News & Analysis as of

Banks

Bank Compels Arbitration of Overdraft Class Action

Reversing a Florida district court action, the U.S. Court of Appeals, Eleventh Circuit agreed with a national bank that a class action challenging overdraft fees should be moved to arbitration....more

Are banks ready for the Internet of Things revolution?

by DLA Piper on

The Internet of Things will change business models in the financial services sector - and at the same time create new legal issues. Much has been discussed about the impact of FinTech on traditional banks and the need for...more

Corporate Liability and the Alien Tort Statute: Highlights from the Oral Arguments in Jesner v. Arab Bank

On Wednesday, October 11, the U.S. Supreme Court heard oral arguments in Jesner v. Arab Bank. The case may once and for all determine whether companies are appropriate defendants in cases filed pursuant to the Alien Tort...more

Will the Future Bring a Surge of Class Actions against Banks and Credit Card Companies?

On July 10, 2017, the Consumer Financial Protection Bureau formally issued its long-anticipated final rule banning class waivers in future arbitration agreements for banks, lenders, debt counselors, credit card issuers,...more

Tackling Nonperforming Loans in Europe

by Morgan Lewis on

Challenges and recent developments regarding NPLs and the role of EU state aid rules. More than one trillion euros’ worth of nonperforming loans (NPLs) are concentrated in the periphery of the European Union, with banking...more

The Story Of The $4 Billion Surcharge Case Against JPMorgan

A Dallas jury last month issued a verdict of more than $5 billion against JPMorgan Chase for various breaches of fiduciary duties – by any measure an enormous damages award in a probate case and reportedly the largest in...more

Six changes to the SMCR for banks

by Dentons on

There might be a temptation for banks to think that the senior managers and certification regimes (SMCR) are old news, and they can just get on with the business of compliance. There are two main reasons, however, why banks...more

Financial Services Quarterly Report - Third Quarter 2017: Global Update: Regulators Focus on Initial Coin Offerings

by Dechert LLP on

Since January 2017, more than $2 billion has been raised through the rapidly growing market for so-called “token sales” or “initial coin offerings” (ICOs). The U.S. Securities and Exchange Commission (SEC) announced on July...more

Storytelling by Walt

by Bryan Cave on

As Jonathan and I mentioned on our podcast on succession planning a few weeks ago, our patriarch and founding father, Walt Moeling, formally retired at the end of 2016. However, his knowledge and influence continue to...more

CFPB’s First No-Action Letter: FinTech Lenders and Banks Take Note

by Vedder Price on

On September 14, 2017, the Consumer Financial Protection Bureau (the “CFPB”) issued its first no-action letter (the “No-Action Letter”) concerning the operations of Upstart Network, Inc. (“Upstart”), a FinTech lender that...more

Federal Reserve Board Issues Final Rules Imposing Restrictions on Qualified Financial Contracts of Global Systemically Important...

by Morrison & Foerster LLP on

On September 12, 2017, the Board of Governors of the Federal Reserve System (the “Board”) published in the Federal Register final rules (the “Final Rules”) intended to reduce the potential risks posed to the U.S. financial...more

Canadian Economic Sanctions Update: New Sanctions Against Venezuela and Other Developments

Two recent developments in the Canadian economic sanctions regime are notable for Canadian financial institutions and businesses engaged in international trade: Canada has imposed new sanctions against Venezuela under the...more

California Bill Would Ban Arbitration in Fraudulent Bank Contracts

In the wake of a scandal involving a national bank that allegedly opened millions of accounts without the consent of consumers, the California legislature has passed a bill that would prohibit the application of mandatory...more

The Transition Away From USD LIBOR for Swaps - A Report for U.S. Market Participants

by Moore & Van Allen PLLC on

With the Financial Conduct Authority (the “FCA”) announcing in July 2017, essentially, its intent to no longer persuade or compel panel banks to make LIBOR submissions by the end of 2021, the future of LIBOR, and its role in...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

In a major blow to the SEC, in-house judge Carol Fox Foelak dismissed the agency’s fraud claims against financier Lynn Tilton concerning statements to investors in her Zohar CLO funds. For years, Tilton had worked to avoid a...more

Reserve Bank announces revised BS11 Outsourcing Policy

by DLA Piper on

The Reserve Bank of New Zealand (RBNZ) released its revised BS11 Outsourcing Policy (BS11) last week following a two year consultation period. While the RBNZ initially consulted on lowering the threshold of BS11 to apply to...more

DOL Settlement Agreement Provides ESOP Transaction Guidance

by Holland & Knight LLP on

• The U.S. Department of Labor (DOL) and First Bankers Trust Services Inc. (FBTS) have entered into a settlement agreement filed in U.S. District Court for the Southern District of New York, resolving a case challenging FBTS'...more

FinCEN Issues Advisory on Widespread Public Corruption in Venezuela

by Dechert LLP on

The Financial Crimes Enforcement Network (FinCEN) released an advisory on September 20, 2017, to alert financial institutions of widespread public corruption in Venezuela and the methods Venezuelan senior political figures...more

Financial Regulatory Observer - September 2017: Regulators put their heads in the cloud

by White & Case LLP on

A new wave of IT outsourcing by banks raises some important questions for regulators. Financial Regulatory Observer (FRO): Why is outsourcing back at the top of the agenda for banks and supervisory authorities? ...more

Financial Regulatory Observer - September 2017: How state aid survived the Italian banking crisis

by White & Case LLP on

There is much to admire in the EU's handling of the Italian banking crisis, but in allowing two lenders to escape BRRD rules, it has raised questions on the consistency of the EU state aid and resolution framework....more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Uber’s got more than a spot of bother on its hands in London after this morning’s announcement that the company’s largest market in Europe won’t renew the ride-hailing service’s license to operate in the city (citing “a lack...more

Financial Regulatory Observer - September 2017: ECB holds sway in new banking order

by White & Case LLP on

A German lender tried and failed to remove itself from the clutches of ECB supervision – what does this mean for the wider banking sector? In May 2017 a small German state-owned bank lost its fight to escape the clutches...more

OCC's High-LTV Bulletin Is a Win for Banks and Consumers

by Pepper Hamilton LLP on

Since the financial crisis, it has been difficult for consumers and developers to obtain mortgages to buy and build in the areas most hurt by the recession. The Office of the Comptroller of the Currency (OCC) has...more

S.D.N.Y. Grants in Part and Denies in Part Trustee Bank of New York Mellon’s Motion for Summary Judgment in Suit Brought by...

On September 7, 2017, Judge Valerie Caproni in the United States District Court for the Southern District of New York granted the majority of RMBS trustee Bank of New York Mellon’s (“BNYM“) summary judgment motion and denied...more

Federal Reserve Board Announces Penalty Against State Bank for Alleged Violation of the National Flood Insurance Act

by Goodwin on

?On September 14, the Board of Governors of the Federal Reserve System announced the execution of a settlement with a state bank concerning alleged violations of the National Flood Insurance Act (“NFIA”), 42 U.S.C. §...more

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