the tax liabilities of Merrill Lynch after the two companies merged.

  • May 28, 2024

    Wells Fargo Seeks To Send Account Offsets Suit To Arbitration

    Wells Fargo has asked a California federal judge to send a class action lawsuit alleging it unlawfully dipped into customers' deposit accounts to repay itself for credit owed card debt to arbitration since the plaintiff signed a deposit account agreement containing a binding arbitration provision.

  • May 28, 2024

    Pa. Debt Collector Missed Window To Appeal Customer's Win

    A debt collection firm's late appeal of a judge's ruling that dismissed its claim against a Pittsburgh-area woman constitutes harassment and violates several consumer protection statutes, according to a new complaint filed by the woman in Allegheny County court.

  • May 28, 2024

    Deutsche Bank Wins Conn. Appeal In Battle With Billionaire

    Deutsche Bank AG can continue to fight one prong of its sprawling, decade-long legal battle against billionaire Alexander Vik and his daughter as it seeks to satisfy a $243 million judgment rendered in the United Kingdom, the Connecticut Supreme Court ruled Tuesday.

  • May 28, 2024

    FTX Exec Who Acted As Bankman-Fried 'Tool' Gets 7½ Years

    A Manhattan federal judge hit cryptocurrency finance expert and former FTX executive Ryan Salame with a 7½-year sentence Tuesday for duping a bank to authorize $1.5 billion of illegal transfers and making fraudulent campaign contributions for the exchange's convicted founder, Sam Bankman-Fried.

  • May 24, 2024

    Apple Can't Wipe Out 2 Fintiv Mobile Wallet Patents At PTAB

    Apple wasn't able to persuade a panel of administrative patent judges to invalidate any language in a pair of patents issued to the founder of a failed cloud-based mobile financial services startup.

  • May 24, 2024

    Top Senate Banking Dem Presses DoorDash On Biz Advances

    Food ordering and delivery platform DoorDash has come under fire from the chair of the U.S. Senate's banking committee over merchant cash advance products offered on its platform, with the lawmaker saying the typically high costs of such offerings bear "a troubling similarity to payday lending practices."

  • May 24, 2024

    BofA Inks $21M Deal With Over 1M Customers Over Wire Fees

    Bank of America customers on Friday urged a North Carolina federal judge to preliminarily approve their $21 million settlement to resolve claims the financial institution tacked $15 "junk fees" onto incoming wire transfers, saying the deal constitutes significant relief for over a million class members.

  • May 24, 2024

    Carhartt Heiress Atty Can't Get Mistrial Over Own Witness

    A Michigan attorney can't get a mistrial in a criminal case accusing him of embezzling millions from his wealthy Carhartt heiress client after his own witness discussed the heiress' $37 million potential loss during cross-examination, with a state judge saying Friday he was mystified why the witness was even called but that the defense had insisted on it. 

  • May 24, 2024

    OCC Orders Controls Improvements At Comerica

    The Office of the Comptroller of the Currency has ordered a Comerica unit to strengthen its asset management controls and address other "unsafe or unsound practices," according to a newly released consent order.

  • May 24, 2024

    PIMCO Says It Needs To Assess CFPB's Loan Service Deal

    Investment management giant PIMCO told a Pennsylvania federal judge on Friday that it needs more time to study a proposed $5 million settlement between the Consumer Financial Protection Bureau, a Pennsylvania student loan servicer and multiple student loan trusts, saying its funds are invested in the trusts and may need to consent to the deal.

  • May 24, 2024

    House Lawmakers Want New Hearing With FDIC's Gruenberg

    Federal Deposit Insurance Corp. Chair Martin Gruenberg is scheduled to appear before the U.S. House Financial Services Committee to answer questions about the damning findings of a probe of the FDIC's workplace culture.

  • May 24, 2024

    CFTC's Johnson Is Under Consideration For FDIC Top Job

    The Biden administration is considering Kristin Johnson, a Democratic member of the U.S. Commodity Futures Trading Commission, as a possible candidate to replace Martin Gruenberg at the helm of the Federal Deposit Insurance Corp., Law360 has learned.

  • May 24, 2024

    Biden's Judicial Impact And What's Left On The Wish List

    President Joe Biden secured confirmation of his 200th federal judge Wednesday and has transformed the judiciary by picking more women and people of color than any other president. But the upcoming election season could derail his hopes of confirming many more judges.

  • May 24, 2024

    4th Circ. Urged To Keep Suit Against Credit Co. In Fed. Court

    A Maryland credit card customer pressed the Fourth Circuit to affirm a district court's decision to keep in federal court a proposed class action alleging subprime credit card company Mercury Financial did business without a license, arguing arbitration cannot be fairly enforced, and that Mercury is trying to raise new arguments on appeal.

  • May 24, 2024

    CFPB Will Ask DC Circ. To Rescue Rule Challenged By PayPal

    The Consumer Financial Protection Bureau said Friday it will appeal a Washington, D.C., federal judge's recent decision that sided with payments giant PayPal in its lawsuit challenging the agency's extension of certain prepaid card regulations to digital wallets.

  • May 24, 2024

    Foley & Lardner Given All-Clear To Exit SEC Suit

    A North Carolina federal judge permitted Foley & Lardner LLP on Friday to exit as counsel for a Malta-based registered investment adviser that is defending claims in a $75 million lawsuit brought by the U.S. Securities and Exchange Commission, despite the judge's previous concerns about the firm's withdrawal.

  • May 24, 2024

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen an IT engineer seek permission to search a landfill hiding a hard drive supposedly storing millions of pounds in bitcoin, Glencore take on legal action by American Century Investments, gold payment app Glint bring a breach of duty claim against FRP Advisory, and an ongoing dispute between a solicitor and the Solicitors Regulation Authority. Here, Law360 looks at these and other new claims in the U.K.

  • May 24, 2024

    CFPB Seeks $20M Penalty For Inaccurate Loan Data

    The Consumer Financial Protection Bureau has urged a Florida federal court to hit Freedom Mortgage with a $20 million civil penalty for allegedly submitting error-filled government mortgage loan data.

Expert Analysis

  • Weisselberg's Perjury At Trial Spotlights Atty Ethics Issues

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    Former Trump Organization executive Allen Weisselberg’s recent guilty plea for perjury in the New York attorney general's civil fraud trial should serve as a reminder to attorneys of their ethical duties when they know a client has lied or plans to lie in court, and the potential penalties for not fulfilling those obligations, say Hilary Gerzhoy and Julienne Pasichow at HWG.

  • Practicing Law With Parkinson's Disease

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    This Parkinson’s Awareness Month, Adam Siegler at Greenberg Traurig discusses his experience working as a lawyer with Parkinson’s disease, sharing both lessons on how to cope with a diagnosis and advice for supporting colleagues who live with the disease.

  • How Banks Should Respond To Calif. AG's Overdraft Warning

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    Banks and credit unions should heed recent guidance from California’s attorney general, along with warnings by consumer regulators of all stripes, regarding unfair fee practices by properly disclosing their fees and practices, and ensuring the amounts charged mirror federal benchmarks, say Brett D. Watson and Madeline Suchard at Cozen O'Connor.

  • Cos. Should Prepare For Foreign Data Transfer Regulations

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    A new regulatory regime designed to protect U.S. sensitive data from countries of concern may complicate an already intricate geopolitical landscape and affect even companies beyond the data industry, but with careful preparation, such companies can endeavor to minimize the effect on their business operations and ensure compliance, say David Plotinsky and Jiazhen Guo at Morgan Lewis.

  • Series

    Playing Hockey Makes Me A Better Lawyer

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    Nearly a lifetime of playing hockey taught me the importance of avoiding burnout in all aspects of life, and the game ultimately ended up providing me with the balance I needed to maintain success in my legal career, says John Riccione at Taft.

  • Expect CFPB Enforcement To Continue Ramping Up

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    From hiring and structural changes to continuous external pressure from a variety of sources, all signs indicate that the recent rise of the Consumer Financial Protection Bureau's public enforcement activity will continue throughout the rest of the year, despite ongoing litigation that could upend everything, say attorneys at Paul Hastings.

  • ESG Challenges In Focus After Sierra Club Opposes SEC Rule

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    The Sierra Club's recent objection to the U.S. Securities and Exchange Commission's climate-related disclosures for investors presents an unusual — pro-disclosure — legal challenge and an opportunity to take a close look at the varying critiques of ESG regulations, say Colin Pohlman, and Jane Luxton and Paul Kisslinger at Lewis Brisbois.

  • For Lawyers, Pessimism Should Be A Job Skill, Not A Life Skill

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    A pessimistic mindset allows attorneys to be effective advocates for their clients, but it can come with serious costs for their personal well-being, so it’s crucial to exercise strategies that produce flexible optimism and connect lawyers with their core values, says Krista Larson at Stinson.

  • Bankruptcy Courts' Role In Shaping Crypto's Legal Framework

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    Massive financial and criminal liability has led to the recent collapse of major cryptocurrency companies and put bankruptcy courts in the spotlight, underscoring the urgent need for a comprehensive regulatory framework, say Tara Pakrouh and Eric Monzo at Morris James.

  • Private Capital Considerations Amid Market Revival

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    As improved market conditions position traditional financing to regain lost market share, it's also worth considering the pace and structure of private credit and other forms of private capital, especially when seeking to set unique terms or build new corporate relationships, say attorneys at Skadden.

  • Handling Customer Complaints In Bank-Fintech Partnerships

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    As regulators mine consumer complaint databases for their next investigative targets, it is critical that fintech and bank partners adopt a well-defined and monitored process for ensuring proper complaint handling, including by demonstrating proficiency and following interagency guidance, say attorneys at Jenner & Block.

  • Trump's NY Civil Fraud Trial Spotlights Long-Criticized Law

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    A New York court’s recent decision holding former President Donald Trump liable for fraud brought old criticisms of the state law used against him back into the limelight — including its strikingly broad scope and its major departures from the traditional elements of common law fraud, say Mark Kelley and Lois Ahn at MoloLamken.

  • Intent-Based Theory Of Liability In Hwang Creates Ambiguity

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    A case against Archegos Capital founder Bill Hwang alleging that he participated in a securities manipulation scheme, which goes to trial next month in New York federal court, highlights the need for courts to clarify the legal standard defining "market manipulation," says Edward Imperatore at MoFo.

  • Opinion

    $175M Bond Refiled By Trump Is Still Substantively Flawed

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    The corrected $175 million bond posted by former President Donald Trump on Thursday to stave off enforcement of the New York attorney general's fraud judgment against him remains substantively and procedurally flawed, as well as inadequately secured, says Adam Pollock of Pollock Cohen.

  • Opinion

    Requiring Leave To File Amicus Briefs Is A Bad Idea

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    A proposal to amend the Federal Rules of Appellate Procedure that would require parties to get court permission before filing federal amicus briefs would eliminate the long-standing practice of consent filing and thereby make the process less open and democratic, says Lawrence Ebner at the Atlantic Legal Foundation and DRI Center.

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