Banking

  • January 18, 2021

    FTC's Chopra Gets Biden Nod To Become Next CFPB Director

    President-elect Joe Biden said Monday that he plans to nominate Rohit Chopra, a Democratic member of the Federal Trade Commission, to serve as the next director of the Consumer Financial Protection Bureau, a selection that consumer advocates are welcoming as a sign of tougher industry scrutiny ahead.

  • January 15, 2021

    OCC Defends Valid-When-Made Rule In State AGs' Suit

    The Office of the Comptroller of the Currency has urged a California federal court to reject an effort by California and two other states to block the agency's valid-when-made rule, arguing the rule was well within bounds as an attempt to mitigate legal uncertainty surrounding interest rate transferability.

  • January 15, 2021

    11th Circ. Revives $248M Veterans Mortgage Fraud Suit

    The Eleventh Circuit revived a whistleblower case on Friday against a defunct Florida mortgage lender that allegedly defrauded a federal veterans lending program, ruling that a lower court judge prematurely weighed evidence to toss the case.

  • January 15, 2021

    CFPB Accuses Mortgage Co. Of Lending, Consumer Violations

    The Consumer Financial Protection Bureau sued mortgage company 1st Alliance Lending in Connecticut federal court Friday for alleged violations of lending and consumer laws, including misleading consumers about whether they would qualify for refinances and not informing them of credit denials.

  • January 15, 2021

    FDIC Seeks To Revive $3M Fight With Lloyd's At 11th Circ.

    The Federal Deposit Insurance Corp. urged the Eleventh Circuit to reverse a lower court's ruling that it cannot collect $3 million in prejudgment interest after prevailing in a $10 million coverage dispute against Lloyd's of London, saying the district court wrongly held that the interest request was untimely.

  • January 15, 2021

    Calif. Unemployment Recipients Sue Bank Of America

    A California unemployment insurance recipient on Thursday filed a proposed class action against Bank of America NA in San Francisco federal court, accusing the bank — the Golden State's partner in unemployment benefits administration amid the pandemic-linked economic downturn — of failing to protect benefits recipients from fraudsters.

  • January 15, 2021

    Western Union Says Chubb Must Cover COVID-19 Losses

    The Western Union Co. lobbed a virus coverage suit at Chubb on Friday, telling a Colorado federal court that the Pennsylvania-based insurer has unlawfully refused to cover the company's losses stemming from pandemic-related business interruptions.

  • January 15, 2021

    US Chides Vietnam Over Currency, But Makes No Tariff Threat

    The Office of the U.S. Trade Representative found that Vietnam's currency manipulation is unfairly hindering U.S. businesses but held off on teeing up new tariffs against Hanoi on Friday, leaving a final decision in the case up to the incoming Biden administration.

  • January 15, 2021

    FinCEN Fines Capital One $390M Over AML Violations

    The Financial Crimes Enforcement Network hit Capital One with a $390 million fine on Friday evening over admitted shortcomings in its anti-money laundering program from 2008 to 2014 that the agency said allowed millions of dollars in suspicious transactions to go unreported.

  • January 15, 2021

    Calif. Pot Regulators Float Bank Disclosure Rules

    California cannabis regulators on Friday proposed regulations implementing a new state law intended to ease access to financial services for businesses, codifying the types of otherwise confidential information the state can release at the request of licensees. 

  • January 15, 2021

    2nd Circ. Won't Rehear Remand Of CFPB's RD Legal Case

    The Second Circuit has denied a request by litigation funder RD Legal to rehear a panel decision that remanded fraud claims by the Consumer Financial Protection Bureau and New York state, giving the agency a chance to revive the lawsuit before the same district court that tossed it on constitutional grounds.

  • January 15, 2021

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

    This past week in London has seen China's Huawei facing a patent fight, oil trading giant Mercuria sue a petroleum company and a spread-better file a claim against real estate tycoon Robert Tchenguiz. Here, Law360 looks at those and other new claims in the U.K.

  • January 15, 2021

    Wells Fargo Ex-GC Fined $3.5M In OCC Settlement

    The Office of the Comptroller of the Currency said Friday it has fined Wells Fargo's former general counsel $3.5 million as part of a settlement resolving the agency's claims against him over his alleged role in the banking giant's sales practices scandal.

  • January 14, 2021

    Ariz. Payment Co. Exec Inks Deal With FTC Over $7M Scam

    An officer of Electronic Payment Solutions of America Inc. facing Federal Trade Commission claims that he took part in a $7 million scam told an Arizona federal judge Thursday that he has agreed to permanently stop engaging in payment processing and telemarketing in order to resolve the case.

  • January 14, 2021

    Credit Suisse Jockeys For End To Vegas Appraisal Fraud Fight

    A Dallas judge on Thursday disputed Credit Suisse's argument that a Highland Capital Management LP unit should receive none of a $40 million jury verdict for a bungled land appraisal ahead of a 2007 Las Vegas real estate deal.

  • January 14, 2021

    Coronavirus Litigation: The Week In Review

    California restaurant owners say they shouldn't face fees for liquor licenses and health permits when state and county officials won't allow them to operate, the federal government can continue requiring in-person clinic visits to obtain abortion-inducing medication, and a cannabis farm is the latest to be hit with claims it fired workers who complained about workplace conditions amid the pandemic.

  • January 14, 2021

    Tipster Atty Who Sued SEC Says New Rule Caters To Wall St.

    The Labaton Sucharow partner who sued the U.S. Securities and Exchange Commission over recent whistleblower rule amendments says he will "keep fighting" until he prevails, contending that the changes will suppress tips from Wall Street bigwigs who provide some of the most valuable checks on major financial institutions.

  • January 14, 2021

    Trump Commutes Ex-Cay Clubs CEO's Ponzi Sentence

    President Donald Trump has commuted the 40-year sentence of Fred Davis "Dave" Clark Jr., who was convicted in 2015 of helping run a $300 million Ponzi scheme through the Florida Keys-based company Cay Clubs Resort and Marinas, Law360 has learned.

  • January 14, 2021

    New Curtis Partner Adds Bench Strength To Africa Practice

    New York headquartered Curtis Mallet-Prevost Colt & Mosle LLP has welcomed a veteran attorney with decades of experience advising governments and financial institutions in Africa, according to the international firm.

  • January 14, 2021

    5th Circ. Rules No-Show Attys Not Reason To Ax $79M Payout

    The Fifth Circuit won't let a Taiwanese shipping magnate escape a $79 million judgment, ruling that the failure of his then-attorneys from Robins Kaplan LLP to appear at a hearing in Texas federal court to defend him wasn't extraordinary enough to warrant lifting the judgment.

  • January 14, 2021

    Fla. Atty Cops To Role In $322M Ponzi Scheme

    A South Florida attorney pled guilty Thursday to raising more than $100 million from investors to further a $322 million Ponzi scheme run through purported commercial lender 1 Global Capital LLC.

  • January 14, 2021

    Wells Fargo Employees Say Firm Prevented OT Reporting

    A Wells Fargo & Co. subsidiary was hit with a putative collective and class action in Missouri federal court from employees who accused the financial services firm of preventing them from reporting all the hours they worked.

  • January 14, 2021

    OCC Finalizes 'Fair Access' Rule In Last-Minute Push

    The Office of the Comptroller of the Currency said Thursday it has finalized its "fair access" rule limiting the ability of bigger national banks to stop lending to fossil fuel companies, gun makers and other politically controversial businesses, a move that's already being condemned by bankers and consumer advocates as midnight rulemaking.

  • January 13, 2021

    Workers Say Banking Co. Prioritized Own Funds In ERISA Suit

    A proposed class of employees sued Associated Banc-Corp in Wisconsin federal court Wednesday, alleging that the bank holding company violated the federal Employee Retirement Income Security Act by prioritizing underperforming investment vehicles associated with itself for its workers' 401(k) plan.

  • January 13, 2021

    Atty Who Trolled Santander Bank Off Hook For Billboard Cost

    A Pennsylvania Superior Court on Wednesday affirmed a trial court's decision to absolve a criminal defense attorney from paying an outdoor advertising company for a full month to display a billboard taunting Santander Bank after the advertisement was pulled after just a few days.

Expert Analysis

  • FTC Authority To Obtain Monetary Relief May Be Under Threat

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    Although justices asked difficult questions of both sides at the recent U.S. Supreme Court oral arguments in AMG v. Federal Trade Commission, they expressed significant skepticism of the FTC's implicit authority to seek restitution and disgorgement of the proceeds of fraud and other misconduct, say attorneys at Sullivan & Cromwell.

  • How Fund Managers Can Avoid Political Contribution Missteps

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    In this brief video, Peter Chan and Karl Egbert at Baker McKenzie, and Suzan Rose at the Alternative Investment Management Association discuss fund manager compliance and monitoring issues related to state and federal rules on campaign contributions, particularly in light of the recent election cycle.

  • CFPB's Busy 2020 May Foretell Regulatory Uptick Ahead

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    The last year stood out for its marked resurgence in Consumer Financial Protection Bureau activity, suggesting 2021 will usher in even more vigorous enforcement, enhanced fair lending regulation, and renewed assaults on consumer arbitration and payday lending, says Richard Gottlieb at Manatt.

  • DC Circ. Lobbyist Ruling May Lead To 1st Amendment Clarity

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    The D.C. Circuit’s recent opinion in Akhmetshin v. Browder, leaving the government contacts exception's application to foreign lobbyists unsettled, may compel courts to clarify the availability of First Amendment defamation defenses to foreign companies involved in lobbying, says Joe Meadows at Bean Kinney.

  • What's On The Horizon For Unclaimed Property In 2021

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    Unclaimed property professionals who run holder compliance programs should buckle themselves in for what portends to be a perfect storm of legislative, enforcement and litigation contests this year between state administrators and holders, say attorneys at Alston & Bird.

  • Opinion

    6 Ways Financial Regulators Should Prioritize Climate Risk

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    As the Biden administration prepares to take office, financial regulators must resolve to collaborate with each other and industries to manage the financial risks from climate change after years of obstruction by the Trump administration, says New York Department of Financial Services Superintendent Linda Lacewell.

  • 4 Legal Industry Trends Litigation Financiers Are Watching

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    Some recent litigation developments demonstrate efforts by law firms and their clients to search for opportunities in the COVID-19 economic fallout, while others — such as the rise of contingency fee arrangements — reflect acceleration of tendencies that were already underway, says William Weisman at Therium Capital.

  • 2 Cases Highlight Superpriority Lien Risks For Lenders

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    Two recent decisions from a New York state court and a Nevada federal court reaffirm the importance of lenders paying off superpriority liens, which may extinguish their mortgages or deeds of trust if not swiftly addressed, say Michael O'Donnell and Michael Crowley at Riker Danzig.

  • How EU Climate Regs May Affect US Private Fund Managers

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    As compliance dates for the European Commission's environmental, social and governance rules draw closer, U.S. private fund managers should be aware that EU investors and subsidiaries could trigger climate risk data requests and compliance obligations, says Trysha Daskam at Silver Regulatory.

  • Lenders' Role Will Be Key In NYC Green Building Loans

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    New York City's Climate Mobilization Act, which will soon restrict large buildings' carbon emissions, provides for a loan program to help owners finance energy-efficient improvements — but the program's success will depend on mortgage lenders' participation, says Jason Rozes at Dechert.

  • A Lawyer's Guide To Setting Well-Being Goals In 2021

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    In the face of rising client demands due to the pandemic and the changing regulatory environment, and with remote work continuing for the foreseeable future, lawyers should invest in their well-being by establishing inspiring yet realistic goals for 2021 — one month at a time, says Krista Larson at Morgan Lewis.

  • 4 Rulings That Will Shape Clickwrap Litigation In 2021

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    Clickwrap litigation is expected to increase this year, following several 2020 judgments that show the courts' growing sophistication on assessing online user agreements and a continued surge in user growth fueled by COVID-19, says Brian Powers of PactSafe.

  • Opinion

    Congress Must Fix The AML Whistleblower Law

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    Fundamental differences between whistleblower provisions in the recently passed Anti-Money Laundering Act and the Dodd-Frank Act will render the new law ineffective until Congress amends it to fully conform to Dodd-Frank's highly successful reward provisions, says Stephen Kohn at Kohn Kohn.

  • Keyword Searches To Improve Your Privilege Doc Review

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    "Confidential" and other search terms commonly used to locate privileged documents during e-discovery are pretty ineffective, so practitioners should consider including specific types of keywords that are demonstrably better at targeting privilege, say Robert Keeling at Sidley and Rishi Chhatwal at AT&T.

  • Cybersecurity Event-Driven Securities Litigation Has Arrived

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    A recent shareholder lawsuit against First American Title Insurance Co. highlights that securities litigation prompted by regulatory actions may become increasingly prevalent in the cybersecurity context, say attorneys at Pasich.

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