The Federal Deposit Insurance Corp. faces calls to coordinate with fellow federal agencies and include state banking regulators in its coming application process for stablecoin issuers under its supervision.
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TOP NEWS

States Push FDIC To Include Them In Stablecoin Reviews

By Aislinn Keely

The Federal Deposit Insurance Corp. faces calls to coordinate with fellow federal agencies and include state banking regulators in its coming application process for stablecoin issuers under its supervision.

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Fed Pitches Formal Plan To Offer Fintechs 'Payment Accounts'

By Jon Hill

The Federal Reserve on Wednesday moved closer to giving financial technology firms a new route to accessing its payment rails, advancing a formal proposal to create a special type of "payment account" while calling for a pause on some pending full-account decisions.

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Analysis

Go West: Ex-CFPB Chief Poised To Make Mark Next In Calif.

By Jon Hill

Former Consumer Financial Protection Bureau Director Rohit Chopra's next act in government is poised to unfold on a new stage in California, but financial firms will likely recognize the script. Watch this space, attorneys tell Law360.

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BlockFills Says Examiner Unnecessary In Its Ch. 11

By Emily Lever

Cryptocurrency platform BlockFills has asked a Delaware bankruptcy judge not to appoint an examiner and Chapter 11 trustee in its case, arguing the private equity firm that requested the examiner did not raise any significant enough issue in the proceeding.

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POLICY & REGULATION

Bank Ratings Would Focus More On Financial Risk Under Plan

By Jon Hill

Federal regulators have unveiled a proposal to revamp a key ratings system used for grading the condition of banks, outlining changes that could make it harder to penalize banks on exams for governance and compliance issues unless they pose a clear financial threat.

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ENFORCEMENT & COMPLIANCE

Brief

SEC Watchdog Says Burglar Stole Laptops Amid Shutdown

By Jessica Corso

Four laptops were stolen from the U.S. Securities and Exchange Commission's Fort Worth, Texas, office after it was burglarized last year, according to the agency's Office of Inspector General.

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LITIGATION

Binance Libel Suit Doesn't Show Actual Malice, Dow Jones Says

By Bonnie Eslinger

Dow Jones urged a New York federal judge to toss a defamation suit brought by Binance over a Wall Street Journal article saying the cryptocurrency exchange fired internal investigators who uncovered transactions that purportedly went to sanctioned Iranian-backed entities, arguing that Binance hadn't shown the article was published with actual malice.

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Black SEC Worker Claims Bias Suit Drove Retaliation

By Grace Elletson

A Black U.S. Securities and Exchange Commission employee filed a second employment discrimination suit against the agency, alleging she has been given unrealistic job expectations and placed on a performance improvement plan after claiming in court that her superiors discriminated against her.

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EXPERT ANALYSIS

Big Issues Linger After Senate Prediction Market Trading Ban

Whether the Senate can — or should — extend prediction market trading restrictions beyond itself will test not only the boundaries of insider trading law, but also the structural limits of legislative power in an era where information itself has become a tradable asset, say attorneys at Benesch.

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Revised Fed Principles Balance Risk And Remediation

The Federal Reserve's recently updated supervisory principles sharpen standards for enforcement actions while rewarding self-identification and remediation, signaling a more transparent approach that could reduce uncertainty and reshape how banks manage examination risk and regulator engagement going forward, say attorneys at Davis Wright.

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Series

Law School's Missed Lesson: Diagnose Before Arguing

Law school often skips over explicitly teaching students how to determine what kind of problem a case presents before they commit to a particular doctrinal path, which risks building arguments that are internally coherent but externally misaligned, says Melanie Oxhorn at Kobre & Kim.

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LEGAL INDUSTRY

OpenAI Says ChatGPT Misuse Is Users' Responsibility

By Emily Sawicki

OpenAI has asked a federal judge in Chicago to end an insurance company's suit alleging it practices law without a license, arguing the complaint should be directed toward individuals who misuse the company's ChatGPT bot to file faulty motions, and not the generative AI platform itself.

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2nd Circ. Pick Questioned At Hearing On Role As Trump Lawyer

By Courtney Bublé

Matthew Schwartz, a nominee for the Second Circuit, was questioned by Democratic senators Wednesday about whether his current job as the president's personal attorney while his nomination process is underway poses a conflict of interest.

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Bad AI Citation Sanction Slashed Amid 7th Circ. Guidance

By Hailey Konnath

An Indiana federal judge Wednesday rejected a magistrate judge's recommendation that an attorney be sanctioned $7,500 for including faulty, artificial intelligence-generated legal citations in a discovery brief, pointing to recent Seventh Circuit guidance and sanctioning him $2,000 instead.

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2 Fla. County Courts Requiring AI Disclosure In Court Filings

By Sarah Martinson

Two Florida circuit courts in Miami-Dade and Broward counties are requiring attorneys and self-represented litigants to disclose when they use generative text tools to prepare their court filings and to certify they checked the generated content for accuracy.

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Hagens Berman Says Apple Smear Job Can't Stop Withdrawal

By Bonnie Eslinger

Hagens Berman Sobol Shapiro LLP urged a California federal judge to allow one of its named plaintiffs to withdraw from an Apple iCloud antitrust case, saying Apple Inc.'s filed opposition is rife with "misdirection and ad hominem" attacks and not about the merits of the dispute but "smearing opposing counsel."

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Atty Withdrawals Not Limited To Fee Conflicts, ABA Says

By Emily Sawicki

Lawyers whose clients fail to hold up their end of valid engagement agreements are clear to cease their representation, so long as certain criteria are met, according to the American Bar Association's ethics committee's latest guidance, published Wednesday.

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Comey Wants Arraignment Pushed For Dismissal Bid

By Phillip Bantz

Former FBI Director James Comey asked a North Carolina federal court Wednesday to postpone his arraignment on charges alleging he threatened President Donald Trump, telling a judge that he is preparing to seek to have the case thrown out on constitutional grounds.

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Mich. Supreme Court Mulls Remote Court Access Rules

By Susan Smiley

The Michigan Supreme Court held administrative hearings on Wednesday concerning several proposed amendments to Michigan court rules, including adding more specific guidelines for remote hearings, making language services free for civil cases, and allowing law students and recent law graduates to appear on behalf of indigent people in all Michigan courts.

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COMPANIES IN TODAY'S NEWS

Amazon.com Inc.

American Bankers Association

American Bar Association

American Economic Liberties Project

Apple Inc.

Bank Policy Institute

Binance Holdings Ltd.

Coinbase Global Inc.

Conference of State Bank Supervisors

Epic Games Inc.

Google LLC

Meta Platforms Inc.

Michigan Immigrant Rights Center

Nippon Life Insurance Company of America

OpenAI OpCo LLC

Otis Worldwide Corp.

Reeds Inc.

Reliz Ltd.

The Florida Bar

Twitter Inc.

Walmart Inc.

LAW FIRMS IN TODAY'S NEWS

Alan Lescht & Associates

Ashbrook Byrne

Ballard Spahr

Benesch

Davis Wright Tremaine

Greenberg Traurig

Hagens Berman

Kobre & Kim

Latham & Watkins

McDermott Will & Schulte

Paul Weiss

Sidley Austin

Spencer Fane

Sullivan & Cromwell

Wilson Sonsini

Withersworldwide

GOVERNMENT AGENCIES IN TODAY'S NEWS

City and County of San Francisco, California

Commodity Futures Trading Commission

Consumer Financial Protection Bureau

Equal Employment Opportunity Commission

Federal Bureau of Investigation

Federal Deposit Insurance Corp.

Federal Election Commission

Federal Financial Institutions Examination Council

Federal Reserve System

Federal Trade Commission

Manhattan District Attorney's Office

Michigan Supreme Court

National Credit Union Administration

New York Department of Financial Services

Office of the Comptroller of the Currency

U.S. Army

U.S. Attorney's Office for the Eastern District of North Carolina

U.S. Bankruptcy Court for the District of Delaware

U.S. Department of Justice

U.S. District Court for the District of Columbia

U.S. District Court for the Eastern District of North Carolina

U.S. District Court for the Northern District of California

U.S. District Court for the Northern District of Illinois

U.S. District Court for the Southern District of New York

U.S. House of Representatives

U.S. Securities and Exchange Commission

U.S. Senate

U.S. Supreme Court

United States District Court for the District of the Virgin Islands

United States District Court for the Southern District of Indiana