Fintech

  • May 16, 2024

    Justices Say CFPB Is Constitutionally Funded

    The U.S. Supreme Court ruled Thursday that the Consumer Financial Protection Bureau is constitutionally funded, rejecting a payday lender-backed challenge that threatened to incapacitate the agency and throw a wrench in the Biden administration's financial regulatory agenda.

  • May 15, 2024

    3 Things To Know About CFTC's Election Betting Proposal

    The U.S. Commodity Futures Trading Commission has proposed to ban the trading of event contracts tied to things like election outcomes, sporting events and the Academy Awards. Here are three things to know about a proposal that is likely to be closely watched by industry insiders, some of whom are already wrapped up in litigation with the agency over this very issue. 

  • May 15, 2024

    'Pissed Off,' 'You Need To Go': Reps Rip FDIC's Gruenberg

    Federal Deposit Insurance Corp. Chairman Martin Gruenberg took withering, bipartisan criticism over his agency's workplace misconduct scandal at a House hearing on Wednesday, although no new Democrats joined their Republican colleagues in directly calling for his resignation.

  • May 15, 2024

    Bolt Financial Cancels $37M In Shares To End CEO Loan Suit

    Bolt Financial Inc. will cancel over $37 million in shares to settle a derivative suit against the company's board of directors that accuses its former CEO of purposely defaulting on a $30 million loan, according to a filing in Delaware's Court of Chancery.

  • May 15, 2024

    UnitedHealth Concealed DOJ Merger Investigation, Suit Says

    UnitedHealth Group has been hit with a proposed shareholder class action alleging that it failed to disclose that the U.S. Department of Justice had reopened an antitrust investigation into the health insurance giant following its acquisition of a healthcare data company, and that top executives had sold more than $120 million of shares knowing about the investigation before a news report revealed it to the public.

  • May 15, 2024

    Colo. Says Lending Law Challenge Aims To Strip Federal Right

    The state of Colorado has urged a federal judge to dismiss a suit seeking to block a new state law to rein in high-cost online lending by out-of-state banks, saying federal law "expressly permits" states to opt out of the relevant statute, so their interest rate laws will not be preempted by state-chartered banks.

  • May 15, 2024

    Brothers Stole $25M Of Crypto In 12 Seconds, Feds Say

    Two Massachusetts Institute of Technology-educated brothers were charged with orchestrating a first-of-its-kind cryptocurrency heist that allowed them to siphon virtual tokens worth around $25 million from Ethereum blockchain users within just 12 seconds, an indictment unsealed Wednesday said.

  • May 15, 2024

    Buchalter Starts Fintech And AI Practice With New Seattle Hire

    Buchalter PC announced that it hired the former chief legal officer at mortgage-focused fintech company Sagent as a Seattle-based shareholder and chair of its newly launched fintech and artificial intelligence practice group.

  • May 15, 2024

    Cahill Gordon Adds Crypto Attys, Launches Delaware Office

    Cahill Gordon & Reindel LLP announced Wednesday that it has added three attorneys to its rebranded digital assets and emerging technology practice, including a former Delaware deputy attorney general who will lead its newly launched office in the state.

  • May 15, 2024

    Ex-FTX Exec Seeks Leniency, Saying He Was Kept In The Dark

    A former top FTX official has asked a Manhattan federal judge for a lenient 18-month sentence, saying he was not part of company co-founder Sam Bankman-Fried's inner circle and was as shocked as everyone else to learn that the crypto exchange was operating a fraud that siphoned billions in customer funds.

  • May 15, 2024

    AI Job Recruiter Joonko Blames CEO Fraud For Ch. 11 Filing

    AI-powered employee recruitment venture Joonko Diversity Inc. has filed for Chapter 11 protection in a Delaware bankruptcy court, saying its business had rested almost entirely on fraudulent claims made by its ex-CEO.

  • May 15, 2024

    Senators Release 'Road Map' For Crafting Federal AI Policy

    A bipartisan group of senators on Wednesday laid out a "road map" for artificial intelligence policy that calls for increased AI innovation funding, testing of potential harms posed by AI and consideration of the technology's workforce implications.

  • May 15, 2024

    Swiss Seek Feedback On Crypto Information Exchange

    Switzerland's executive body, the Federal Council, is seeking feedback from the public on its plan to adopt two Organization for Economic Cooperation and Development standards that will update the country's automatic exchanges of information to account for crypto-assets, it said Wednesday.

  • May 14, 2024

    In Hot Seat, FDIC's Gruenberg Pledges 'Fundamental Change'

    Federal Deposit Insurance Corp. Chairman Martin Gruenberg will tell House lawmakers Wednesday that he is taking "full responsibility" for his agency's workplace misconduct scandal and eyeing "fundamental" structural reforms, striking a humbled but determined tone as he faces the first of two hearings that could be make-or-break for his job.

  • May 14, 2024

    FINRA Official Calls Off-Channel Flags 'Shockingly Common'

    A Financial Industry Regulatory Authority official said Tuesday that firms often veer into issues with off-channel business communications thanks to what's on their representatives' business cards and email signatures, and that the biggest red flag of recordkeeping violations are the habits of firms' own leaders and managers.

  • May 14, 2024

    5th Circ. Expresses Doubt On Nasdaq Board Diversity Rules

    Lawyers for the U.S. Securities and Exchange Commission and Nasdaq Stock Market LLC faced a barrage of questions from the full Fifth Circuit on Tuesday, with judges wondering whether rules requiring corporations to disclose board diversity information would open the door to investor questions on religious practices, political beliefs or Taylor Swift fandom.

  • May 14, 2024

    USPTO Guidance On AI And Patents Draws Worry And Praise

    U.S. Patent and Trademark Office guidance on when inventions developed using artificial intelligence can be patented has generated concern from some companies and industry groups about discouraging AI adoption and putting patents at risk, while others welcomed it as a sound approach.

  • May 14, 2024

    Congressional IP Attorneys Keeping Close Watch On AI

    Top intellectual property attorneys from the U.S. Senate and U.S. House of Representatives told a room full of Federal Circuit practitioners on Tuesday that artificial intelligence is the biggest thing to watch within IP law over the next few years.

  • May 14, 2024

    Workday's Liability Defense In AI Bias Battle Troubles Judge

    A California federal judge handling a job candidate's discrimination case over Workday's artificial intelligence-powered hiring tools seemed ready Tuesday to let the legal battle move ahead, as she expressed skepticism about the software developer's assertion that federal employment laws can't reach it.

  • May 14, 2024

    Sullivan & Cromwell Seeks To Ax Claims Of Aiding FTX Fraud

    Sullivan & Cromwell LLP wants a Florida federal court to dismiss a proposed class action alleging the firm knew about and helped facilitate the massive fraud by FTX, saying customers of the cryptocurrency exchange platform fail to claim anything beyond a "series of speculative allegations with no factual basis."

  • May 13, 2024

    Bank Lobbies Rattle Sabers At Fed Over Debit Swipe Fees

    Some of the same banking industry groups that sued over the Consumer Financial Protection Bureau's credit card late fee rule have urged the Federal Reserve to refrain from lowering a separate cap on debit card swipe fees, signaling it could be the next bank fee regulation to face a legal challenge if finalized.

  • May 13, 2024

    Banking Groups Oppose FDIC Position On Interstate Lending

    Two banking associations have argued the Federal Deposit Insurance Corp. is trying to create a new regulation through its support of a Colorado state law aimed at reining in high-cost lending by claiming for the first time, in an amicus brief, that interstate loans are made in both the lender's and borrower's states.

  • May 13, 2024

    CFTC Hits Crypto Firm With First-Ever Registration Claims

    A Seychelles-incorporated entity has agreed to pay nearly $1.8 million in penalties and disgorgement to end U.S. Commodity Futures Trading Commission allegations it failed to register as a futures commission merchant in what the CFTC described Monday as a first-of-its-kind action involving digital asset exchanges.

  • May 13, 2024

    Sens. Slam DOJ's Money Transmitting Biz Interpretation

    A pair of U.S. senators say they have "significant concerns" about how the U.S. Department of Justice is interpreting the definition of "money transmission" in two recent criminal actions over crypto mixers, warning that such an interpretation "threatens to criminalize core elements of Bitcoin and other crypto networks."

  • May 13, 2024

    Kabbage Inks 2 FCA Deals With Feds Totaling $120M

    Bankrupt online lender Kabbage Inc. has agreed to pay $120 million in two separate deals to resolve allegations it submitted thousands of false claims for loan forgiveness and operated without adequate fraud controls in place, the U.S. Department of Justice announced Monday.

Expert Analysis

  • The Drawbacks Of Banking Regulators' Merger Review Plans

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    Recent proposals for bank merger review criteria by the Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. share common pitfalls: increased likelihood of delays, uncertainties, and new hurdles to transactions that could impede the long-term safety and soundness of the banks involved, say attorneys at WilmerHale.

  • SEC Off-Channel Comms Action Hints At Future Enforcement

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    Although the U.S. Securities and Exchange Commission’s recent enforcement action against Senvest does not shed light on how the agency will calibrate penalties related to off-channel communications violations, it does suggest that we may see more cases against standalone investment advisers, say attorneys at Sidley.

  • Fed. Circ. Defines Foreign IP Damages, Raises New Questions

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    In Brumfield v. IBG, the Federal Circuit recently clarified which standard determines the extraterritoriality of the patent statute after the U.S. Supreme Court's WesternGeco decision, opening a new avenue of damages for foreign activities resulting from certain domestic activities while also creating some thorny questions, say Amol Parikh and Ian Howard at McDermott.

  • Series

    Being An Equestrian Makes Me A Better Lawyer

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    Beyond getting experience thinking on my feet and tackling stressful situations, the skills I've gained from horseback riding have considerable overlap with the skills used to practice law, particularly in terms of team building, continuing education, and making an effort to reset and recharge, says Kerry Irwin at Moore & Van Allen.

  • Bracing For The CFPB's War On Mortgage Fees

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    As the Consumer Financial Protection Bureau homes in on the legality of certain residential mortgage fees, the industry should consult the bureau's steady stream of consumer lending guidance for hints on its priorities, say Nanci Weissgold and Melissa Malpass at Alston & Bird.

  • 4 Ways To Refresh Your Law Firm's Marketing Strategy

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    With many BigLaw firms relying on an increasingly obsolete marketing approach that prioritizes stiff professionalism over authentic connection, adopting a few key communications strategies to better connect with today's clients and prospects can make all the difference, say Eric Pacifici and Kevin Henderson at SMB Law.

  • What Cos. Are Reporting Under New SEC Cybersecurity Rule

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    Four months after its effective date, 14 companies have made disclosures under the U.S. Securities and Exchange Commission's mandatory cybersecurity incident reporting rule, and some early trends are emerging, including a possible rush to file, say attorneys at Debevoise.

  • Binance Ruling Spotlights Muddled Post-Morrison Landscape

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    The Second Circuit's recent decision in Williams v. Binance highlights the judiciary's struggle to apply the U.S. Supreme Court's Morrison v. National Australia Bank ruling to digital assets, and illustrates how Morrison's territorial limits on the federal securities laws have become convoluted, say Andrew Rhys Davies and Jessica Lewis at WilmerHale.

  • Series

    Whitewater Kayaking Makes Me A Better Lawyer

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    Whether it's seeing clients and their issues from a new perspective, or staying nimble in a moment of intense challenge, the lessons learned from whitewater kayaking transcend the rapids of a river and prepare attorneys for the courtroom and beyond, says Matthew Kent at Alston & Bird.

  • This Earth Day, Consider How Your Firm Can Go Greener

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    As Earth Day approaches, law firms and attorneys should consider adopting more sustainable practices to reduce their carbon footprint — from minimizing single-use plastics to purchasing carbon offsets for air travel — which ultimately can also reduce costs for clients, say M’Lynn Phillips and Lisa Walters at IMS Legal Strategies.

  • What FinCEN Proposed Customer ID Number Change Means

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    The Financial Crimes Enforcement Network's recent request for comment on changing a requirement for banks to collect full Social Security numbers at account sign-up represents an important opportunity for banks to express their preferability, as communicating sensitive information online may carry fraud or cybersecurity risks, say attorneys at Crowell & Moring.

  • At 'SEC Speaks,' A Focus On Rebuilding Trust Amid Criticism

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    At the Practising Law Institute's SEC Speaks conference last week, U.S. Securities and Exchange Commission leadership highlighted efforts to rebuild and restore trust in the U.S. capital markets by addressing investor concerns through regulatory measures and enforcement actions, emphasizing the need for cooperation from market participants, say attorneys at Perkins Coie.

  • Series

    NY Banking Brief: All The Notable Legal Updates In Q1

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    The first quarter of 2024 saw a number of notable legal and regulatory developments that will significantly affect New York's financial services industry, including the New York Department of Financial Services' finalized novel guidance directing banks to continuously monitor the character and fitness of key personnel, say Brian Montgomery and Nathan Lewko at Pillsbury.

  • Practicing Law With Parkinson's Disease

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    This Parkinson’s Awareness Month, Adam Siegler at Greenberg Traurig discusses his experience working as a lawyer with Parkinson’s disease, sharing both lessons on how to cope with a diagnosis and advice for supporting colleagues who live with the disease.

  • How Banks Should Respond To Calif. AG's Overdraft Warning

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    Banks and credit unions should heed recent guidance from California’s attorney general, along with warnings by consumer regulators of all stripes, regarding unfair fee practices by properly disclosing their fees and practices, and ensuring the amounts charged mirror federal benchmarks, say Brett D. Watson and Madeline Suchard at Cozen O'Connor.

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