Bank Group Cautions OCC On Fintech Trust Charter Bids

By Jon Hill

Another major banking trade group is pushing back on efforts by a string of digital asset and payment firms to obtain federal banking charters from the Office of the Comptroller of the Currency, warning that granting the charters would invite legal and systemic risks.

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10th Circ. Rules Fed Can Reject Master Account Access

By Katryna Perera

A divided Tenth Circuit panel ruled Friday that Federal Reserve banks have the discretion to reject master account access requests from eligible entities, rejecting crypto-focused Custodia Bank's claim that it is entitled to a master account in a decision that prompted a dissenting judge to say "the Fed has gone too far."

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JPMorgan Kept Biz With 'Child Sleaze' Epstein Despite Flags

By Dorothy Atkins

JPMorgan Chase reported Jeffrey Epstein's suspicious cash transactions suggesting sex-trafficking years before the financier faced felony charges, but the bank continued to do business with him even as banking executives joked internally about Epstein as a "known child sleaze," according to documents unsealed in New York federal court Friday.

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CFPB Union Sounds Alarm As Funding 'Approaches Zero'

By Jon Hill

The Consumer Financial Protection Bureau's employee union warned that the agency is on the verge of running out of money and called for its acting Director Russell Vought to immediately request additional funds from the Federal Reserve.

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Banking, Business Groups Call For Federal AI Regulations

By Sarah Jarvis

Business and banking industry groups are calling for federal legislation to preempt what they say is a patchwork of state and local regulations on artificial intelligence, throwing their support behind the Trump administration's policy blueprint for "winning the AI race."

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Brief

SEC Extends Fee Cap Compliance Dates After DC Circ. Ruling

By Katryna Perera

The U.S. Securities and Exchange Commission on Friday extended the compliance deadlines for new rules that will cap the fees that exchanges can charge investors and allow exchanges to quote stock prices in half-penny increments after the D.C. Circuit rejected calls to overturn the rules.

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Analysis

Wheeling & Appealing: The Latest Must-Know Appellate Action

By Jeff Overley

In this installment of Wheeling & Appealing, November's appellate calendar features a Trump lawsuit against Hillary Clinton, New York City housing disputes, drug pricing battles, immigrant rights cases, and challenges to so-called patent troll laws.

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Ed Dept. Pushing Millions Of Borrowers Into Default, Suit Says

By Kelcey Caulder

The secretary of the U.S. Department of Education and three major credit bureaus were hit with a proposed class action in Georgia federal court for allegedly forcing millions of student loan borrowers into delinquency and default due to operational failures in loan servicing after the COVID-19 deferment period ended earlier this year.

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MV Realty Will Pay $2.8M To End NJ Suit Lien Agreements

By P.J. D'Annunzio

Florida-based MV Realty has entered into a $2.8 million settlement with New Jersey to resolve a lawsuit claiming it duped cash-strapped homeowners into signing agreements with predatory terms that placed liens on their homes for a one-time cash payment, the state's attorney general's office said Friday.

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TXSE Boasts $250M Total Capital After Latest Funding Round

By Jade Martinez-Pogue

TXSE Group, a company preparing to launch a Texas-based stock exchange similar to the likes of the New York Stock Exchange, revealed Friday it has raised more than $250 million in total capital following its second financing round that welcomed new investor J.P. Morgan.

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Insurers Denied Bid To Stay Avon's Ch. 11 Plan For Appeal

By Emily Lever

A Delaware bankruptcy judge denied a motion Thursday from insurers at Lloyd's of London to stay Avon Inc.'s Chapter 11 plan while the insurers appeal, finding the insurers had not shown they would be irreparably harmed by the plan taking effect.

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What CFTC Push For Tokenized Collateral Means For Crypto

The Commodity Futures Trading Commission's recent request for comment on the use of tokenized products as collateral in derivatives markets signals that it is expanding the scope and form of eligible collateral, and could broaden the potential use cases for crypto-assets held in tokenized form, say attorneys at Dechert.

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Mich. Justices To Review If Indigent Defendant Must Pay Atty

By Carolyn Muyskens

Michigan's highest court has said it will review a judge's decision to order a homeless man convicted of assault to pay his court-appointed counsel.

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Brief

DC Public Defender Funding To Halt Because Of Shutdown

By Courtney Bublé

Funding for public defender services in Washington, D.C., is about to run out as the government shutdown drags on, according to a recent letter from members of the D.C. Courts Joint Committee on Judicial Administration.

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Munger Tolles Names New Co-Managing Partners

By James Mills

Munger Tolles & Olson LLP announced Monday it has tapped two veteran trial lawyers, one the former U.S. attorney for the Central District of California, to be the firm's new co-managing partners.

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Goodwin Requiring 4 Days In Office, But Removes Tracker

By Anna Sanders

Goodwin Procter LLP will stop using certain technology to monitor in-office attendance while joining a growing list of BigLaw firms requiring U.S. attorneys to work in person at least four days a week, according to a memo obtained by Law360 Pulse.  

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ABA Changes DEI Scholarship Requirement Amid Lawsuit

By Emily Sawicki

A law school scholarship once meant for a "member of an underrepresented racial and/or ethnic minority" is now open to applicants who "have demonstrated a strong commitment to advancing diversity, equity, and inclusion," according to a change broadcast by an organization suing the American Bar Association over the scholarship's "categorical exclusion" of whites.

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Roundup

The Top In-House Hires Of October

By Michele Gorman

Legal department hires over the past month included high-profile appointments at Starbucks, Hertz and Fannie Mae. Here, Law360 Pulse looks at some of the top in-house announcements from October.

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Cannabis Cos. Allege Hinckley Allen Malpractice Cost $25M

By Adrian Cruz

A group of cannabis companies have claimed that Hinckley Allen & Snyder LLP's alleged malpractice stemming from the purported decision to prioritize the personal interests of a manager in a 2017 investor suit ended up costing them over $25 million in damages.

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Fire Forced Search Of Murder Suspect's Home, NJ Justices Told

By George Woolston

Prosecutors urged the New Jersey Supreme Court on Monday to reverse a lower court's suppression of evidence in the case of a Garden State man accused of killing his brother and his brother's family, arguing that an ongoing fire at the home where the evidence was recovered justified the warrantless seizure.

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