Try our Advanced Search for more refined results
Fintech
-
July 08, 2024
CFPB Backs Bank In Ill. Customer's 'Schumer Box' Suit
The Consumer Financial Protection Bureau has thrown its support behind an Illinois bank in litigation over allegedly lacking repayment disclosures in its customer credit statements, saying the regulation at issue does not apply to the plaintiff's form of credit.
-
July 08, 2024
Wall Street Watchdog Backs SEC In Texas Crypto Market Suit
Wall Street watchdog Better Markets Inc. threw its support behind the U.S. Securities and Exchange Commission on Monday as the agency seeks to thwart an attempt by crypto industry groups to strike down a new rule that expands the definition of "dealers" under securities law.
-
July 08, 2024
FDIC Downgrades Green-Focused Bank On CRA Exam
The Federal Deposit Insurance Corp. has dinged Forbright Bank, a sustainability minded bank started by former Democratic presidential candidate John Delaney, over an allegedly "illegal credit practice" tied to a since-discontinued third-party partnership, lowering its latest community lending exam grade.
-
July 08, 2024
Conn. Asset Manager Offers Grayscale $2M Out For Ad Suit
A Fairfield, Connecticut-based asset management firm that accused Grayscale Investments LLC of falsely advertising its services in order to lure investors informed the company and the Constitution State court hearing its lawsuit that it would be willing to settle the matter for a just below $2 million payment.
-
July 08, 2024
SEC Says Crypto Promoter Should Face Trial Before Appeal
The U.S. Securities and Exchange Commission urged a Texas federal court to move forward with a trial over whether a crypto influencer properly disclosed his promotion of a project, rather than wave through his bid to ask the Fifth Circuit to weigh in on whether securities laws applied to his case.
-
July 08, 2024
Milbank Taps Ex-CFTC Senior Official From Jones Day
A former U.S. Commodity Futures Trading Commission division director has joined Milbank LLP as a partner in the firm's Washington office, where he will focus on regulatory and enforcement matters related to derivatives, financial market infrastructure and digital assets.
-
July 08, 2024
The Biggest Patent Rulings Of 2024: A Midyear Report
The Federal Circuit issued its first en banc patent decision since 2018, a circuit judge's suspension was solidified and courts shed further light on foreign damages and skinny labels. Here's a look back at these rulings and other top patent decisions from the first half of 2024.
-
July 05, 2024
Calif. Privacy Agency Floats Data Broker Registry Rules
California's privacy agency on Friday kick-started the process for formalizing rules to guide data brokers on how to properly register under a groundbreaking state law that imposes significant new data deletion and disclosure obligations on these companies.
-
July 05, 2024
How Reshaped Circuit Courts Are Faring At The High Court
Seminal rulings from the U.S. Supreme Court's latest term will reshape many facets of American society in the coming years. Already, however, the rulings offer glimpses of how the justices view specific circuit courts, which have themselves been reshaped by an abundance of new judges.
-
July 05, 2024
Coinbase Seeks Access To SEC Chair's Private Emails
Coinbase Inc. is pushing for access to the personal email correspondence of U.S. Securities and Exchange Commission Chair Gary Gensler, telling a New York federal judge that the private communications could shed light on the regulator's views of the cryptocurrency industry and downplaying the SEC's objections to the company's allegedly "intrusive" subpoena.
-
July 05, 2024
Breaking Down The Vote: The High Court Term In Review
The U.S. Supreme Court's lethargic pace of decision-making this term left the justices to issue a slew of highly anticipated and controversial rulings during the term's final week — rulings that put the court's ideological divisions on vivid display. Here, Law360 takes a data dive into the numbers behind this court term.
-
July 05, 2024
High Court Flexes Muscle To Limit Administrative State
The U.S. Supreme Court's dismantling of a 40-year-old judicial deference doctrine, coupled with rulings stripping federal agencies of certain enforcement powers and exposing them to additional litigation, has established the October 2023 term as likely the most consequential in administrative law history.
-
July 05, 2024
The Sharpest Dissents From The Supreme Court Term
The U.S. Supreme Court's session ended with a series of blockbuster cases that granted the president broad immunity, changed federal gun policy and kneecapped administrative agencies. And many of the biggest decisions fell along partisan lines.
-
July 05, 2024
5 Moments That Shaped The Supreme Court's Jan. 6 Decision
When the high court limited the scope of a federal obstruction statute used to charge hundreds of rioters who stormed the Capitol, the justices did not vote along ideological lines. In a year marked by 6-3 splits, what accounts for the departure? Here are some moments from oral arguments that may have swayed the justices.
-
July 05, 2024
The Funniest Moments Of The Supreme Court's Term
In a U.S. Supreme Court term teeming with serious showdowns, the august air at oral arguments filled with laughter after an attorney mentioned her plastic surgeon and a justice seemed to diss his colleagues, to cite just two of the term's mirthful moments. Here, we look at the funniest moments of the term.
-
July 05, 2024
Walmart Again Gets FTC's Money Transfer Suit Trimmed
An Illinois federal judge has again pared down the Federal Trade Commission's allegations that Walmart violated consumer protection laws by knowingly processing more than $200 million in fraudulent money transfers, dismissing the FTC's Telemarketing Sales Rule allegations but keeping intact other claims under the FTC Act.
-
July 05, 2024
11th Circ. Affirms Wells Fargo's Win Over Bitcoin Fraud Suit
The Eleventh Circuit ruled Friday that a Georgia federal judge correctly tossed a digital trading firm's negligence claims against Wells Fargo over the bank's role in an alleged bitcoin fraud perpetrated through Wells Fargo-held accounts, saying the company failed to show the bank owed noncustomers a duty of care.
-
July 05, 2024
Full 5th Circ. Urged To Revisit Fight Over CFPB Payday Rule
Payday lender trade groups have formally asked the Fifth Circuit to take another look at parts of their long-running challenge to a payday loan regulation issued by the Consumer Financial Protection Bureau, filing a petition that seeks to reopen the case after the U.S. Supreme Court overturned their prior win.
-
July 05, 2024
Mayer Brown Study Shows Firms Are Playing AI Catch-Up
A recent Mayer Brown LLP report shows that leaders at financial and investment firms see mergers and acquisitions as a key method to expand their artificial intelligence platforms, but they also think their firms aren't getting up to speed fast enough.
-
July 05, 2024
The Firms That Won Big At The Supreme Court
This U.S. Supreme Court term featured high-stakes oral arguments on issues including gerrymandering, abortion and federal agency authority, and a hot bench ever more willing to engage in a lengthy back-and-forth with advocates. Here's a look at the law firms that argued the most cases and how they fared.
-
July 05, 2024
Voyager Investors' $6.5M Deal Over Crypto Marketing OK'd
A New York federal judge has granted preliminary approval to a $6.5 million cash settlement between the top brass of the now-bankrupt cryptocurrency firm Voyager Digital Holdings and a class of its users who claimed they "aggressively marketed" unregistered securities.
-
July 05, 2024
CFTC's Pham Says CCOs Must Be Careful With Agency
U.S. Commodity Futures Trading Commission member Caroline Pham warns that chief compliance officers at CFTC-registered firms may face individual liability for noncompliance matters at their firms, telling Law360 that this shows the need for compliance heads to carefully document their actions to potentially avoid liability.
-
July 03, 2024
6 Things To Know About The Post-Chevron Finreg Impact
The U.S. Supreme Court's decision to overturn the Chevron deference last week may make it tougher for financial regulators to defend a range of rules and regulations pursued by the Biden administration, although experts anticipate the ruling will have an uneven impact across the financial services industry.
-
July 03, 2024
Guo Witnesses Point To Chinese Harassment Of Dissidents
Defense witnesses in the $1 billion fraud trial of Miles Guo told a Manhattan federal jury Wednesday that the Chinese dissident is a prime target of "Operation Fox Hunt," an alleged program within China's government that aims to silence and repatriate critics of the regime.
-
July 03, 2024
SEC Says Apparel Co.'s Preemptive Crypto Suit Is Unripe
The U.S. Securities and Exchange Commission told a Texas federal judge on Wednesday a crypto industry group and apparel company can't sue the regulator over its alleged "digital-asset policy" since the parties can't point to any rule or action to challenge.
Expert Analysis
-
How AI May Be Used In Fintech Fraud — And Fraud Detection
Recent enforcement actions in the fintech and finance industries show that the government is increasingly pursuing fraud enabled by artificial intelligence — at the same time it’s using AI innovations to enforce regulations and investigate fraud, say attorneys at ArentFox Schiff.
-
What Recent Study Shows About AI's Promise For Legal Tasks
Amid both skepticism and excitement about the promise of generative artificial intelligence in legal contexts, the first randomized controlled trial studying its impact on basic lawyering tasks shows mixed but promising results, and underscores the need for attorneys to proactively engage with AI, says Daniel Schwarcz at University of Minnesota Law School.
-
Banks Should Continue To Prep For CFPB Data Rule Rollout
Consumer Financial Protection Bureau-supervised banks should not expect industry pressure to delay the rollout of proposed Section 1033 open banking rules, which regulate how consumer financial information flows between financial institutions, and prepare their required data access portals and compliance procedures now, say attorneys at Troutman Pepper.
-
Fintech 'Prenups': Planning For A Card Program Breakup
After a year of economic downturns, some banks and their fintech partners are realizing they may have rushed to the altar without a good prenup, but planning ahead can curb both foreseeable and unexpected issues in the event of a termination of a bank-fintech card-issuing agreement, say Andrew Grant at Ketsal and Richard Malish at Community Federal Savings Bank.
-
3 Notification Pitfalls To Avoid With Arbitration Provisions
In Lipsett v. Popular Bank, the Second Circuit found that a bank's arbitration provision was unenforceable due to insufficient notice to a customer that he was bound by the agreement, highlighting the importance of adequate communication of arbitration provisions, and customers' options for opting out, say attorneys at Covington.
-
What Fed's Credit-Linked Note FAQ Means For Capital Relief
U.S. banks that seek to mitigate their loss of liquidity under the Basel III capital requirements by issuing direct credit-linked notes should turn to recent Federal Reserve FAQs for insight into how this new use of synthetic securitizations may reshape risk and regulation in the U.S. market, says Cris Cicala at Stinson.
-
Fintech Compliance Does Not Always Equal Bank Compliance
Recent enforcement actions are a reminder for banks working with financial technology providers — whether as partners to extend their reach or as internal resources to support existing operations — that few areas of risk need more frequent attention than Bank Secrecy Act and anti-money laundering compliance, says Christopher Couch at Phelps Dunbar.
-
Litigation Inspiration: A Source Of Untapped Fulfillment
As increasing numbers of attorneys struggle with stress and mental health issues, business litigators can find protection against burnout by remembering their important role in society — because fulfillment in one’s work isn’t just reserved for public interest lawyers, say Bennett Rawicki and Peter Bigelow at Hilgers Graben.
-
Series
Skiing Makes Me A Better Lawyer
A lifetime of skiing has helped me develop important professional skills, and taught me that embracing challenges with a spirit of adventure can allow lawyers to push boundaries, expand their capabilities and ultimately excel in their careers, says Andrea Przybysz at Tucker Ellis.
-
Can A DAO Be Sued? SDNY Case May Hold The Answer
A case pending in the Southern District of New York will examine whether decentralized crypto co-op MakerDAO is a partnership with the capacity to be sued in federal court, and the decision could shape how legal frameworks will adapt to accommodate blockchain technologies moving forward, say attorneys at Haynes Boone.
-
How Breach Reporting Is Changing For Financial Institutions
In May, the Federal Trade Commission's amended Safeguards Rule will extend the data protections that apply to information held by banks to information held by nonbanking financial institutions — and sweep even more broadly in some critical aspects, say Evan Yahng and Kurt Hunt at Dinsmore.
-
Practical Steps For Navigating New Sanctions On Russia
After the latest round of U.S. sanctions against Russia – the largest to date since the Ukraine war began – companies will need to continue to strengthen due diligence and compliance measures to navigate the related complexities, say James Min and Chelsea Ellis at Rimon.
-
Think Like A Lawyer: Forget Everything You Know About IRAC
The mode of legal reasoning most students learn in law school, often called “Issue, Rule, Application, Conclusion,” or IRAC, erroneously frames analysis as a separate, discrete step, resulting in disorganized briefs and untold obfuscation — but the fix is pretty simple, says Luke Andrews at Poole Huffman.
-
Employers, Prep For Shorter Stock Awards Settlement Cycle
Companies that provide equity compensation in the form of publicly traded stock will soon have one less day to complete such transactions under U.S. Securities and Exchange Commission and Nasdaq rules — so employers should implement expedited equity compensation stock settlement and payroll tax deposit procedures now, say attorneys at Morgan Lewis.
-
How Firms Can Ensure Associate Gender Parity Lasts
Among associates, women now outnumber men for the first time, but progress toward gender equality at the top of the legal profession remains glacially slow, and firms must implement time-tested solutions to ensure associates’ gender parity lasts throughout their careers, say Kelly Culhane and Nicole Joseph at Culhane Meadows.