The Consumer Financial Protection Bureau's new guidance that treats buy-now, pay-later firms more like credit card companies is drawing industry grumbles about "apples to oranges" comparisons, but consumer advocates say that applying additional credit card-esque rules would be the cherry on top.
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TOP NEWS

Analysis

CFPB's 1st Try At BNPL Regulation Could Set Stage For More

By Jon Hill

The Consumer Financial Protection Bureau's new guidance that treats buy-now, pay-later firms more like credit card companies is drawing industry grumbles about "apples to oranges" comparisons, but consumer advocates say that applying additional credit card-esque rules would be the cherry on top.

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JP Morgan Inks $200M CFTC Deal Over Supervision Failures

By Lauren Berg

J.P. Morgan Securities LLC on Thursday agreed to pay a $200 million civil penalty to resolve charges from the U.S. Commodity Futures Trading Commission accusing the investment management company of more than a decade of trade surveillance failures, including failing to capture billions of orders on one venue.

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US Drops Appeal Of Citigroup's $183M Tax Award At Fed. Circ.

By Anna Scott Farrell

The federal government agreed to stop fighting a ruling that awarded Citigroup $183 million in tax deductions for liabilities belonging to a failing bank it had acquired during the 1980s savings and loan crisis, according to an order Thursday by the Federal Circuit dismissing the appeal.

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NC Top Court Finds Credit Union's Arbitration Add-On Is Valid

By Katryna Perera

The North Carolina Supreme Court on Thursday said a credit union can enforce an arbitration clause tacked on to a customer's contract at a later date, confirming a ruling by a lower appellate panel and requiring the customer suing the nonprofit over allegedly illegal overdraft fees to arbitrate her claims.

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7th Circ. Unsure VIX-Fix Claims Were Wrongly Tossed

By Lauraann Wood

The Seventh Circuit seemed unsure Thursday that two investment companies should be allowed to pursue volatility index manipulation claims against Barclays, Morgan & Stanley Co. and other financial institutions after a lower court found that one lacked standing and the other missed a statutory deadline.

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Big Banks Hit With Claims Of Turning Man Into 'Money Mule'

By Spencer Brewer

A wealthy Texas entrepreneur says Morgan Stanley, Merrill Lynch, Charles Schwab and Deutsche Bank turned him into a "money mule" by using his accounts to launder billions of dollars over multiple decades, alleging a conspiracy also involving his family and a prominent lawyer that cost him millions.

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POLICY & REGULATION

House Passes Bill To Block Fed-Issued Digital Dollar

By Aislinn Keely

The U.S. House of Representatives on Thursday passed a bill that would prohibit the Federal Reserve from issuing a digital dollar in a vote that fell starkly along party lines, with Democrats decrying the bill as fearmongering over privacy concerns and a departure from the previous day's bipartisan passage of a regulatory framework for digital assets.

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ENFORCEMENT & COMPLIANCE

'Not Us At Our Best:' SEC's Top Cop Talks Debt Box Error

By Jessica Corso

The U.S. Securities and Exchange Commission's enforcement director Gurbir Grewal took responsibility Thursday for his agency's sanctioned actions in a lawsuit against crypto project Debt Box, saying that the case did not represent the agency "at our best" but was not a sign that there were any widespread problems with the way it conducts its enforcement proceedings. 

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Archegos Witness Admits Lying To Exec Charged In Collapse

By Pete Brush

An Archegos manager who pled guilty to fraud and is cooperating with prosecutors conceded to a Manhattan federal jury Thursday that he fostered an effort to mock his former boss and hide information before the hedge fund's $36 billion collapse.

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LITIGATION

PNC, Loan Officers Ink $12M Deal In Rest Break Suit

By Henrik Nilsson

PNC Bank has agreed to pay nearly $12 million to end a class action alleging the bank didn't pay mortgage loan officers for time spent on breaks and failed to issue accurate wage statements, according to a joint motion filed Wednesday in California federal court.

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Investors Lose $600M Mass Claim Over Cyprus Bank Failures

By Joyce Hanson

The Republic of Cyprus said Thursday that an international arbitral tribunal has dismissed an unprecedented $600 million mass claim by Greek depositors and bondholders affected by the restructuring of Laiki Bank and Bank of Cyprus.

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TRO Against Ex-TD Bank Employees Revised

By Sydney Price

A federal judge in Connecticut walked back part of a temporary restraining order against ex-TD Bank employees accused of siphoning $25 million in business to Raymond James Financial, saying the previous order may have been more restrictive than necessary.

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DEALS

Deals Rumor Mill: NY Yankees, Abu Dhabi Bank, Int'l Paper

By Al Barbarino

Yankees’ minority stake could hit the market, First Abu Dhabi could pay $8 billion for a stake in an Istanbul-based lender, and Suzano could sweeten its $15 billion bid for International Paper. Here, Law360 breaks down the notable deal rumors from the past week.

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BANKRUPTCY

FTX Judge Declines To Undo Ch. 11 Digital Claim Estimation

By Vince Sullivan

The judge overseeing the Chapter 11 case of cryptocurrency exchange FTX Trading Ltd. on Thursday denied a request to vacate an earlier ruling allowing the debtor to estimate the claims of creditors holding digital assets based on their petition date value, saying the party seeking to undo the order had not provided any new evidence to justify the action.

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EXPERT ANALYSIS

CFPB Poised To Up The Ante After Supreme Court Victory

When the U.S. Supreme Court emphatically ruled last week that the Consumer Financial Protection Bureau's funding structure did not violate the Constitution, the agency boasted that it was "here to stay," signaling that it is moving full steam ahead with its regulatory, enforcement and supervisory agenda, says Jim Sandy at McGlinchey Stafford.

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Diving Deep Into Sweeping NY Financing Bill — And Its Pitfalls

A New York bill seeking to impose state usury limits onto a broader variety of financing arrangements and apply lender licensing requirements to more diverse entities would present near-insurmountable compliance challenges for lenders and retailers, say Kate Fisher and Tom Quinn at Hudson Cook.

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2nd Circ. Ruling Affirms NY Law's Creditor-Friendly Approach

The Second Circuit’s recent ruling in 245 Park Member v. HNA International provides creditors with some reason for optimism that debtors in New York may face rejection in court for aiming to keep creditors at arm’s length by transferring personal assets into an LLC, says Jeff Newton at Omni Bridgeway.

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2 Oil Trader FCPA Pleas Highlight Fine-Reduction Factors

Recent Foreign Corrupt Practices Act settlements with Gunvor and Trafigura — the latest actions in a yearslong sweep of the commodities trading industry — reveal useful data points related to U.S. Department of Justice policies on cooperation credit and past misconduct, say Michael DeBernardis and Laura Perkins at Hughes Hubbard.

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LEGAL INDUSTRY

Analysis

Biden's Judicial Impact And What's Left On The Wish List

By Courtney Bublé

President Joe Biden secured confirmation of his 200th federal judge Wednesday and has transformed the judiciary by picking more women and people of color than any other president. But the upcoming election season could derail his hopes of confirming many more judges.

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Meet Biden's Latest Pennsylvania Picks For District Court

By P.J. D'Annunzio & Matthew Santoni

President Joe Biden has continued his trend of nominating public defenders to the federal bench, this time selecting two longtime defense attorneys to occupy vacancies in Pennsylvania.

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DOJ's Live Nation-Ticketmaster Suit: What You Should Know

The U.S. Department of Justice and a slew of state attorneys general filed a suit challenging the 2010 merger of Ticketmaster and Live Nation. Here, catch up on Law360's coverage of the deal and those who have challenged it along the way – Taylor Swift fans, investors and regulators.

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Exiled Chinese Businessman Is No $1B Fraudster, Jury Told

By Stewart Bishop

Exiled Chinese businessman and purported billionaire Guo Wengui ran legitimate companies in support of a broad movement that opposed the Chinese Communist Party, his attorney told a Manhattan federal jury Friday, rather than what prosecutors say was a multifaceted $1 billion fraud.

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Menendez, Kasowitz Firm Spar Over Subpoena To Cooperator

By Elliot Weld

Amid his bribery trial, U.S. Sen. Robert Menendez of New Jersey is urging a Manhattan federal judge to order a government cooperator to turn over communications involving his current counsel at Kasowitz Benson Torres LLP and his former attorneys.

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McElroy Deutsch Seeks Win Against Ex-CFO After Guilty Plea

By Rose Krebs

McElroy Deutsch Mulvaney & Carpenter LLP is urging a New Jersey state court to order its former chief financial officer to pay roughly $1.5 million damages for "unauthorized compensation" he paid himself and force him to disgorge $5.4 million in pay he received from the firm.

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Ex-DOJ Atty Clark Says He Was Denied A Fair Ethics Hearing

By Alison Knezevich

Former Justice Department official Jeffrey Clark was denied a fair hearing in his Washington, D.C., ethics case and should not face punishment, he told an attorney disciplinary committee in a Thursday filing.

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GC Cheat Sheet: The Hottest Corporate News Of The Week

By Sue Reisinger

Antitrust law took center stage this week as college general counsel try to figure out the what and how of paying student athletes under a new court ruling, and the U.S. Department of Justice is trying to break up the entertainment venue dominance of Live Nation and Ticketmaster.

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UK Litigation Roundup: Here's What You Missed In London

By Max Austin

This past week in London has seen an IT engineer seek permission to search a landfill hiding a hard drive supposedly storing millions of pounds in bitcoin, Glencore take on legal action by American Century Investments, gold payment app Glint bring a breach of duty claim against FRP Advisory, and an ongoing dispute between a solicitor and the Solicitors Regulation Authority. Here, Law360 looks at these and other new claims in the U.K.

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In Case You Missed It: Hottest Firms And Stories On Law360

For those who missed out, here's a look back at the law firms, stories and expert analyses that generated the most buzz on Law360 last week.

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Using A Children's Book Approach In Firm Marketing Content

From “The Giving Tree” to “Where the Wild Things Are,” most children’s books are easy to remember because they use simple words and numbers to tell stories with a human impact — a formula law firms should emulate in their marketing content to stay front of mind for potential clients, says Seema Desai Maglio at The Found Word.

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COMPANIES IN TODAY'S NEWS

AXA SA

AXA XL Ltd.

Academy Sports & Outdoors Inc.

Atlantic Global Insurance Services

Avolon Holdings Ltd.

Bank of America Corp.

Bank of Cyprus Holdings PLC

Barclays PLC

Bayerische Motoren Werke AG

Boehringer Ingelheim

Boehringer Ingelheim Vetmedica Inc.

British Broadcasting Corp.

Cboe Global Markets Inc.

Chevron Corp.

Citigroup Inc.

Community Financial Corp.

Defender Association of Philadelphia

Deloitte Touche Tohmatsu Ltd.

Deutsche Bank AG

EMCOR Group Inc.

EQT AB

EQT Corp.

Equinor ASA

Exxon Mobil Corp.

Ferrari SpA

Financial Industry Regulatory Authority Inc.

First Abu Dhabi Bank PJSC

Ford Motor Co.

Fordham University

Galp Energia SGPS SA

Glencore PLC

HSBC Holdings PLC

Honeywell International Inc.

Icertis Inc.

Integrys Energy Group Inc.

International Centre for Settlement of Investment Disputes

JPMorgan Chase & Co.

Jubilee Holdings Ltd.

Live Nation Entertainment Inc.

Major League Baseball Inc.

Major Lindsey & Africa LLC

Mediterranean Shipping Co. SA

Mercedes-Benz USA LLC

MilliporeSigma

Mondelez International Inc.

Morgan Stanley

NBCUniversal Media LLC

National Collegiate Athletic Association

National Consumer Law Center Inc.

Netflix Inc.

New York Yankees

Norfolk Southern Corp.

Omni Bridgeway Ltd.

Pac-12 Enterprises LLC

Paysafe Group PLC

Pegasus Capital Advisors LP

PetroChina Company Limited

Petrobras

QBE Insurance Group Ltd.

Raymond James Financial Inc.

Reliance Industries

San Francisco Giants

Shell PLC

Solicitors Regulation Authority Ltd.

Space Exploration Technologies Corp.

Swissport International Ltd.

Tesla Inc.

The Charles Schwab Corp.

The District of Columbia Bar

The Goldman Sachs Group Inc.

The New York Times Co.

The PNC Financial Services Group Inc.

The Walt Disney Co.

Toronto-Dominion Bank

TotalEnergies SE

Trafigura Group Pte. Ltd.

University of Virginia

Wells Fargo & Co.

YouTube Inc.

LAW FIRMS IN TODAY'S NEWS

A&O Shearman

Bathaee Dunne

Burnham & Gorokhov

Cafferty Clobes

Caldwell Carlson

Clark Hill

Clifford Chance

Clyde & Co

Cohen & Malad

Cranfill Sumner

Crowell & Moring

Curtis Mallet-Prevost

DWF LLP

Davidoff Hutcher

Davis Polk

Dorsey & Whitney

Duane Morris

Eversheds Sutherland

Fieldfisher

Fish & Richardson

Fisher & Phillips

Foley & Lardner

Fox Rothschild

Fox Williams

Frank Weinberg & Black

Friedman Kaplan

Gateley PLC

Gellert Scali

Goldstein Borgen

Grant & Eisenhofer

Greenberg Traurig

Hamlins LLP

Harris St. Laurent

Hill Dickinson

Holland & Knight

Horwich Farrelly

Howes Percival

Hudson Cook

Hughes Hubbard

Hunton Andrews

JMW Solicitors LLP

Jones Day

K&L Gates

Kasowitz Benson

Katten Muchin

KaurMaxwell

Kessler Topaz

Kirby McInerney

Kirkland & Ellis

Kobre & Kim

Korein Tillery

Kramer Levin

Landis Rath

Latham & Watkins

Littler Mendelson

Marino Tortorella

McDonald & MacGregor

McElroy Deutsch

McGlinchey Stafford

McKool Smith

Michael Best & Friedrich LLP

Morgan Lewis

Pallas Partners

Paul Hastings

Penningtons Manches

Poole Huffman

Potter Clarkson

Pryor Cashman

Quinn Emanuel

Reed Smith

Robert D. Soloff PA

Rosen Hagood

Saporito Falcone

Scott&Scott

Spencer Fane

Sullivan & Cromwell

Swartz Swidler

Welsh & Recker

Wilkin Chapman

Williams & Connolly

WilmerHale

Winston & Strawn

GOVERNMENT AGENCIES IN TODAY'S NEWS

Commodity Futures Trading Commission

Companies House

Consumer Financial Protection Bureau

European Central Bank

European Commission

European Union

Federal Bureau of Investigation

Federal Reserve System

Internal Revenue Service

International Monetary Fund

National Labor Relations Board

New York State Assembly

Office of the Comptroller of the Currency

Ontario Securities Commission

U.S. Attorney's Office for the Southern District of New York

U.S. Bankruptcy Court for the District of Delaware

U.S. Court of Appeals for the Federal Circuit

U.S. Court of Appeals for the Fifth Circuit

U.S. Court of Appeals for the Second Circuit

U.S. Department of Justice

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

U.S. District Court for the District of Columbia

U.S. District Court for the District of Connecticut

U.S. District Court for the Eastern District of Pennsylvania

U.S. District Court for the Eastern District of Texas

U.S. District Court for the Middle District of Pennsylvania

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

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

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

U.S. District Court for the Western District of Texas

U.S. Environmental Protection Agency

U.S. Government Accountability Office

U.S. House of Representatives

U.S. Office of Personnel Management

U.S. Securities and Exchange Commission

U.S. Supreme Court

World Bank Group

World Health Organization