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Banking
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September 09, 2025
Ky. Judge Pauses Suit Over CFPB's Small-Biz Loan Rule
A Kentucky federal judge on Tuesday paused a banking industry lawsuit challenging the Consumer Financial Protection Bureau's small business lender data collection rule while the agency works to revamp the Biden-era measure.
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September 09, 2025
Mich. Judge OKs Auto Mogul's $19M Bid To Reclaim Assets
A Michigan federal judge on Tuesday allowed a Detroit-area auto parts manufacturer to buy assets in a sale held by his own trust as part of efforts to satisfy a years-old $775 million judgment against it, finding the businessman didn't interfere with the sale or flout a court sales procedure order.
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September 09, 2025
DC Says Crypto ATM Operator Profits Off Senior Scams
Athena Bitcoin, one of the country's largest operators of so-called bitcoin automated teller machines, has been sued by the D.C. attorney general for allegedly charging undisclosed fees on deposits it knew were often the result of scams, for failing to implement adequate anti-fraud measures, and for refusing to refund scam victims.
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September 09, 2025
FinCEN Chief Signals Slimmer Bank Reporting On The Way
A top U.S. financial crime watchdog told lawmakers Tuesday that federal officials could soon move to narrow transaction reporting requirements for financial institutions as part of a broader effort to ease anti-money laundering compliance burdens for industry.
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September 09, 2025
Heartland To Pay $18M For Charges On School Lunch Cards
Heartland Payment Systems LLC will pay $18.25 million to approximately 5.6 million parents and caretakers to resolve a class action alleging it levied unfair surcharges when they deposited lunch money onto school-sponsored reloadable cards used by their kids, according to a final settlement approval motion filed Monday in Florida federal court.
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September 09, 2025
Ex-Ill. Bank VP Sentenced To 1 Year For Role In Embezzlement
The former vice president of the now-defunct Washington Federal Bank for Savings was sentenced to one year in prison Tuesday for his role covering up a $66 million embezzlement scheme.
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September 09, 2025
Why SEC, CFTC Crypto Rules 'Sprint' Could Be A Marathon
The White House-backed push to entice the crypto industry's return to the U.S. with clearer rules is off to a quick start, but experts say the process could drag on longer than anticipated as regulators navigate competing interests of embracing the evolving digital assets market and protecting consumers.
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September 09, 2025
Ohio Aerospace Manufacturer Hits Ch. 11 To Rework Debt
Cincinnati-based manufacturer CTL-Aerospace Inc. filed for Chapter 11 with at least $15 million in debt saying material sourcing troubles last year left it with an operating loss with limited funding avenues.
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September 08, 2025
Cleo AI Must Face Military Lending Suit Over Cash Advances
Cleo AI must face an Army staff sergeant's proposed class action alleging it employs predatory lending practices through its cash advances that exceed the Military Lending Act's annual percentage rate cap on consumer credit, after a Washington federal judge said Monday the advances constitute as "credit" under the statute.
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September 08, 2025
Split 4th Circ. Axes States' Challenge To Trump Admin Layoffs
A split Fourth Circuit panel held Monday that a coalition of states doesn't have standing to sue the Trump administration over the mass firing of thousands of probationary government employees, finding that it was the employees — not the states — who "suffered the brunt of the harm" underlying the case.
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September 08, 2025
CoinShares, Infleqtion To Hit Public Markets Via SPAC Mergers
Two separate companies, digital asset manager CoinShares International Ltd. and quantum computing company Infleqtion, on Monday announced plans to go public through mergers with special-purpose acquisition companies in two deals that combined are worth an estimated $3 billion.
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September 08, 2025
OCC Will Weigh 'Debanking' In Licensing, CRA Reviews
The Office of the Comptroller of the Currency shed more light Monday on its plans for carrying out President Donald Trump's call to end so-called debanking, saying it will factor account closure concerns into its community lending exams, merger reviews and more.
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September 08, 2025
Fired Wells Fargo VP Claims Retaliation, Unsafe Workplace
Wells Fargo Bank has been hit with retaliatory firing claims in Illinois federal court by a former high-ranking testing and validation executive who claims she was treated unjustly and ultimately terminated for flagging reporting inaccuracies she was concerned could violate federal banking and securities laws.
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September 08, 2025
Nasdaq Seeks SEC Nod To Trade Tokenized Securities
Nasdaq said on Monday that it has submitted to the U.S. Securities and Exchange Commission its proposal to facilitate tokenized securities trading on the Nasdaq Stock Market, in an effort to "support the evolution of the markets."
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September 08, 2025
Bank Group Urges Supervision Reform Amid Regulatory Shift
A banking think tank announced Monday a new campaign to persuade federal policymakers to reform bank supervision frameworks the institute described as "subjective, duplicative, tangential to material risks and extralegal," the news following on the heels of a similar proposal issued by federal regulators.
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September 08, 2025
Calif. Says Defunct SVB Owes State Over $76M In Taxes
The former parent company of Silicon Valley Bank owes the state of California upward of $76 million in taxes on income from a portfolio of securities for years leading up to the bank's failure, a state taxing authority told a New York bankruptcy court.
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September 08, 2025
Atty Tells Disciplinary Panel $250K Demand Wasn't Blackmail
A Pennsylvania attorney facing discipline for allegedly threatening to blackmail a client's debtor was rightfully trying to collect on a long-standing, highly litigated debt, a state disciplinary hearing panel heard Monday.
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September 08, 2025
PNC To Acquire Colorado-Based FirstBank In $4B Deal
Banking giant PNC Financial Services Group Inc. on Monday announced plans to acquire Colorado-based FirstBank in a deal valued Monday at $4.1 billion and guided by Wachtell Lipton Rosen & Katz and Sullivan & Cromwell LLP.
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September 05, 2025
SEC Lost Year's Worth Of Gary Gensler Texts, Watchdog Says
The U.S. Securities and Exchange Commission made "avoidable errors" that caused the agency to lose all text messages sent and received by former chair Gary Gensler for nearly a year of his tenure, some of which haven't been recovered, according to a report from the SEC's Office of Inspector General.
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September 05, 2025
SEC, CFTC Set Sights On Crypto In Regulatory Collab
The U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission said Friday they are moving forward with a broad regulatory harmonization effort that they hope will encourage innovation in growing markets, and lawyers tell Law360 they expect the focus to be writing rules governing the crypto sector.
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September 05, 2025
Debt Relief Co. Appeals CFPB's $43M Win To 7th Circ.
The former owner of a defunct debt relief provider and the company have filed an appeal to the Seventh Circuit to challenge a ruling ordering them to pay more than $43 million in restitution and penalties to settle claims from the Consumer Financial Protection Bureau that the firm preyed on student loan borrowers.
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September 05, 2025
BBVA Launching $20.4B Takeover As Sabadell Blasts Offer
Spain's BBVA said Friday it will formally launch its hostile takeover bid for Banco Sabadell on Monday, putting the value of the deal at €17.4 billion ($20.4 billion), as Sabadell's chair and CEO quickly issued statements criticizing the offering.
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September 05, 2025
Paris-Based SPAC Joins US Pipeline Targeting $100M Listing
Greenberg Traurig LLP will lead a Paris-based blank check company's planned $100 million initial public offering targeting a diverse portfolio of U.S. companies, according to the special purpose acquisition company on Friday.
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September 05, 2025
Pot Co. Investors Say Ex-Partner Drained Coffers For Suits
The members of an investment firm are suing their former business partner in California state court, alleging that he misappropriated funds from the firm to defend himself in a separate suit by another business partner accusing him of fraud.
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September 04, 2025
Trump Says 'Century-Old' Precedent Backs Fed Gov.'s Firing
President Donald Trump on Thursday hit back at Federal Reserve Board Gov. Lisa Cook's motion seeking to block her termination from the central bank, telling a Washington, D.C., federal court that Cook was ignoring "century-old" U.S. Supreme Court precedent that he says forecloses review of her removal for cause.
Expert Analysis
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Unpacking The Supreme Court's Views On Judgment Finality
The U.S. Supreme Court's June opinion in BLOM Bank SAL v. Honickman reaffirmed that the bar for reopening a final judgment remains exceptionally high — even when the movant seeks to amend their complaint based on a new legal development, say attorneys at Venable.
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Series
Creating Botanical Art Makes Me A Better Lawyer
Pressing and framing plants that I grow has shown me that pursuing an endeavor that brings you joy can lead to surprising benefits for a legal career, including mental clarity, perspective and even a bit of humility, says Douglas Selph at Morris Manning.
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Supreme Court's Criminal Law Decisions: The Term In Review
Though the U.S. Supreme Court’s criminal law decisions in its recently concluded term proved underwhelming by many measures, their opinions revealed trends in how the justices approach criminal cases and offered reminders for practitioners, says Kenneth Notter at MoloLamken.
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Compliance Is A New Competitive Edge For Mortgage Lenders
So far, 2025 has introduced state and federal regulatory turbulence that is pressuring mortgage lenders to reevaluate the balance between competitive and compliant employee and customer recruiting practices, necessitating a compliance recalibration that prioritizes five key strategies, say attorneys at Mitchell Sandler.
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Even As States Step Up, They Can't Fully Fill CFPB's Shoes
The Trump administration's efforts to scale down the Consumer Financial Protection Bureau have prompted calls for state regulators to pick up the slack, but there are also important limitations on states' ability to fill the gap left by a mostly dormant CFPB, say attorneys at Covington.
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Opinion
The Legal Education Status Quo Is No Longer Tenable
As underscored by the fallout from California’s February bar exam, legal education and licensure are tethered to outdated systems, and the industry must implement several key reforms to remain relevant and responsive to 21st century legal needs, says Matthew Nehmer at The Colleges of Law.
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What Dismissal Rulings May Mean For ERISA Forfeiture Cases
Following an influx of Employee Retirement Income Security Act class actions challenging the long-standing practice of plan sponsors using plan forfeitures to offset employer contributions, recent motion to dismiss rulings and a U.S. Department of Labor amicus brief may encourage more courts to reject plaintiffs' forfeiture theories, say attorneys at Mayer Brown.
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'Pig Butchering' Seizure Is A Milestone In Crypto Crime Fight
The U.S.' recent seizure of $225 million in crypto funds in a massive "pig butchering" scheme highlights the transformative impact of blockchain analysis in law enforcement, and the increasing necessity of collaboration between law enforcement agencies, cryptocurrency exchanges and stablecoin issuers, says David Zaslowsky at Baker McKenzie.
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The Pros, Cons Of A Single Commissioner Leading The CFTC
While a single-member U.S. Commodity Futures Trading Commission may require fewer resources and be more efficient, its internal decision-making process would be less transparent to those outside the agency, reflect less compromise between competing viewpoints and provide the public with less predictability, says former CFTC Commissioner Dan Berkovitz.
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E-Discovery Quarterly: Rulings On Relevance Redactions
In recent cases addressing redactions that parties sought to apply based on the relevance of information — as opposed to considerations of privilege — courts have generally limited a party’s ability to withhold nonresponsive or irrelevant material, providing a few lessons for discovery strategy, say attorneys at Sidley.
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Opinion
Section 1983 Has Promise After End Of Nationwide Injunctions
After the U.S. Supreme Court recently struck down the practice of nationwide injunctions in Trump v. Casa, Section 1983 civil rights suits can provide a better pathway to hold the government accountable — but this will require reforms to qualified immunity, says Marc Levin at the Council on Criminal Justice.
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Why Bank Regulators' Proposed Leverage Tweak Matters
Banking agencies' recent proposal to modify the enhanced supplementary leverage ratio framework applicable to the largest U.S. banks shows the regulators are keen to address concerns that the regulatory capital framework is too restrictive, say attorneys at Moore & Van Allen.
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How Banks Can Harness New Customer ID Rule's Flexibility
Banking regulators' update to the customer identification process, allowing banks to collect some information from third parties rather than directly from customers, helps modernize anti-money laundering compliance and carries advantages for financial institutions that embrace the new approach, say attorneys at Bradley Arant.
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Series
Playing Soccer Makes Me A Better Lawyer
Soccer has become a key contributor to how I approach my work, and the lessons I’ve learned on the pitch about leadership, adaptability, resilience and communication make me better at what I do every day in my legal career, says Whitney O’Byrne at MoFo.
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Opinion
The SEC Should Embrace Tokenized Equity, Not Strangle It
The U.S. Securities and Exchange Commission should grant no-action relief to firms ready to pilot tokenized equity trading, not delay innovation by heeding protectionist industry arguments, says J.W. Verret at George Mason University.