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Conflict of Laws Finance & Banking

Read Conflict of Laws updates, alerts, news, and analysis from leading lawyers and law firms:

Colorado Moves to Dismiss Suits Seeking Judgment That Bank-Originated Loans Facilitated and Serviced by Online Platforms Are...

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

California Supreme Court Finds Arbitration Agreement Waiver of 'Public Right' Unenforceable

by Pepper Hamilton LLP on

On April 6, the California Supreme Court issued a unanimous opinion in McGill v. Citibank, finding that a pre-dispute arbitration agreement was unenforceable to the extent it required the plaintiff to waive her right to seek...more

Private Arbitration Agreements which Prohibit Public Injunctive Relief Violate Public Policy and are Unenforceable Under...

by Foley & Lardner LLP on

In an April 5, 2017 unanimous opinion, the California Supreme Court (the “Court”) held that private arbitration agreements which prohibit public injunctive relief in any forum are contrary to California public policy and...more

Forcing the Issue? California Supreme Court Opens Door for Challenges to Mandatory Arbitration Clauses

Consistent with the historical reluctance of California courts to enforce arbitration provisions in consumer contracts, on April 6, 2017, the California Supreme Court ruled that an arbitration provision that waived an...more

Litigation Alert: CA Supreme Court Holds Arbitration Provisions Waiving Right to Seek Public Injunctive Relief "In Any Forum" Are...

by Fenwick & West LLP on

In a closely-watched case, the California Supreme Court recently held in McGill v. Citibank, N.A. that arbitration clauses that foreclose a plaintiff’s right to pursue public injunctive relief in any forum are invalid and...more

California Supreme Court Invalidates Contractual Waivers Of Public Injunctive Relief

by Seyfarth Shaw LLP on

Seyfarth Synopsis: No California contractual provision, including one in an arbitration agreement, can waive the statutory right to seek injunctive relief to protect the general public. McGill v. Citibank, N.A. (April 6,...more

California Breaks Further from Concepcion: Arbitration Agreements Face Further Challenge

by Selman Breitman LLP on

Notwithstanding the Federal Arbitration Act (“FAA”), arbitration agreements that purport to waive a consumer’s right to seek public injunctive relief under California’s consumer protection statutes are contrary to California...more

Dancing On Their Own: The California Supreme Court’s Decision in McGill v. Citibank, N.A. that Class Action Waivers Do Not Apply...

On April 6, 2017, the California Supreme Court struck another blow in its contentious battle with the United States Supreme Court on the enforceability of consumer arbitration clauses subject to the Federal Arbitration Act...more

Banks Seek Judgment That Loans Facilitated By Online Platforms Are Exempt From Colorado Lending Laws

In the last two weeks, WebBank and Cross River Bank—federally insured banks chartered in Utah and New Jersey, respectively—filed separate federal court actions (WebBank Complaint; Cross River Bank Complaint) against the...more

“Path to Marijuana Reform” Legislation Introduced in Congress

by Tucker Arensberg, P.C. on

On March 30th, bipartisan U.S. lawmakers introduced a package of three marijuana reform bills collectively being called the “Path to Marijuana Reform” aimed to “pave the way for responsible federal regulation of the legal...more

Remand Decision in Madden v. Midland Funding Raises Questions Regarding Choice of Law Clauses in Consumer Loan Agreements

by Pepper Hamilton LLP on

A careful parsing of state laws should be done if a lender is relying on a choice of law to avoid states that have criminal usury statutes. On February 27, the U.S. District Court for the Southern District of New York...more

Raising Money in Cannabis Businesses: Top Tips When Seeking Investment

by Garvey Schubert Barer on

Raising money into any business can be stressful and time consuming, and requires compliance with a multitude of state and federal laws. Understanding the investment landscape and being prepared can make the process smoother...more

Update on the OCC Fintech Charter: The Current Lay of the Land

The Office of the Comptroller of the Currency (OCC) is considering allowing financial technology (fintech) companies to be chartered as special-purpose national banks. Although the planning is still at a preliminary stage,...more

Navigating Through the Hazy Intersection of Financial Services and the Legal Marijuana Industry

As more states legalize marijuana use, financial institutions face increased uncertainty about how to handle accounts opened by marijuana-related businesses (MRBs) in light of regulatory difficulties stemming from the obvious...more

NY Department of Financial Services Joins Opposition to the OCC’s Proposed FinTech Charter

by Goodwin on

On January 17, 2017, Maria Vullo, the Superintendent of the New York State Department of Financial Services (NY DFS) sent a letter to the Office of the Comptroller Currency (OCC), opposing the OCC’s proposed special purpose...more

New York State Department of Financial Services Cybersecurity Regulation Poised to Reshape Existing Regulatory Landscape

In late December, New York State’s Department of Financial Services (“DFS”) released its revised proposed cybersecurity regulation (the “DFS Rule”). While the revisions pare back some of the DFS Rule’s original requirements...more

Developing a Plan for Cannabis Industry Banking

Following voter approval of recreational cannabis, the California State Treasurer’s Office reported that by 2020 cannabis sales will increase by an estimated $6.64 billion. By taxing cannabis, California could bring in an...more

The Super-Priority Saga Continues – Nevada Supreme Court Holds That NRS 116’s Notice Provisions Are Constitutional

The Ninth Circuit sent shockwaves through the mortgage industry when it held that NRS 116—the statute allowing an HOA to impose a nominal super-priority lien that can extinguish a senior deed of trust when foreclosed—was...more

Banking Problems for a Whole Industry

by Sanford Millar on

About half of the States have legalized marijuana for either or both medical and recreational use. Despite being legal under various state laws, businesses operating in the marijuana industry continue to encounter federal...more

The Intersection of Bankruptcy, Debt Collection and the Supreme Court

by Barley Snyder on

For years the interplay between the Bankruptcy Code and the Fair Debt Collection Practices Act (FDCPA) has vexed creditors and courts alike, leading to a split among the circuits as to whether the Bankruptcy Code preempts the...more

Five Gnostic Exemptions From The Qualification Requirements Of The Corporate Securities Law

by Allen Matkins on

When looking for exemptions from the qualification requirements of the California Corporate Securities Law of 1968, a good place to start is Chapter 1, Part 2, Division 1 of Title 4 of the Corporations Code. Cal. Corp. Code...more

Unregistered Sales Of Certificates Of Deposit

by Allen Matkins on

Last spring, the California Department of Business Oversight warned consumers that two related companies have been offering unlicensed online securities broker-dealer services and “unregistered sales of certificates of...more

Road Map to Europe II - Bridging the Documentation Gap Between the US and Europe in Venture Capital Transactions

It's a common issue: a US venture capitalist and a European company agree on the commercial terms of an investment transaction and think that the hard work is done but quickly find themselves at an impasse over the way the...more

Warning to "Marijuana Investors" Consider Federal Enforcement

by Sanford Millar on

The Controlled Substances Act ("CSA") lists Marijuana (cannabis) as a Schedule 1 drug. That means "the drug or substance has no currently accepted medical use in treatment in the United States. Efforts to reclassify marijuana...more

Mandatory Payroll Deduction Savings Programs Are on the Rise

by Littler on

According to the U.S. Department of Labor (DOL), one-third of American workers do not have the option to participate in a retirement savings plan through their employers. To help employees save for retirement, more states are...more

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Cybersecurity

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