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Your Daily Dose of Financial News

by Robins Kaplan LLP on

New FCC Chair Ajit Pai is wasting little time in reversing Obama-era regulatory efforts meant to restrict media firms and telecomm companies, and he’s got his sights set on net neutrality next....more

Financial Services Weekly News - April 2017 #3

by Goodwin on

Editor's Note - Cross River Bank Takes on Colorado in True Lender Action. This past January, the Administrator of Colorado’s Uniform Consumer Credit Code filed a court action against Marlette Funding LLC (Marlette),...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

China’s infamous shadow banking industry—an $8.5 trillion marketplace that’s sprung up in reaction to the government’s “campaign against financial leverage”—is back and bigger than ever these days....more

Blog: Avoiding Common Legal Issues at Coding Schools: Marketing

by Cooley LLP on

This is the first of a series of posts on common legal and regulatory pitfalls that alternative education providers must proactively avoid. Today’s topic is avoiding sloppy or overly aggressive marketing....more

Effect of the MIFID II Research Regime on US Investment Managers

by Morgan Lewis on

The MiFID II regime will have significant ramifications for US investment managers and their use of client commissions to obtain research—especially as cross-border impacts have yet to be addressed by global regulators....more

When Confidential is Not Confidential - Identities of Confidential Sources of Distressed Debt Reporter are Not Subject to NY...

by Dechert LLP on

There is the general expectation that when a source discloses information to a reporter on a confidential basis, the source will be protected and their identity and communications cannot be forced to be disclosed. This is...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

In a holiday shortened week the Commission began preparation for argument before the Supreme Court in an action which could have a significant impact on its enforcement program. The question for resolution is whether the...more

Hogan Lovells Global Payments Newsletter - March 2017

by Hogan Lovells on

Welcome to the Hogan Lovells Global Payments Newsletter. In this monthly publication we provide an overview of the most recent payments, regulatory and market developments from major jurisdictions around the world as well as...more

IBM Issues 2017 X-Force Threat Intelligence Index Findings

Last week, IBM published its X-Force Threat Intelligence Index (Index), which summarizes the state of leaked records and vulnerabilities to data in 2016. It is depressing, but informative....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

UK Regulator Fines Former Investment Banker for Communicating Confidential Information Via WhatsApp

by Shearman & Sterling LLP on

The Financial Conduct Authority fined former investment banker Christopher Niehaus £37,198 for sharing client confidential information over WhatsApp. Mr. Niehaus was previously a managing director in the Investment Banking...more

ISO Marketing Ensnares Sponsor Bank in Litigation: The Importance of Third-Party Compliance Monitoring

A recent federal court decision highlights the need for financial institutions and payments companies to implement strong compliance programs that include third party policies, procedures, and audits. In the case, the...more

Cross River Bank Fights Back in True Lender Case, Suing Colorado Credit Code Administrator

by Pepper Hamilton LLP on

As we reported in our earlier Client Alert, the Colorado Attorney General recently filed complaints in state court against Marlette Funding LLC and Avant of Colorado LLC on behalf of the administrator of Colorado’s Uniform...more

FCC Cannot Require Opt-Out Notice on "Solicited" Fax Ads, D.C. Circuit Holds

by Ballard Spahr LLP on

The FCC's 2006 Solicited Fax Rule is unlawful to the extent that it requires opt-out notices on solicited fax advertisements, the U.S. Court of Appeals for the District of Columbia Circuit has held in a 2-1 ruling....more

FTC Enters $53 Million Settlement With Prepaid Debit Card Provider

by Goodwin on

On March 31, 2017, the Federal Trade Commission (“FTC”) announced that it had agreed to settle charges with a prepaid debit card provider for $53 million in monetary relief applied to balances and fees in customers’ accounts....more

Colorado Attorney General Pursues 'True Lender' and 'Madden' Actions Against Major Non-Bank Online Lenders

by Pepper Hamilton LLP on

On February 15, the Colorado Attorney General filed substantially similar, separate amended complaints in the U.S. District Court of Colorado against Marlette Funding LLC and Avant of Colorado LLC, alleging violations of...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Navient Corp., facing CFPB allegations that it didn’t live up to its promises of helping its 12 million customers manage their loans, now has a two-faced problem after a recently filed motion to dismiss in which it argued...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Foreclosure stats are a far cry from their heights in the aftermath of the 2008 economic crisis. But the big news in the industry is the rise of party players that were barely a blip on the scene (if around at all) 10 years...more

Financial Services Quarterly Report - First Quarter 2017: Development of Crowdfunding in France

by Dechert LLP on

During the nascent stages of crowdfunding as a fund raising strategy, there was a great deal of uncertainty in France as to the legality of such activities. In 2014, initial regulations were enacted applicable to crowdfunding...more

The JOBS Act at Five: Congressional Hearing Highlights Need for Further Reform

by Farrell Fritz, P.C. on

On March 22, the Subcommittee on Capital Markets, Securities, and Investment of the Financial Services Committee conducted a hearing entitled “The JOBS Act at Five: Examining Its Impact and Ensuring the Competitiveness of the...more

FTC Issues Order Against Debt Relief Company for Alleged Misrepresentations

by Goodwin on

On February 27, 2017, the Federal Trade Commission (FTC) entered into a stipulated order for permanent injunction and monetary judgment with defendants United Debt Counselors, LLC, a debt relief company, and its principals,...more

Crowdfunding or Private Placement Memorandum?

by Gray Reed & McGraw on

Spurred by the frenzy of mid-century modern furniture of the 1950s and 1960s returning in popularity, a growing number of collectors are investing in and holding vintage furniture. Capitalizing on that craze, N. Stile Sune’s...more

FTC Hosts FinTech Forum on Artificial Intelligence and Blockchain Technologies, Part II

by Hogan Lovells on

As previously reported, on Thursday, March 9th, the Federal Trade Commission (FTC) hosted a forum on the consumer implications of recent developments in artificial intelligence (AI) and blockchain technologies. This is the...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Financial transaction provider Euronet Worldwide’s made an unsolicited bid to acquire MoneyGram for about $1 billion in cash, throwing a wrench into Ant Financial’s plan to use MG as a way to break into the US market and...more

Indonesia Implements a Safe Harbor Policy for E-Commerce (Marketplace) Platforms

by White & Case LLP on

In light of rapid developments in the e-commerce industry in Indonesia, the Ministry of Communication and Informatics ("MOCI") issued Circular Letter No. 5 of 2016 on the Limitations and Responsibilities of Platform Providers...more

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