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Fintech
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February 26, 2024
BofA Battle Will Test Preemption's Reach At High Court
The U.S. Supreme Court is set Tuesday to consider whether federal law exempts national banks from state-level escrow interest requirements, a case whose technical-sounding focus belies its hefty implications for the balance of federal and state regulatory power over many of the nation's big banks.
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February 26, 2024
NIST Widens Cybersecurity Framework To Cover All Industries
The U.S. Department of Commerce agency that developed a landmark cybersecurity framework for critical infrastructure operators announced Monday that it had finalized a long-anticipated update, aimed at helping all industry sectors and organizations, to a voluntary tool to better manage cyber risks.
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February 26, 2024
Genesis Creditors, Owners Allege Cash Grab At Plan Hearing
Customers and the equity owners of cryptocurrency lender Genesis on Monday accused each other of trying to rob them of assets they deserve, as the debtor began a confirmation hearing for its Chapter 11 plan in New York bankruptcy court.
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February 26, 2024
FDIC Faces Staffing Crunch Amid Rising Turnover, IG Warns
The Federal Deposit Insurance Corp. is struggling to hire enough new employees to keep up with retirements and departures, especially in its examinations department, according to a report from the independent agency's inspector general.
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February 26, 2024
CFTC Insists Agency Has Authority To Ban Election Gambling
The U.S. Commodity Futures Trading Commission told a D.C. federal judge on Monday that barring an online trading platform from offering election betting was within its power as a federal agency, and is also in the public interest.
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February 26, 2024
MetaBirkins NFT Maker Tells 2nd Circ. 'Artwork' Is Protected
The creator of the MetaBirkins non-fungible token collection has told the Second Circuit that his use of the iconic Hermès bag's name and likeness was relevant to his artwork but said the New York court misapplied the test of whether it was protected speech when it found that the digital assets infringed on the fashion house's trademarks.
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February 26, 2024
Albright Pauses DOE's Crypto Mining Survey, For Now
A Texas federal judge has temporarily barred the U.S. Department of Energy from requiring crypto mining firms to provide data on their electricity usage after a lawsuit from a Texas industry group and a bitcoin mining firm accused the government of skirting the process to approve the survey.
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February 26, 2024
'Pig Butchering' Victim Slaps Binance, Ex-CEO With RICO Suit
Binance and the cryptocurrency exchange's former CEO let criminal syndicates run fraud schemes through its platform by flouting laws against money laundering and money transmitting, according to an $8.1 million civil racketeering suit filed in Boston federal court.
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February 26, 2024
1st Circ. Rejects Crypto Founder's Hollow Fraud Appeal
A cryptocurrency founder convicted of fraud hitched his appeal to "inapplicable precedent" and failed to muster an argument why a judge's blocking of testimony from government witnesses deprived his defense of material and favorable evidence, the First Circuit said in upholding the guilty verdict.
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February 24, 2024
Up Next At High Court: Social Media Laws & Bump Stocks
The U.S. Supreme Court will hear oral arguments related to three big-ticket cases this week in a pair of First Amendment challenges to Florida and Texas laws prohibiting social media platforms from removing content or users based on their viewpoints and a dispute over the federal government's authority to ban bump stocks.
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February 23, 2024
CFPB Subjects Lender To Supervision In 1st Oversight Flex
The Consumer Financial Protection Bureau said Friday that it has decided to require supervision for one of the nation's largest personal installment lenders, a move that marks the first time the agency has flexed its special risk-based oversight power over a company's objections.
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February 23, 2024
Russia Assets Seen As Key To Tipping The Scales For Ukraine
The 500-plus sanctions the U.S. added against Russia and its enablers Friday will continue to make the Kremlin's war more costly, but experts say the key to a real sea change in Ukraine is giving it Russia's seized assets abroad.
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February 23, 2024
FTC Rips H&R Block's 'Deceptive' Marketing, 'Coercive' Ploys
The Federal Trade Commission filed an administrative complaint against H&R Block claiming the tax preparation company deceptively marketed some products as "free" and "coerced" people to pay for pricier products, the government agency announced Friday.
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February 23, 2024
Heartland Payment Fights Cert. Bid In School Lunch Card Suit
Payment processor Heartland Payment Systems LLC has asked a Florida federal judge to deny class certification to Heartland customers alleging the company hit them with unfair surcharges when they loaded lunch money onto school-sponsored payment cards used by their kids.
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February 23, 2024
Crypto Org, Bitcoin Miner Sue DOE Over Electricity Survey
A Texas cryptocurrency industry association and a crypto-mining company have sued the U.S. Department of Energy in an attempt to block its plans to solicit mining companies' information about electricity consumption, alleging the department shirked the proper statutory process to collect the data.
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February 23, 2024
SVB's Cayman Unit Loses Ch. 15 Bid In NY
A bankruptcy judge in New York has dismissed a petition from the Cayman Islands branch of Silicon Valley Bank that sought U.S. recognition of its Cayman insolvency proceedings, finding that it is not eligible to file a Chapter 15 petition.
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February 23, 2024
Kraken Wants SEC Suit Tossed, Says Tokens Aren't Securities
Crypto exchange Kraken on Friday urged a California federal judge to permanently toss claims it failed to register its platform with the U.S. Securities and Exchange Commission since the regulator has not shown that the tokens on its platform are investment contracts.
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February 23, 2024
FDIC Slaps Small Tenn. Bank With Fintech Oversight Order
The Federal Deposit Insurance Corp. on Friday announced a consent order with a small Tennessee bank that stresses the risks of the bank's relationships with third-party fintech companies.
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February 23, 2024
FTX Settles $324M Ch. 11 Suit Over European Deal For $33M
Bankrupt cryptocurrency exchange FTX Trading Ltd. has asked a Delaware court to approve a plan to resolve a $323.5 million clawback action aimed at the co-founders of its European unit by selling the subsidiary back to the executives for $32.7 million.
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February 23, 2024
Binance Judge Says Greed Overtook Ethics, OKs $4.3B Plea
A Washington federal judge signed off Friday on Binance's $4.3 billion plea deal on money laundering and bank fraud charges, saying from the bench that the cryptocurrency exchange's ethics violations could not be explained away by mere ignorance.
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February 23, 2024
Feds' Crypto Focus Is No Longer On 'Whack-A-Mole' Cases
The U.S. Department of Justice is no longer playing "whack-a-mole" in its crypto cases, and instead is taking on large-scale actors in the hopes of encouraging industrywide compliance, veteran crypto-focused prosecutors with the Manhattan U.S. attorney's office said Friday.
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February 23, 2024
OCC Names Acting Chief Counsel As Top Lawyer Nears Exit
The Office of the Comptroller of the Currency said Friday that its chief counsel will soon depart, creating a vacancy that will be filled temporarily by an agency veteran until a permanent replacement is lined up.
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February 23, 2024
US Hits Russia With Largest Sanctions Since Ukraine Invasion
The U.S. announced over 500 new sanctions on Russia Friday following the death of opposition leader Alexei Navalny, marking the largest number of sanctions since Moscow invaded Ukraine two years ago.
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February 22, 2024
Mastercard Faces Monopolization Claims Over Digital Tokens
Mastercard has been stonewalling digital wallet startup OV Loop, refusing to provide needed tokens and thereby excluding OV Loop from the mobile payment services market, all part of Mastercard's effort to maintain its chokehold on payment processing and continue to charge supracompetitive fees on transactions, according to a suit filed Wednesday.
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February 22, 2024
BofA Card Holders Fight Uphill To Save Interest Charge Suit
A California federal judge appeared inclined to toss a proposed class action claiming Bank of America illegally imposes excessive interest charges on variable-rate credit card holders, asking during a hearing Thursday if the plaintiff's counsel could "bolster" the complaint if the bank's motion to dismiss were granted.
Expert Analysis
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A Look At FedNow Liability Allocation And A 4th Circ. Toss-Up
Dsu-Wei Yuen and Andrew Lorentz at Davis Wright break down the current legal requirements that are directly applicable to common electronic payment systems like FedNow and Automated Clearing House and how they could be affected by a decision in Studco v. 1st Advantage Credit Union, currently on appeal in the Fourth Circuit.
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3 Defense Takeaways From The Bankman-Fried Trial
FTX founder and former CEO Sam Bankman-Fried’s recent fraud conviction offers several key lessons for future white collar defendants, from the changing nature of cross-examination to the continued risks of taking the stand, say Jonathan Porter and Gregg Sofer at Husch Blackwell.
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Series
Children's Book Writing Makes Me A Better Lawyer
Becoming a children's book author has opened doors to incredible new experiences of which I barely dared to dream, but the process has also changed my life by serving as a reminder that strong writing, networking and public speaking skills are hugely beneficial to a legal career, says Shaunna Bailey at Sheppard Mullin.
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3 FinCEN Fraud Alerts To Remember In 2024
With financial fraud now the largest source of illicit proceeds in the U.S., banks should review this year's key Financial Crimes Enforcement Network alerts to ensure their employees know the warning signs of three types of rising scams and understand how to effectively report suspicious activity, says Memrie Fortenberry at Jones Walker.
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How Clients May Use AI To Monitor Attorneys
Excerpt from Practical Guidance
Artificial intelligence tools will increasingly enable clients to monitor and evaluate their counsel’s activities, so attorneys must clearly define the terms of engagement and likewise take advantage of the efficiencies offered by AI, says Ronald Levine at Herrick Feinstein.
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7 Enforcement Predictions For US Export Controls, Sanctions
Federal agencies' assertions of coming increases in export-control and sanctions-violations enforcement are not new, but recent improvements in resources and inter-agency cooperation allow for certain predictions about how the administration’s latest approach to enforcement may be applied going forward, say attorneys at Akin.
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8 Ways To Negotiate Improved Disgorgement Outcomes
The U.S. Securities and Exchange Commission's nearly $3.4 billion collected in disgorgements in 2023 shows that substantial disgorgement claims from regulators and law enforcement are the new norm, but corporations may be able to dramatically reduce what they owe by using eight strategies to argue for reduced net profit calculations, say experts at AlixPartners.
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How The NY AG Leads Investigations In Civil Securities Fraud
Although investigating white collar fraud can put significant strain on state and local resources, the New York Attorney General's Office has continued to use its expansive statutory authority to take a leading role in bringing civil enforcement actions in highly complex financial matters, say Carrie Cohen and Nathan Reilly at MoFo.
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3 Types Of Evidence Excluded Pretrial In 2023 TM Cases
Dylan I. Scher at Quinn Emanuel reviews three areas of rulings on motions in limine from 2023 where parties successfully excluded evidence in a trademark dispute, for legal practitioners to consider for future cases.
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Series
ESG Around The World: Singapore
Singapore is keen to establish itself as a leading international financial center and a key player in the sustainable finance ecosystem, and key initiatives led by its government and other regulatory bodies have helped the Asian nation progress from its initially guarded attitude toward ESG investment and reporting, say attorneys at Morgan Lewis.
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Series
The Pop Culture Docket: Judge D'Emic On Moby Grape
The 1968 Moby Grape song "Murder in My Heart for the Judge" tells the tale of a fictional defendant treated with scorn by the judge, illustrating how much the legal system has evolved in the past 50 years, largely due to problem-solving courts and the principles of procedural justice, says Kings County Supreme Court Administrative Judge Matthew D'Emic.
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What Banks Should Know About FDIC Assessment Rule
Max Bonici at Venable answers questions banking organizations may have about the Federal Deposit Insurance Corp.'s recent approval of a rule implementing a special assessment on banks to recoup costs associated with protecting uninsured depositors after the bank failures earlier this year, and highlights other considerations for uninsured deposits.
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Series
Performing Music Makes Me A Better Lawyer
The discipline of performing live music has directly and positively influenced my effectiveness as a litigator — serving as a reminder that practice, intuition and team building are all important elements of a successful law practice, says Jeff Wakolbinger at Bryan Cave.
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Expect CFPB Flex Over Large Nonbank Payment Cos.
A recent enforcement action and a new rule proposal from the Consumer Financial Protection Bureau indicate a growing focus on the nonbank payment ecosystem, especially larger participants, in 2024, say Felix Shipkevich and Jessica Livingston at Shipkevich.
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Breaking Down High Court's New Code Of Conduct
The U.S. Supreme Court recently adopted its first-ever code of conduct, and counsel will need to work closely with clients in navigating its provisions, from gift-giving to recusal bids, say Phillip Gordon and Mateo Forero at Holtzman Vogel.