Banking

  • October 15, 2021

    5th Circ. Says CFPB Payday Loan Regs Must Wait For Appeal

    The Fifth Circuit has stepped in to extend a stay on Consumer Financial Protection Bureau payday lending regulations that are being challenged by two industry trade groups, giving small-dollar lenders a reprieve from an expected June compliance deadline.

  • October 15, 2021

    SEC Awards Total Of $40M To 2 Whistleblowers

    The U.S. Securities and Exchange Commission announced Friday that it had awarded a total of $40 million to a pair of whistleblowers who kick-started a successful enforcement action, despite the fact that one informant waited years to report the misconduct.

  • October 15, 2021

    Treasury Issues Sanctions Compliance Guide Aimed At Crypto

    The Office of Foreign Assets Control on Friday published a compliance guide for digital asset companies as part of its ongoing efforts to crack down on ransomware attacks and the use of cryptocurrencies to avoid sanctions.

  • October 15, 2021

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

    This past week in London has seen another Italian region in a lawsuit over derivatives contracts, the U.K.'s high-speed railway project facing a fresh legal challenge, and a British chain of discount retail stores suing Shoosmiths. Here, Law360 looks at those and other new claims in the U.K.

  • October 15, 2021

    Calif. Court OKs Warrant For PetroSaudi Arbitral Win

    The U.S. Department of Justice finally secured a warrant for portions of a PetroSaudi unit's $380 million arbitration award that federal prosecutors say is linked to $1 billion allegedly stolen from Malaysia's sovereign wealth fund.

  • October 15, 2021

    DOL Plan Could Make ESG Retirement Investing Hip — Again

    A new U.S. Department of Labor proposal would rip down Trump-era barriers that discouraged ESG investing by employee retirement funds, but it may only be the latest volley in a fiery debate over whether such investments are economically relevant — and whether they benefit or harm investors.

  • October 15, 2021

    Credit Union CEO Wants Bail Amid Corrupt-Payout Appeal

    Former Melrose Credit Union CEO Alan Kaufman, set to begin a nearly four-year prison term next month, has told a New York federal judge that he should remain free on bail while he appeals his conviction for accepting unlawful gratuities from CBS Radio and a former taxi mogul.

  • October 15, 2021

    Health Care Co. Hit With Stock-Drop Suit Over Medicare Freeze

    An investor in health care delivery platform InnovAge Holding Corp. has filed a proposed securities class action alleging the company lied about its business and operations in its initial public offering, which in turn led its stock price to fall when new enrollment at one of its hospitals was banned by the Centers for Medicare and Medicaid Services.

  • October 15, 2021

    Alston Real Estate Leader Sees More Fundraising Competition

    While Blackstone has dominated the real estate fundraising space for years, a new wave of entrants seeking returns in commercial real estate is likely to chip into some of its market share, one of Alston & Bird LLP's real estate leaders told Law360 in a recent interview.

  • October 15, 2021

    Goodwin Snags Another Litigator From Manatt In SoCal

    Goodwin Procter LLP nabbed another litigation partner from Manatt Phelps & Phillips LLP to join its Santa Monica office, continuing to bolster its West Coast litigation offerings.

  • October 15, 2021

    Banks Still Reporting Significant Libor Exposures, EBA Warns

    Banks still have €50 trillion ($58 trillion) in derivatives exposures tied to Libor and face high transition risks as the scandal-plagued benchmark rate goes out of service in two months, the European Union's banking watchdog warned.

  • October 14, 2021

    11th Circ. Affirms Gov't Seizure Of Funds Tied To Visa Scam

    An Eleventh Circuit panel in a published opinion Wednesday backed the federal government's move to seize the funds of Chinese nationals embroiled in an immigration scam, as well as holding that the foreign nationals did not have their due process rights violated.

  • October 14, 2021

    CFPB, FTC Wade Into 4th Circ. Fight Over Public Records Site

    The Consumer Financial Protection Bureau and Federal Trade Commission told the Fourth Circuit on Thursday that a public records website cannot use so-called Section 230 liability protections for tech platforms to shield itself from a class action accusing it of credit reporting violations.

  • October 14, 2021

    Citigroup Dodges Part Of Illinois Superfund Cleanup Suit

    A developer can advance most of its suit looking to force Citigroup to clean up a Superfund slag pile, but its claims for contribution and strict liability can't proceed, an Illinois federal judge said Wednesday.

  • October 14, 2021

    Mortgage Biz Accepts Crypto Payments In Industry First

    United Wholesale Mortgage said Thursday it has accepted its first cryptocurrency mortgage payment in what it's calling the industry's first transaction of its kind.

  • October 14, 2021

    Fla. Man Admits Faking 21 Virus Loan Applications

    A Florida man who received nearly $4.7 million in Paycheck Protection Program loans by lying about his purported businesses in nearly two dozen applications pled guilty Wednesday in New Jersey federal court to wire fraud and money laundering.

  • October 14, 2021

    CFTC Hits UBS With $500K Fine Over Deleted Recordings

    The U.S. Commodity Futures Trading Commission said Thursday that UBS AG will pay a $500,000 penalty after self-reporting a failure to retain more than a thousand hours of audio data related to swaps activity.

  • October 14, 2021

    Real Estate Rumors: DR Horton, Harbor Group, Starwood REIT

    DR Horton has reportedly paid $20.33 million for a Florida development site, Harbor Group International is said to have scored $558 million in CMBS financing for a New York office tower, and a Starwood Real Estate Income Trust fund has reportedly paid $386.7 million for a Florida apartment complex.

  • October 14, 2021

    Greenberg Traurig Nabs London Disputes Team From Mishcon

    Law firm Greenberg Traurig has poached seven senior lawyers from rival Mishcon de Reya to join its disputes team in London as part of its bid to expand its litigation practice.

  • October 14, 2021

    Holland & Knight Snags Ex-SEC Chief Risk Officer

    Holland & Knight LLP on Thursday announced the hire of a former top official at the Securities and Exchange Commission as a partner in its corporate, M&A and securities group.

  • October 14, 2021

    Ex-Olympic Skater May Get Bail In Virus Loan Fraud Case

    A New York federal judge said Thursday he'd grant bail for a Slovenian former Olympic figure skater charged with defrauding the federal COVID-19 economic relief program if the former coach guaranteeing the release package acknowledges the risks of backing someone from a country with no extradition.

  • October 14, 2021

    HSBC Fights Cayman Fund's Expanding $2B Madoff Claim

    An HSBC subsidiary urged the highest court for overseas British territories on Thursday to block a Cayman Islands investment fund from pressing new arguments in its long-running lawsuit seeking $2 billion in damages following losses from Bernie Madoff's massive Ponzi scheme.

  • October 14, 2021

    G-7 Aims To Help Central Banks Create Digital Currencies

    Finance ministers from the world's largest economies set out guiding principles on Thursday for countries planning to develop digital forms of central bank money as they seek to ensure that transactions are efficient and secure.

  • October 13, 2021

    SEC's Top Enforcer Says Admissions Are Back On The Menu

    The U.S. Securities and Exchange Commission's top enforcement officials signaled Wednesday that the agency will be pivoting back toward the practice of requiring defendants to admit wrongdoing in certain enforcement action settlements.

  • October 13, 2021

    Sen. Brown Says Tenure Of Fed's Quarles Was 'Failure'

    Sen. Sherrod Brown, D-Ohio, has called for the Federal Reserve to refrain from loosening any banking regulations before President Joe Biden makes his own appointments to the central bank's governing board, slamming the record of its outgoing top bank oversight official as a "failure that must come to a close."

Expert Analysis

  • Pandora Papers Reveal Need For Greater Tax Enforcement

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    The recent Pandora Papers leak is a reminder of the importance of transparency laws and proper funding for enforcement efforts against tax evasion as bad actors increasingly operate in the shadows, says Daren Firestone and Kevin Crenny at Levy Firestone.

  • Girardi Scandal Provides Important Ethics Lessons

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    The litigation and media maelstrom following allegations that famed plaintiffs attorney Thomas Girardi and his law firm misappropriated clients' funds provides myriad ethics and professional responsibility lessons for practitioners, especially with regard to misconduct reporting and liability insurance, says Elizabeth Tuttle Newman at Frankfurt Kurnit.

  • Takeaways From CFPB's Fair Debt Collection Rule Changes

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    James Sandy at McGlinchey Stafford examines the Consumer Financial Protection Bureau's upcoming amendments to the Fair Debt Collection Practices Act, and offers compliance considerations for debt collectors with respect to new communications methods and safe harbor provisions.

  • Series

    Embracing ESG: Jabil GC Talks Compliance Preparation

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    Tried-and-true compliance lessons from recent decades can be applied to companies’ environmental, social and governance efforts, especially with regard to employee training and consistent application of policies — two factors that can create a foundation for ESG criteria to flourish, says Robert Katz at Jabil.

  • 3 Ways CLOs Can Drive ESG Efforts

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    Chief legal officers are specially trained to see the legal industry's flaws, and they can leverage that perspective to push their companies toward effective environmental, social and governance engagement, says Mark Chandler at Stanford Law School.

  • 10 Years On, SEC's Market Access Rule Still Lacks Clarity

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    The U.S Securities and Exchange Commission adopted the market access rule to address the risks of algorithmic trading, but its failure over the past 10 years to articulate clear standards except through costly enforcement actions has left firms with an informal patchwork of guidance and moving targets for broker-dealers, say Ashley Bashur and Paul Eckert at WilmerHale.

  • How Law Firms Can Rethink Offices In A Post-Pandemic World

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    Based on their own firm's experiences, Kami Quinn and Adam Farra at Gilbert discuss strategies and unique legal industry considerations for law firms planning hybrid models of remote and in-office work in a post-COVID marketplace.

  • Opinion

    Next Fed Supervision Vice Chair Must Restore Bank Oversight

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    President Joe Biden's upcoming pick for vice chair of supervision at the Federal Reserve must undo deregulation of the banking industry carried out since 2017, and address emerging threats with an eye toward racial economic inequality, climate-related risks, fintech, liquidity requirements and more, says Phillip Basil at Better Markets.

  • A Primer On DOL Probes For ERISA Plan Service Providers

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    As the U.S. Department of Labor shifts its enforcement resources from Employee Retirement Income Security Act plan sponsors to financial institutions that service such plans, nonfiduciary providers should know what to expect and how to respond to agency investigations, say attorneys at Groom Law Group.

  • What To Expect From SEC's Equity Market Recommendations

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    U.S. Securities and Exchange Commission Chair Gary Gensler’s recent comments offer clues as to how the agency's forthcoming report on equity market structure may address issues like payment for order flow, settlement cycle, market data and conflicts of interest, says Justin Chretien at Carlton Fields.

  • NYC Fair Chance Act Updates Challenge Finance Employers

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    Financial institutions may struggle to reconcile industry regulators’ criminal background check requirements for job applicants with new restrictions imposed by New York City’s Fair Chance Act amendments, but certain best practices can help employers in this arena balance their competing obligations, say Tyler Hendry and Pamela K. Terry at Herbert Smith.

  • Opinion

    Cannabis Fraud Decision Shows Need For Sentencing Reform

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    A New York federal court's recent decision in U.S. v. Akhavan, holding a $17 million forfeiture request for cannabis bank fraud unconstitutionally excessive, reveals the need to reform sentencing laws that overemphasize crimes' financial elements even when tenuously related to defendants' intent, say Lloyd Liu and Hilary LoCicero at Bennett LoCicero.

  • Series

    Embracing ESG: Baker Hughes CLO Talks Sustainability Team

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    For businesses focused on addressing environmental, social and governance considerations, a legal team that can coordinate sustainability efforts across the company can help to manage risk and compliance issues, anticipate and prepare for change, and identify new opportunities, says Regina Jones at Baker Hughes.

  • What Mainstreaming Of Litigation Finance Means For Industry

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    The rush of new capital and investors into the litigation funding space is expected to bring heightened competition on price and other key deal terms, but litigants will need to be more in tune with individual financiers' proclivities, says William Weisman at Therium Capital Management.

  • How Investors Can Avoid Falling Prey To Crypto Scams

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    Mr. White Hat's recent theft, and surprising return, of $611 million in cryptocurrency from the Poly Network illustrates that crypto investors must conduct their own due diligence to avoid scams, including by closely scrutinizing coin founders, backers, white papers and token sales, and watching for red flags with respect to transparency, valuation and more, says Dorothy Siron at Zhong Lun.

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