CFPB Endgame Is Just 'Five Men And A Phone,' Filings Allege

By Jon Hill

Current and former Consumer Financial Protection Bureau employees alleged in D.C. federal court filings that the Trump administration is much more aggressively trying to gut the agency than it has let on, warning it has already damaged vital functions.

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Analysis

Trump Admin Cuts Raise Trade Secret Security Concerns

By Ivan Moreno

As the Trump administration reduces the size of the federal government, intellectual property attorneys are expressing concerns about the continued safeguarding of trade secrets that companies are required to disclose to certain agencies.

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CFPB Won't Drop MoneyLion Suit Despite Agency Shake-Up

By Dorothy Atkins

The Consumer Financial Protection Bureau told a New York federal judge Friday that the agency plans to continue pursuing its lawsuit against MoneyLion Technologies Inc. under Trump-appointed leadership despite uncertainty about the agency's future and the CFPB's recent decisions to drop other actions due to the Trump administration's policy shake-up.

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CFPB Drops TransUnion Suit In Enforcement Retreat

By Katryna Perera

The Consumer Financial Protection Bureau on Friday voluntarily dismissed, with prejudice, a lawsuit against TransUnion alleging deceptive marketing practices, and another suit against 1st Alliance Lending LLC alleging deceptive mortgage lending practices, the latest in a string of enforcement actions the Trump administration has dropped without explanation.

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FDIC Can't Nix SVB Trust's Claims Feds Must Turn Over $1.93B

By Dorothy Atkins

A California federal judge has tossed a pair of claims from SVB Financial Trust's lawsuit alleging that the FDIC wrongfully took control of $1.93 billion in deposits amid Silicon Valley Bank's collapse, dismissing due process claims for good but allowing the trust to pursue promissory estoppel allegations and so-called turnover claims.

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BofA Customer Gets Class Cert. In Revived ATM Fee Dispute

By Sydney Price

A class of account holders who allege Bank of America breached a contract by charging out-of-network fees for balance inquiries at certain ATMs can now proceed with claims as a class after their initial attempt at certification was denied.

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Up Next At High Court: Gun Violence Liability & Nuclear Waste

By Katie Buehler

The U.S. Supreme Court will return to the bench Monday to consider Mexico's attempt to hold gun manufacturers and distributors liable for cartel-related gun violence and a nuclear waste site dispute that could determine who can challenge future agency actions.

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FinCEN Delays Corporate Transparency Act Deadlines

By David Hansen

The Financial Crimes Enforcement Network said it will not take any enforcement actions against companies failing to file or update their beneficial ownership information reports pursuant to the Corporate Transparency Act until an interim final rule becomes effective.

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Trump Still Isn't Obeying Order To Free FEMA Funds, AGs Say

By Lauren Berg

The Trump administration still has not restored millions of dollars in Federal Emergency Management Agency funds as part of a temporary restraining order barring a freeze on funding for federal grant and aid programs, a coalition of states told a Rhode Island federal judge Friday, asking the court to enforce its order.

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SEC, Ex-Silvergate CFO Trade Shots Over Enforcement Case

By Hailey Konnath

The U.S. Securities and Exchange Commission on Friday urged a New York federal court not to throw out its claims that the former chief financial officer of defunct crypto-focused bank Silvergate Capital concealed the bank's rocky financial position, saying that the executive is mischaracterizing its claims.

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Justices Asked To Review IRS Crypto Doc Seizure Case

By Anna Scott Farrell

A cryptocurrency investor who lost his challenge to the Internal Revenue Service's seizure of his account records has asked the U.S. Supreme Court for review, saying the 1976 legal doctrine that sank his case is outdated and fails to meet digital realities, including decentralized banking.

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Mich. Justices Reject Credit Suisse's NOL Carryforward Bid

By Paul Williams

The Michigan Supreme Court on Friday denied Credit Suisse's bid to appeal a lower court's decision that barred the bank from straying from the federal method of determining taxable income to carry forward $21.3 million in losses on its state returns.

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Ex-UBS Financial Adviser Must Pay $2M Back, 11th Circ. Told

By David Minsky

UBS urged the Eleventh Circuit on Friday to undo rulings in a bankruptcy adversary case precluding a former financial adviser from paying back the proceeds of a $2 million loan deposited in a joint account with his wife, saying the funds shouldn't be immune to creditors.

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State Street To Buy Mizuho's $580B Custody Business

By Al Barbarino

State Street Corp. said Friday it has agreed to purchase Mizuho Financial Group Inc.'s global custody and related businesses outside of Japan, which it said support the overseas investments of Mizuho's Japanese clients and hold $580 billion in assets under custody and $24 billion in assets under administration.

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Carbon Project Investor C-Quest Hits Ch. 7

By Rick Archer

Carbon project developer C-Quest Capital has filed for Chapter 7 liquidation in a Delaware bankruptcy court as its ex-CEO faces charges he fraudulently obtained millions of dollars worth of carbon credits.

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Brief

Mayer Brown Adds Ex-EDNY Prosecutor To White Collar Team

By Emily Sawicki

As the new presidential administration ushers in changes to federal regulatory and enforcement priorities, Mayer Brown LLP has bulked up its global investigations and white collar defense practice in New York with the addition of a litigator from the U.S. Attorney's Office for the Eastern District of New York.

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The Current And Future State Of Bank-Fintech Partnerships

Though the Consumer Financial Protection Bureau under President Donald Trump seems likely to cultivate an environment friendlier to the financial services industry, bank-fintech partnerships should stay devoted to proactive compliance and be ready to adapt to regulatory shifts that may intensify scrutiny from enforcers, say attorneys at Greenberg Traurig.

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How Crypto Firms Should Approach Patchwork Of State Laws

The Money Transmission Modernization Act was designed to create uniformity across state digital regulations, but the reality remains far from consistent — as demonstrated by the patchwork of laws in states like Texas, Vermont, New York and California — so as state legislatures convene in the coming weeks, crypto firms should watch closely for developments that could shape the regulatory landscape, say attorneys at Paul Hastings.

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Analysis

Presidents v. Courts: Lincoln, Trump & Judicial Power Limits

By Jeff Overley

Amid fears of President Donald Trump disobeying judges with impunity, debate has focused on famous instances of officials defying the U.S. Supreme Court. But some of the clearest insights into America's handling of White House disregard for courts exist in relatively obscure cases from the Civil War era, when unprecedented presidential actions provoked extraordinary responses from the judiciary — and underscored the limits of its powers.

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NYC Bar Slams Trump's Order On Covington Attys

By Emily Sawicki

The New York City Bar Association has joined the chorus of legal groups decrying President Donald Trump's order suspending security clearances held by Covington & Burling LLP attorneys representing former special counsel Jack Smith, calling it an "improper use of government power."

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Ex-Commerce Official To Chair Gibson Dunn Sanctions Group

By James Mills

Gibson Dunn & Crutcher LLP is creating a new sanctions and export enforcement practice group and bringing in a former U.S. Commerce Department official as a partner in its Washington, D.C. office to lead it.

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Ex-White House Cyber Pro Joins Sidley As DC Privacy Partner

By Tracey Read

The former chief of staff at the White House Office of the National Cyber Director has returned to the private sector as a Sidley Austin LLP privacy and cybersecurity practice partner in Washington, the firm said Thursday.

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WH Appeals After Watchdog Chief Is Permanently Reinstalled

By Ali Sullivan

A D.C. federal judge ruled Saturday that President Donald Trump's firing of the head of the Office of Special Counsel was illegal, finding that the federal employment watchdog can only be ousted for cause.

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Dems Claim DOJ Atty's 'Quid Pro Quo' Violated Ethics Rules

By Dorothy Atkins

Democratic Senate Judiciary Committee senior members lodged ethics complaints against acting Deputy Attorney General Emil Bove, accusing the recently appointed Bove of violating ethics rules by allegedly pushing prosecutors to drop criminal bribery charges against New York City Mayor Eric Adams in a "quid pro quo" deal with President Donald Trump.

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Group Blasts Judge's Call For Women In Contraception MDL

By Carolina Bolado

A judicial organization dedicated to fighting "leftist lawfare" filed a complaint Thursday against the Florida federal judge overseeing multidistrict litigation over the hormonal contraceptive drug Depo-Provera, claiming that her comments about women needing to be represented in the MDL leadership show an impermissible bias.

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Roc Nation Aims To Get Out Of Buzbee Conspiracy Suit

By Ryan Boysen

Shawn "Jay-Z" Carter's company Roc Nation has asked a Texas federal court to let it exit a lawsuit that claims Roc Nation conspired to "finance" malpractice suits against attorney Tony Buzbee in retaliation for an abortive lawsuit Buzbee filed accusing the rap star of rape.

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GOP Rep. Reintroduces The JUDGES Act

By Courtney Bublé

The chair of the House Judiciary Committee's courts panel has reintroduced a bill to create 66 new and temporary federal judgeships, which former President Joe Biden vetoed at the end of last year.

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GC Cheat Sheet: The Hottest Corporate News Of The Week

By Sue Reisinger

While many companies are removing diversity language from their public websites, a new survey shows that about half of its respondents do not plan on changing their DEI programs. And the general counsel for the new Tiger Woods/Rory McIlroy golf league talked about his love of the sport and the legal work involved in the new venture.

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

By Max Austin

This past week in London has seen the billionaire Zakay brothers, founders of Topland Group, become embroiled in a legal dispute with each other, Unilever sue three major perfume companies over alleged illegal price-fixing, and the publisher of Vogue magazine file an intellectual property suit against Cornucopia Events. Here, Law360 looks at these and other new claims in the U.K.

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Law360's Legal Lions Of The Week

By Kevin Penton

Holwell Shuster & Goldberg LLP and Kontnik Cohen LLC lead this week's edition of Law360 Legal Lions, after the U.S. Supreme Court held that cases dismissed voluntarily can later be eligible for special judicial relief and reopening, even if a statute of limitations would typically block the lawsuit.

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In Case You Missed It: Hottest Firms And Stories On Law360

For those who missed out, here's a look back at the law firms, stories and expert analyses that generated the most buzz on Law360 last week.

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