On March 26, 2024, the U.S. Commodity Futures Trading Commission (“CFTC”) filed a complaint (the “Complaint”) in the U.S. District Court for the Southern District of New York (“SDNY”) for injunctive and other relief against...more
4/8/2024
/ BSA/AML ,
CFTC ,
Commodities ,
Commodity Exchange Act (CEA) ,
Crypto Exchanges ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
Financial Services Industry ,
Futures Commission Merchants (FCMs) ,
Popular ,
Statutory Violations ,
Trading Platforms
The Consumer Financial Protection Bureau (“CFPB”) announced on Monday that it and 41 states and the District of Columbia had resolved a multistate investigation in the leasing activities engaged in by specialty consumer...more
The CFTC has announced three enforcement actions this month that further cement the CFTC’s jurisdiction over the decentralized finance space (“DeFi”). Back in 2022, the CFTC filed its first DeFi cases, including the...more
A lot of ink has been spilled in the last 72 hours regarding the historic developments involving Silicon Valley Bank and Signature Bank. Our quick summary of the facts and law is below. Cadwalader will continue to monitor...more
The Federal Reserve Board (“FRB” or “Board”) issued two seemingly related press releases late last week. The first announced the denial of the Federal Reserve membership application by Custodia Bank, a Wyoming special purpose...more
The Consumer Financial Protection Bureau (“CFPB”) announced a proposed consent order on December 1 intended to address a scam engaged in by a company called Loan Doctor, as well as by the company’s founder, Edgar Radjabli....more
The federal banking regulators have guidance in place regarding the advertising of credit pre-approvals, and, of course, Regulation Z and the Truth In Lending Act have provisions regarding how and when a pre-approval can be...more
9/9/2022
/ Consumer Financial Products ,
Credit Applicants ,
Credit Cards ,
Credit Karma ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
FTC Act ,
Pre-approval ,
Section 5 ,
Statutory Violations ,
Unfair or Deceptive Trade Practices
A couple of weeks ago, we reported on the FDIC and the Federal Reserve Board sending a cease and desist (“C&D”) letter to Voyager Capital to stop representing that customer funds were protected by deposit insurance. This past...more
8/29/2022
/ Cease and Desist Orders ,
Consumer Financial Products ,
Crypto Exchanges ,
Cryptocurrency ,
Deposit Insurance ,
Depository Institutions ,
Enforcement Actions ,
False Statements ,
FDIC ,
Federal Reserve ,
Financial Services Industry ,
Misleading Statements ,
Misrepresentation
The Consumer Financial Protection Bureau ("CFPB") announced in a press release issued in conjunction with the release of its latest Supervisory Highlights that it is concerned that financial institutions and other companies...more