Banking

  • January 22, 2021

    Biden's Rules Freeze May Not Stop Late Trump Financial Regs

    The Biden White House has declared a "regulatory freeze" aimed at halting the Trump administration's last-minute rulemaking in its tracks, but it may not offer progressives a quick fix for a spate of rules issued in recent weeks by the nation's traditionally independent financial regulators.

  • January 22, 2021

    Renovate Gets $5M Interim Loan Hike As Sale Fight Looms

    Bankrupt home improvement lender Renovate America Inc. pushed off a looming fight with unsecured creditors over its Chapter 11 sale terms Friday after its bankruptcy lender and stalking horse bidder agreed to add one week and $5 million to its original $18 million interim loan deadline.

  • January 22, 2021

    Capital One Customers Land Final OK On $13M ATM Fees Deal

    A federal judge in San Diego gave final approval to a $13 million settlement between Capitol One NA and consumers who allege the bank unfairly charged them balance inquiry fees.

  • January 22, 2021

    Former SEC Staff Attorney Takes Helm Of Enforcement Unit

    The U.S. Securities and Exchange Commission named a new acting director of its enforcement division Friday, calling in an associate director within the unit's home office, who is also an ex-staff attorney and former Milbank Tweed associate, to fill the role.

  • January 22, 2021

    Bank Faked Pay Data To Hide Bias Against Women, Suit Says

    A female bank executive alleges that the Utah bank she used to work for fudged payroll data to show women were being paid on par with men, and that her complaints about gender-based pay disparities prompted her termination, according to her lawsuit against the bank.

  • January 22, 2021

    Del. Justices Uphold Chancery's Higher Appraisal Of Tech Co.

    The Delaware Supreme Court on Friday upheld a lower court decision that gave investors in outsourcing company SourceHOV Holdings a post-merger share appraisal of $47.3 million, 2.8 times higher than the company's price.

  • January 22, 2021

    Vedder Price Adds Finance Atty To New Dallas Office

    Vedder Price PC has announced it has added a former Frost Brown Todd LLC finance attorney with more than a decade of experience in the field as the first hire for its new Dallas office.

  • January 22, 2021

    Simpson Thacher-Led Mortgage Co. Launches $250M IPO

    Private-equity backed mortgage producer Home Point Capital on Friday set a price range on an estimated $250 million initial public offering guided by Simpson Thacher & Bartlett LLP and underwriter counsel Davis Polk & Wardwell LLP, marking the latest mortgage-related company to seek public markets amid surging demand for home ownership.

  • January 22, 2021

    Yellen Slated To Win Senate Approval As Treasury Secretary

    The Senate will vote Monday on the confirmation of former Federal Reserve Chairwoman Janet Yellen as the nation's first female Treasury secretary, despite some Republican misgivings about her support for raising the corporate tax rate under President Joe Biden.

  • January 22, 2021

    Va. Judge Directs Re-Interview Of Witness In Capital One MDL

    A Virginia federal judge has directed attorneys in a multidistrict litigation over Capital One's massive data security breach that allegedly affected more than 100 million customers in the U.S. to re-interview a deponent, after he partially denied the customers' general discovery request based on the deposition.

  • January 22, 2021

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

    This past week in London has seen a top executive at Huawei take action against HSBC, British Gas file two fraud claims against MasterCard and Visa, and Chanel sue over a trademark infringement. Here, Law360 looks at those and other new claims in the U.K.

  • January 21, 2021

    Coronavirus Litigation: The Week In Review

    Verizon has escaped a $28 million lawsuit accusing it of spreading COVID-19, a coronavirus tracking application says Apple blocked it from its App Store to limit competition, and Enterprise wants an appeals court to consider whether the pandemic falls under the WARN Act's natural disaster exception. 

  • January 21, 2021

    FinCEN Says No To Activity Reports Over Negative Press

    The Financial Crimes Enforcement Network and other federal banking agencies added to its guidelines clarifying financial institutions' suspicious activity reporting obligations, noting that SARs are not necessary if based solely on negative media reports, grand jury subpoenas or other law enforcement inquiries.

  • January 21, 2021

    CFTC Names Democrat Rostin Behnam Acting Chairman

    The U.S. Commodity Futures Trading Commission announced Thursday that Rostin Behnam, its senior Democratic member, will serve as the agency's acting chairman for the time being.

  • January 21, 2021

    Borrowers Want Sanctions In Tribe-Linked Lending Row

    A proposed class of loan borrowers wants to sanction a vendor for tribal companies involved in online lending, accusing him of engaging in a "Stalingrad defense" and doing everything he can to delay complying with discovery requests.

  • January 21, 2021

    Chinese Fintech Co. Investors Claim Fraud Over IPO

    Investors in Chinese digital financial accounting platform 9F Inc. filed a proposed class action lawsuit in New Jersey federal court Wednesday, alleging that ahead of its initial public offering, 9F hid the fact that an ongoing dispute with a partner company had hurt its finances.

  • January 21, 2021

    'Come In And Talk To Us,' SEC's FinHUB Chief Urges

    The U.S. Securities and Exchange Commission announced Dec. 3 that its fintech innovation hub, or FinHUB, would become its own standalone office, a move its director Valerie Szczepanik tells Law360 will bolster its leadership role across the industry.

  • January 21, 2021

    Schwab Forms New Regulatory Group As SEC Turns Over

    As the U.S. Securities and Exchange Commission nears a changing of the guard and shifts in regulatory policy under the Biden administration, financial services company Charles Schwab & Co. has hired a Jones Day partner to lead its new risk and regulatory group.

  • January 21, 2021

    Philly CPA Firm Claims Ex-Partner Poached Clients

    A former partner at a Philadelphia accounting firm violated his contract when he started attracting his former employer's clients to his new firm, according to a suit filed in the Philadelphia Court of Common Pleas.

  • January 21, 2021

    NY Firm Accused Of Misleading Debtors In Collection Letters

    A Long Island-based law firm was hit with a proposed class action Wednesday, alleging that it violated federal law by sending unsolicited letters to consumers with inaccurate debt balances and misrepresented the nature of those debts, according to a complaint filed in the Southern District of New York.

  • January 21, 2021

    Biden Names Allison Herren Lee Acting SEC Chair

    Allison Herren Lee, one of two Democratic commissioners on the now-split U.S. Securities and Exchange Commission, will serve as acting chairman of the securities regulator while President Joe Biden's pick to lead the agency awaits Senate confirmation, the agency said Thursday.

  • January 20, 2021

    Biden Freezes Late Trump Regs For White House Review

    The Biden administration moved Wednesday to institute a broad "regulatory freeze" on last-minute rules issued by the Trump administration, directing agencies across the federal government to withdraw or delay action on potentially dozens of regulations.

  • January 20, 2021

    Biden DOJ May Ax Ban On 3rd-Party Donation Settlements

    The Biden administration is considering reversing a rule finalized last month that codified a Trump administration ban on settlements in federal cases that require defendants to make donations to unrelated third parties, the White House signaled Wednesday in an executive order.

  • January 20, 2021

    Virus Delays Long-Running Securities Fraud Trial To Late 2023

    Citing the current COVID-19 pandemic, a Louisiana federal judge has ordered a two-and-a-half-year postponement for a trial between individual investors and Commonwealth Advisors over securities fraud allegations dating from the Great Recession of 2007–09.

  • January 20, 2021

    Ukraine Bank Asks Chancery To Delay Ohio Building Sale

    Attorneys for a Ukrainian bank allegedly plundered by two oligarchs urged a Delaware vice chancellor on Wednesday to slow the $17 million sale of a Cleveland office tower purportedly bought with some of the bank's cash, citing price, fairness and conflict concerns.

Expert Analysis

  • CFPB Order Offers Insight Into Pandemic Mortgage Servicing

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    The U.S. Consumer Financial Protection Bureau's recent consent order over Seterus' mishandling of loss mitigation applications during the pandemic highlights issues mortgage servicers should keep in mind as they work through the backlog of loans awaiting foreclosure once federal and state moratoria end, say Jeffrey Naimon and Joshua Kotin at Buckley.

  • How Rebooted Paycheck Protection Program Works: Part 2

    Excerpt from Practical Guidance
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    Attorneys at Cozen O'Connor analyze key provisions of the U.S. Small Business Administration's two new interim final rules regulating first-draw and second-draw loans under the reinstituted Paycheck Protection Program.

  • How Rebooted Paycheck Protection Program Works: Part 1

    Excerpt from Practical Guidance
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    Attorneys at Cozen O'Connor provide an overview of the recently reinstituted Paycheck Protection Program's provisions for new borrowers to receive loans and existing borrowers to receive additional funding, and the U.S. Small Business Administration's startup of the program.

  • Top 5 ERISA Stock-Drop Case Developments From 2020

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    Last year’s most important Employee Retirement Income Security Act securities class action developments revolved around the pleading standard for stock-drop claims, which brought a split of authority that remains unresolved, says Jeffrey Justman at Faegre Drinker.

  • Law Firms Should Note GCs' Growing Focus On Biz Strategies

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    Amid the challenges of the pandemic, a shifting digital landscape, and increasing calls for diversity and inclusion, general counsel responsibilities are expanding into six new areas, highlighting the need for both in-house and outside counsel to serve as strategic and empathetic business leaders, say Wendy King at FTI Consulting and David Horrigan at Relativity.

  • 3 Ways To Shield Cyber Reports After Clark Hill Breach Ruling

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    Following a D.C. federal court's recent ruling in Wengui v. Clark Hill that a forensic cyberattack report was not protected work product — more restrictive than last year's Capital One decision — companies should follow new best practices for protecting reports from discoverability, say Colin Jennings and Ericka Johnson at Squire Patton.

  • How To Reliably Value Income-Producing Real Estate

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    Amid the pandemic-fueled surge in tax appeals and loan workouts, using the income approach to calculate the present worth of a property's future income provides the most reliable indication of value and does not rely on subjective adjustments, say Mark Dunec at FTI Consulting and Anthony DellaPelle at McKirdy Riskin.

  • What New AML Law Means For Correspondent Banking

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    In light of the National Defense Authorization Act’s recent overhaul of the Bank Secrecy Act and related anti-money laundering laws, foreign banks maintaining correspondent bank accounts in the U.S. should be aware of law enforcement's expanded authority to access bank records for their transactions, say attorneys at Arnold & Porter.

  • SEC Enforcement Expansion May Face Constitutional Limits

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    Although the recently passed National Defense Authorization Act seems to restore the U.S. Securities and Exchange Commission’s authority to seek disgorgement in enforcement cases — which the U.S. Supreme Court previously narrowed in its Kokesh and Liu decisions — the law may run afoul of the U.S. Constitution and the law of unintended consequences, says Joshua Robbins at Buchalter.

  • 6 Changes The Legal Industry Should Prepare For

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    As clients increasingly demand better efficiency, predictability and cost-effectiveness from their legal partners, especially during the pandemic, law firms and other legal service providers may need to explore new ways to bundle and deliver services — and move away from billing by time, says Joey Seeber at Level Legal.

  • Arizona May Have Nudged US Law Firms Toward Future IPOs

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    No U.S. law firm has its shares listed on a public stock exchange unlike some lucrative overseas counterparts, but by allowing nonattorneys to become stakeholders in law firms, Arizona may have paved the way for this to change should other U.S. states — particularly New York — follow suit, says Marc Lieberman at Kutak Rock.

  • How SEC Can Address 'Inherent Dilemma' Of Its Mandate

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    Tom Selman at Scopus Financial suggests three ways the U.S. Securities and Exchange Commission might reconcile the rights of market participants with the regulator's responsibility to protect investors, on the heels of Commissioner Hester Peirce's recent remarks calling out this "inherent conflict."

  • Addressing The Security Risks Of University Foreign Funding

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    Higher education institutions that accept foreign funding should address serious concomitant security risks by identifying specific sources and establishing compliance procedures that promote transparency, protect data and research, and account for U.S. national security interests, say attorneys at Manatt.

  • 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.

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