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Banking
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June 09, 2025
6th Circ. Urged To Revive Suit Over Student Loan Freeze
A Michigan think tank has urged the Sixth Circuit to revive its challenge to a Biden-era student loan forgiveness program during the COVID-19 pandemic, telling the appellate court that a district judge was wrong to find it didn't have standing. 聽
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June 09, 2025
MoneyLion Must Wait To Challenge CFPB's Fed Funding
A New York federal judge has said that while MoneyLion may challenge the Consumer Financial Protection Bureau's funding as a defense to an enforcement lawsuit, the fintech must first answer the agency's allegations that it overcharged service members.
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June 09, 2025
Justices Urged To Keep Pause On 'Breakneck' Gov't Overhaul
The U.S. Supreme Court should leave in place a California federal judge's order barring implementation of layoffs and reorganizations at various federal departments and agencies, several unions and nonprofits argued Monday, claiming a decision allowing the changes would irreversibly harm the federal government and render Congress and the judiciary powerless.
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June 09, 2025
Mayer Brown Adds Banking Finance Partner In NY
A former Cadwalader Wickersham & Taft LLP counsel has moved to Mayer Brown LLP鈥檚 New York office as a banking and finance and collateralized loan obligations partner.
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June 09, 2025
TTAB Precedent Bars 'Repeats And Restates' Tactic In Appeals
The聽Trademark Trial and Appeal Board has rejected an application to register Princeton Equity Group for financial services, deeming the mark geographically descriptive in a precedential opinion warning applicants that arguments incorporated by reference in appeals will be considered forfeited in the future.
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June 09, 2025
Bank Gets First Dibs On Bankrupt Pa. Nursing Homes' Coffers
A bank that says it's owed nearly $48 million by a group of bankrupt Pennsylvania nursing homes will get first dibs on what's left in their accounts under a settlement approved by a federal bankruptcy judge Monday, despite objections from a supplier who said some of the money doesn't belong to the nursing homes.
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June 09, 2025
Feds Can Sell Russian Oligarch's Seized $230M Superyacht
A New York federal judge has determined the government can proceed with an auction of a superyacht that once belonged to a sanctioned Russian billionaire, rejecting an argument that a potential sale would undercut the vessel's full value.
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June 06, 2025
Senate Banking Bill Would Zero Out CFPB's Fed Funding
U.S. Senate Banking Committee Republicans called Friday for eliminating the Consumer Financial Protection Bureau's Federal Reserve funding as part of their proposal package for the "One Big Beautiful" budget bill, a move that could effectively restructure the agency.
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June 06, 2025
Fed's Bowman Calls For Oversight Built On 'Pragmatism'
Federal Reserve Vice Chair for Supervision Michelle Bowman on Friday previewed a sweeping industry-friendly agenda to ease burdens on smaller lenders, overhaul supervisory ratings and reevaluate capital rules as the central bank's new top regulator, drawing immediate praise from banking industry groups.
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June 06, 2025
Circle's Smash IPO Could Pave Way For More Crypto Listings
Stablecoin issuer Circle's explosive debut will likely stimulate more crypto listings and possibly jolt the broader pipeline of initial public offerings, capital markets attorneys say.
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June 06, 2025
Supreme Court Limits Discovery In FOIA Suit Against DOGE
The U.S. Supreme Court halted discovery Friday into whether the Department of Government Efficiency is an agency subject to the Freedom of Information Act, but left the door open to future, more tailored inquiries about the inner workings of the initiative.
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June 06, 2025
Truist's Negligence Led To Hackers Hijacking Deal, Firm Says
Delaware-based Rhodunda Williams & Kondraschow LLC is claiming in a new lawsuit that hackers used the law firm's email to hijack a real estate transaction and have funds wired to their account at Truist Financial Corp., which lacked the needed security measures to prevent the alleged fraud.
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June 06, 2025
Synapse Trustee Says No Funds Remain To Trace Client Cash
The court-appointed trustee overseeing the Chapter 11 of fintech middleware firm Synapse Financial Technologies Inc. is asking a California bankruptcy judge to convert the case to a Chapter 7 liquidation, despite some customer funds remaining unaccounted for.
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June 06, 2025
Yotta Renews Post-Middleware Failure Claims Against Evolve
Yotta Technologies Inc., a fintech company caught in the implosion of now-bankrupt middleware company Synapse Financial Technologies Inc., has renewed claims it tossed earlier against its former partner Evolve Bank & Trust, accusing the bank of "running a Ponzi scheme" in connection with its alleged loss of millions of dollars in customer funds.
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June 06, 2025
DOJ Says More IT Workers Laundered Crypto For North Korea
The U.S. Department of Justice filed a civil complaint alleging information technology workers from North Korea evaded U.S. sanctions and accumulated millions in cryptocurrency for the benefit of the North Korean government.
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June 06, 2025
Ex-Wells Fargo Atty Wins Arbitration Bid In Trade Secrets Suit
A former senior in-house counsel for Wells Fargo Advisors won his bid to make the bank arbitrate claims he absconded with confidential information and coordinated a mass resignation of other staff when he left to work at a competing advisory firm.
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June 06, 2025
Dems Urge FHFA To Halt Trump's Fannie, Freddie Plans
A group of 13 Democratic U.S. senators, along with Sen. Bernie Sanders, urged the Federal Housing Finance Agency to put on hold efforts from聽President Donald Trump to end government conservatorship for聽Fannie Mae and Freddie Mac, stating in a letter that聽reprivatizing the entities "could dramatically increase costs for families seeking to purchase a home."
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June 06, 2025
Gemini Confidentially Files For IPO Amid Crypto Listings Buzz
Crypto exchange Gemini Space Station Inc. said Friday it confidentially filed for an initial public offering, marking a first step toward going public amid growing enthusiasm for crypto-related listings following stablecoin issuer Circle Internet Group Inc.'s blockbuster IPO.
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June 06, 2025
Strategy Raises Nearly $1B In Preferred Stock To Buy Bitcoin
Michael Saylor's Strategy Inc. said Friday it priced an estimated $1 billion initial public offering of preferred stock to bolster its growing stockpile of bitcoin, in a deal represented by Latham & Watkins LLP and placement agents' counsel Davis Polk & Wardwell LLP.
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June 06, 2025
Payment Co. Faces Claims For 'Shockingly Easy' Data Access
Payment systems company Fiserv Inc. got hit with a data security suit by a credit union that claims its online banking platform is full of security flaws the company has known about for years and that allow "shockingly easy" attacks by cybercriminals.
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June 05, 2025
'Sparse' OPM Record On Mass Firings Backs Win, Unions Say
A "sparse and self-serving" record provided by the U.S. Office of Personnel Management still shows the agency unlawfully directed federal agencies to fire probationary employees en masse, so a California federal court can reach a final decision now and "unwind" those terminations, a coalition including unions and advocacy groups said Thursday.
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June 05, 2025
Fed, OCC Face Bipartisan Call For Leverage Ratio Reform
Republican and Democratic lawmakers teamed up Thursday to urge federal banking regulators to revisit their bank leverage rules "with haste," pointing to U.S. Treasury market liquidity concerns and asking for details about potential adjustments under consideration.
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June 05, 2025
Citi Let Hackers Bleed Med School Of Over $800K, Suit Says
University of Medicine and Health Sciences has sued Citibank in New York federal court, accusing it of letting hackers drain its bank account even after staff repeatedly warned they had been locked out and feared a cyberattack.
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June 05, 2025
Conn. Atty Seeks Digital Data To Unmask Alleged ID Thief
Claggett Sykes & Garza LLC partner Andrew Garza told a Connecticut state court judge Thursday that someone used his identity to open bank accounts and file a fraudulent registration for his former law firm with the Secretary of the State's office, and he needs the court to order U.S. Bank and other companies to give him information that could reveal the perpetrator.
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June 05, 2025
Bradley Arant Expands With Texas Regional Bank's CLO
Bradley Arant Boult Cummings LLP has hired the former chief legal officer of Texas Regional Bank to bolster its banking and financial services practice group.
Expert Analysis
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What Remedies Under New Admin's SEC Could Look Like
The U.S. Securities and Exchange Commission is likely to substantially narrow the remedies it pursues over the next few years, driven by the mounting challenges it faces in court, as well as the views of its incoming chair and fellow Republican commissioners on injunctions, penalties and disgorgement, say attorneys at Milbank.
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Texas Fraud Case Shows Dangers Of Faulty Crypto Reporting
The recent sentencing of a man who failed to properly report capital gains from bitcoin sales is a reminder that special attention must be given to the IRS' reporting requirements in order to stay out of the government's crosshairs, says Saverio Romeo at Fox Rothschild.
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5 Keys To Building Stronger Attorney-Client Relationships
Attorneys are often focused on being seen as the expert, but bonding with clients and prospects by sharing a few key personal details provides the basis for a caring, trusted and profoundly deeper business relationship, says Deb Feder at Feder Development.
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BlackRock Suit Highlights Antitrust Risks Of ESG
In Texas v. BlackRock, pending in Texas federal court, 13 state attorneys general are suing large institutional investors in the coal business, underscoring key reasons companies may want to alter their approach to developing and implementing policies related to environmental, social, and governance factors, especially if coordination with competitors is involved, say attorneys at Manatt.
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Suggestions For CFTC Enforcement's New Leadership
The recent change in leadership at the U.S. Commodity Futures Trading Commission presents an opportunity to reflect on past practices and consider opportunities for improvement at the commission's Enforcement Division, including in observing precedent and providing greater enforcement transparency, say attorneys at Clifford Chance.
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How Crypto Firms Should Approach Patchwork Of State Laws
The Money Transmission Modernization Act was designed to create uniformity across state digital regulations, but the reality remains far from consistent 鈥 as demonstrated by the patchwork of laws in states like Texas, Vermont, New York and California 鈥 so as state legislatures convene in the coming weeks, crypto firms should watch closely for developments that could shape the regulatory landscape, say attorneys at Paul Hastings.
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The Current And Future State Of Bank-Fintech Partnerships
Though the Consumer Financial Protection Bureau under President Donald Trump seems likely to cultivate an environment friendlier to the financial services industry, bank-fintech partnerships should stay devoted to proactive compliance and be ready to adapt to regulatory shifts that may intensify scrutiny from enforcers, say attorneys at Greenberg Traurig.
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Opinion
NFT Bill Needs Refining To Effectively Regulate Digital Assets
A recent bill in the U.S. House proposing to regulate nonfungible tokens as digital assets would leave key concepts undefined until the U.S. comptroller general completes an after-the-fact study of NFTs, showing it needs more work before it is comprehensive enough to meaningfully protect the market, say attorneys at Duane Morris.
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Series
Racing Corvettes Makes Me A Better Lawyer
The skills I use when racing Corvettes have enhanced my legal practice in several ways, because driving, like practicing law, requires precision, awareness and a good set of brakes 鈥 complete with the wisdom to know how and when to use them, says Kat Mateo at Olshan Frome.
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Opinion
Attorneys Must Act Now To Protect Judicial Independence
Given the Trump administration's recent moves threatening the independence of the judiciary, including efforts to impeach judges who ruled against executive actions, lawyers must protect the rule of law and resist attempts to dilute the judicial branch鈥檚 authority, says attorney Bhavleen Sabharwal.
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Short-Term Predictions For The CFPB's Fate Under Trump
Though the Trump administration is unlikely to succeed in abolishing the Consumer Financial Protection Bureau, new leadership will likely moderate enforcement, possibly prompting state attorneys general to step up supervision, say attorneys at Husch Blackwell.
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Rethinking 'No Comment' For Clients Facing Public Crises
鈥淣o comment鈥 is no longer a cost-free or even a viable public communications strategy for companies in crisis, and counsel must tailor their guidance based on a variety of competing factors to help clients emerge successfully, says Robert Bowers at Moore & Van Allen.
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A Closer Look At FDX's New Role As Banking Standard-Setter
Should the new Consumer Financial Protection Bureau let 鈥嬧嬧嬧嬧嬧嬧媠tand the decision empowering Financial Data Exchange as an industry standard-setter, it will be a significant step toward broader financial data-sharing, but its success will depend on industry adoption, regulatory oversight and consumer confidence, say attorneys at Clark Hill.
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What To Expect In Crypto Banking After SEC Nixed Guidance
With the U.S. Securities and Exchange Commission recently rescinding its controversial cryptocurrency accounting guidance, the industry's focus will turn to the potentially significant hurdle to crypto banking posed by the federal banking regulators, say attorneys at Duane Morris.
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Fund Names Rule FAQs Leave Some Interpretative Uncertainty
Although recently released FAQs clarify many specific points of the 2023 expansion to the Investment Company Act's fund names rule, important questions remain about how U.S. Securities and Exchange Commission staff will interpret other key terms when the end-of-year compliance date arrives, say attorneys at Dechert.