Finance & Banking Civil Rights

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Bank Whistleblower Suits Highlight Limits of Employee Confidentiality Agreements

Employers increasingly face the difficult scenario of employees who misappropriate company data in the pursuit of whistleblower claims alleging misconduct by the employer. Such cases can present a complex mix of regulatory,...more

DC Fair Credit in Employment Amendment Act of 2016

DC mayor signs act prohibiting employer use of an employee’s credit information. On February 16, the mayor of the District of Columbia signed the DC Fair Credit in Employment Amendment Act of 2016 (the Act). The Act...more

Community Banks Should Be Wary of ADA Claims

A number of community banks have recently received an unpleasant delivery: a demand letter from a law firm stating the bank is not in compliance with the Americans with Disabilities Act (the ADA) and suggesting a proposed...more

Employment Law - January 2017 #3

President Taps New Heads for Federal Employment Agencies - Why it matters - President Donald J. Trump appointed new leaders for the federal employment agencies during his busy first few days in office, tapping...more

German Federal Financial Supervisory Authority (BaFin) Releases Online Whistleblowing System

On January 1 2017, the German Federal Financial Supervisory Authority (“BaFin”) set up an online whistleblowing system allowing anyone to anonymously report alleged violations of supervisory law. BaFin is the national...more

Facebook Unfriends Policy Allowing for Exclusion of Certain Racial and Ethnic Groups in Housing, Credit, and Employment...

The social network giant, Facebook—amid criticism and a push from public figures and congressional leaders—announced that the site would no longer allow advertisers to exclude specific racial and ethnic groups in the areas of...more

Proskauer To Present On Whistleblower Developments At ABA Midwinter Meeting

On February 24, 2017 at 10:30 am, Proskauer Partner Connie Bertram will speak on “Whistleblower Provisions of Sarbanes Oxley” at the American Bar Association Section of Labor and Employment Law’s Federal Labor Standards...more

Financial Services Weekly News - February 2017

Editor's Note - President Trump Signs Executive Order to Reduce Regulation and Control Regulatory Costs. On January 30, President Trump signed an executive order (Executive Order) designed to reduce the regulatory...more

Employee Benefits Developments - January 2017

The Employee Benefits practice group is pleased to present the Benefits Developments Newsletter for the month of January, 2017. Click through the links below for more information on each specific development or case. IRS...more

Community banks trade group asks Trump Administration to curb fair lending enforcement

The Independent Community Bankers of America issued a statement calling on the Trump administration “to rein in the overzealous application of fair lending laws.” ICBA stated that community banks are threatened by a recent...more

DOJ Files Redlining Lawsuit Against KleinBank

The U.S. Department of Justice (DOJ) recently commenced a redlining lawsuit against KleinBank, a state-chartered Minnesota bank subject to the regulatory authority of the Federal Deposit Insurance Corporation (FDIC). The...more

Emerging Trends Newsletter - Q4

The Volcker Rule Under the Trump Administration - The so-called Volcker Rule—named after Paul Volcker, a former chairman of the Federal Reserve Board—was part of the Dodd-Frank Wall Street Reform and Consumer Protection...more

DOJ Settles Mortgage Discrimination Lawsuit Against National Bank for $54 Million

On January 20, the U.S. Attorney’s Office for the Southern District of New York (USAO) announced that it had settled a recently-filed lawsuit against a national bank, resolving allegations of mortgage discrimination. As...more

DOJ Files Lawsuit Against National Bank Alleging Mortgage Discrimination

On January 18, 2017, the U.S. Attorney’s Office for the Southern District of New York (USAO) filed a lawsuit against a national bank, alleging that the bank had engaged in a years-long practice of racial discrimination in...more

Algorithms and bias: What lenders need to know

The algorithms that power fintech may discriminate in ways that can be difficult to anticipate—and financial institutions can be held accountable even when alleged discrimination is clearly unintentional....more

Your Daily Dose of Financial News

On the heels of Deutsche Bank’s $7.2 billion deal, Credit Suisse has finalized the terms of its own MBS-related settlement. The Swiss bank will pay $5.3 billion to resolve claims that it misled investors about the standards...more

Sixth Circuit Declines to Address the Definition of Dodd Frank “Whistleblower”

On January 13, 2017, the Sixth Circuit in Verble v. Morgan Stanley Smith Barney, LLC, declined an opportunity to be the third federal appellate court to address the definition of “whistleblower” under Dodd Frank’s...more

Judges discriminated against in judicial pension scheme reforms

Six High Court judges have succeeded in their claims against the Ministry of Justice about the introduction of the judicial pension scheme reforms. All six judges alleged that they had been discriminated against on the...more

DOJ Files Lawsuit Against Minnesota Bank Over Alleged Minority Redlining Practices

On January 13, 2017, the Department of Justice (“DOJ”) announced that it had filed a lawsuit against a Minnesota bank, stemming from allegations that the bank engaged in illegal “redlining” of minority neighborhoods in the...more

Financial Services Weekly News - January 2017

Editor's Note - In This Issue. The NYDFS revised its proposed cybersecurity regulations, the FDIC sought comment on its new de novo bank deposit insurance handbook, federal banking agencies finalized streamlined call...more

DOJ Files Consent Order Against Union Savings Bank, Guardian Savings Bank

The U.S. Department of Justice (DOJ) has filed a consent order against Union Savings Bank and Guardian Savings Bank to resolve redlining allegations. The complaint alleges that the banks violated the Fair Housing Act (FHA)...more

Two More Banks Fall to Redlining Consent Orders

The Department of Justice has entered into a proposed consent order with two Ohio based banks resolving allegations that the banks engaged in a pattern or practice of redlining in their mortgage lending practices by...more

Employee Benefits Developments - December 2016

The Employee Benefits practice group is pleased to present the Benefits Developments Newsletter for the month of December, 2016. Certain Captive Arrangements Are No Longer Under the Radar - Notice 2016-66, released...more

How HUD Secretary Carson Might Affect Mortgage Lenders

President-elect Donald Trump’s recent decision to nominate Dr. Ben Carson as Secretary of the Department of Housing and Urban Development (HUD) carries potential implications for mortgage lenders. In accord with Trump’s...more

Civil rights groups voice support for Director Cordray

Earlier this week, we blogged about reports that Director Cordray has no plans to leave the CFPB before his term expires in July 2018. Yesterday, several national civil rights groups issued a joint statement applauding the...more

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