The U.S. Supreme Court has issued its decision in Loper Bright Enterprises v. Raimondo, a case with significant implications for the way federal courts review administrative agency decisions. The ruling overturns a 1984...more
The U. S. Supreme Court has clarified that a plaintiff must show harm in addition to improper discriminatory intent when bringing a change-of-terms-or-conditions-of-employment claim under Title VII’s anti-discrimination...more
The Supreme Court granted the Consumer Financial Protection Bureau’s (CFPB) request to review the Fifth Circuit’s decision in Community Financial Services Association of America v. Consumer Financial Protection Bureau but so...more
On June 30, 2022, the United States Supreme Court issued its long-awaited decision in West Virginia et al. v. Environmental Protection Agency et al., which invalidated the Clean Power Plan (“CPP”), an Obama-era regulation...more
On February 28, 2022, the Supreme Court heard oral argument in West Virginia v. EPA (consolidated with North American Coal Corp. v. EPA, Westmoreland Mining Holdings v. EPA, and North Dakota v. EPA), a case that has the...more
The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) have successfully defended their respective valid-when-made rules. On February 8, 2022, Judge Jeffry S. White, U.S....more
In Ford Motor Co. v. Montana Eighth Judicial District Court and Ford Motor Co. v. Bandemer, issued Wednesday, the United States Supreme Court rejected Ford Motor Company’s challenge to two state courts’ assertion of specific...more
Recently, seven states (New York, California, Colorado, Massachusetts, New Jersey, Minnesota, and North Carolina) and the District of Columbia filed suit in the Southern District of New York against the Office of the...more
In 2015, the Second Circuit’s decision in Madden v. Midland Funding, LLC, raised doubts about whether banks could transfer, sell, or assign their interests in consumer debt without triggering the enforcement of state usury...more
The Second Circuit’s decision in Madden v. Midland Funding, LLC was announced in 2015. Since that time, there have been a number of cases brought based on the Second Circuit opinion, as well as recent regulatory proposals...more
3/10/2020
/ Capital One ,
Chase Bank ,
Commercial Bankruptcy ,
Consumer Bankruptcy ,
Consumer Financial Products ,
Consumer Lenders ,
Credit Cards ,
FDIC ,
Financial Services Industry ,
FinTech ,
Interest Rates ,
Madden v Midland Funding ,
Motion to Dismiss ,
National Bank Charters ,
Online Marketplace Lending ,
Preemption ,
Putative Class Actions ,
Regulatory Agenda ,
Rulemaking Process ,
Securitization ,
Usury
As noted in our Financial Industry Alert published on January 17, 2020, one of the most daunting challenges for the forthcoming transition from LIBOR to an alternative reference rate has to be the impact of the prospective...more
2/7/2020
/ Alternative Reference Rates Committee (ARRC) ,
Benchmarks ,
Constitutional Challenges ,
Consumer Lenders ,
Contract Terms ,
Contracts Clause ,
Due Process ,
Financial Services Industry ,
Interest Rates ,
ISDA ,
Libor ,
Opt-Outs ,
Secured Overnight Funding Rate (SOFR) ,
Sveen v Melin ,
UK
The Texas Supreme Court issued an important ruling on Friday, January 31, 2020, on the formation of partnerships where parties have provided by contract specific conditions that must be satisfied before a partnership will be...more
2/6/2020
/ Business Operations ,
Condition Precedent ,
Contract Formation ,
Contract Negotiations ,
Contract Terms ,
Infrastructure ,
Joint Venture ,
Oil & Gas ,
Partnerships ,
TX Supreme Court ,
Waivers
On July 30, the U.S. Department of the Treasury ("Treasury") and the Office of the Comptroller of the Currency ("OCC") provided important guidance on a broad range of issues confronting the fintech industry. Treasury released...more
8/3/2018
/ Blockchain ,
Capital Requirements ,
Consumer Financial Products ,
Distributed Ledger Technology (DLT) ,
Financial Services Industry ,
FinTech ,
Fintech Charter ,
National Bank Charters ,
OCC ,
Regulatory Oversight ,
Regulatory Requirements ,
Special Purpose National Bank Charter ,
Third-Party Relationships ,
True Lender
On July 30, the U.S. Department of the Treasury ("Treasury") and the Office of the Comptroller of the Currency ("OCC") provided important guidance on a broad range of issues confronting the fintech industry. Treasury released...more
In the past few years, the SEC has become increasingly active in bringing enforcement actions based on broker-dealers' alleged failures to comply with requirements of the Bank Secrecy Act (BSA), in particular that requirement...more
7/10/2018
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Broker-Dealer ,
Enforcement Actions ,
Enforcement Authority ,
Financial Services Industry ,
Interlocutory Appeals ,
Money Laundering ,
Motion for Reconsideration ,
Section 17(a) ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Summary Judgment ,
Suspicious Activity Reports (SARs) ,
White Collar Crimes
The Sabine Oil & Gas Corp. chapter 11 bankruptcy has been closely watched by many for guidance on how to structure midstream gathering agreements between upstream producers and midstream gatherers (who gather, transport and...more
The Sabine Oil & Gas Corp. chapter 11 bankruptcy has been closely watched by many for guidance on how to structure midstream gathering agreements between upstream producers and midstream gatherers (who gather, transport and...more
The Clarifying Lawful Overseas Use of Data ("CLOUD") Act was enacted into law on March 23, 2018. The Act provides that U.S. law-enforcement orders issued under the Stored Communications Act (SCA) may reach certain data...more
Colorado's ongoing challenge to the bank partnership model of online lending will next play out, at least in part, in state court.
Last year, the Administrator of Colorado's Uniform Consumer Credit Code filed suits in...more
On November 29, 2017, the Solicitor General filed a brief on behalf of the Securities and Exchange Commission (the "Commission") in Raymond J. Lucia et al. v. Securities and Exchange Commission, No. 17-130, asking the Supreme...more
On September 25, the Acting Comptroller of the Currency and leading participants in the online lending industry gathered in Washington, D.C. at the second annual Online Lending Policy Institute (OLPI) Online Lending Policy...more
Last week in Stadnick v. Vivint Solar, the Second Circuit provided important guidance for determining when an omission in a registration statement is material for purposes of a Section 11 claim. The decision holds that the...more
The OCC’s announcement to move forward considering fintech charter applications has potentially significant industry, policy and practical implications. This presentation explores industry reaction to the OCC’s decision,...more
5/12/2017
/ Banking Sector ,
BSA/AML ,
Capital Requirements ,
Corporate Governance ,
FinTech ,
Fintech Charter ,
Liquidity Coverage Ratio ,
National Bank Charters ,
OCC ,
Public Policy ,
Regulatory Oversight
Last week, a group of state regulators, the Conference of State Bank Supervisors ("CSBS"), filed suit in the U.S. District Court for the District of Columbia seeking to enjoin the Office of the Comptroller of the Currency...more
As we noted in a recent Alert, WebBank and Cross River Bank filed separate federal civil actions to enjoin the Administrator of Colorado's Uniform Consumer Credit Code from enforcing state lending laws against Avant, Inc. and...more
4/28/2017
/ Article III ,
Banking Sector ,
Consumer Financial Products ,
Consumer Lenders ,
Internet Lenders ,
National Bank Act ,
Non-Bank Lenders ,
Online Marketplace Lending ,
Preemption ,
Standing ,
Subject Matter Jurisdiction