Financial Institution Liability

The CFPB Stretches ECOA Past the Breaking Point with Auto Finance

by Christopher J. Willis | Ballard Spahr LLP on 2/22/2013

In a story released last night, Carter Dougherty at Bloomberg reports that the CFPB has warned “at least four banks” that it may take enforcement action against them under ECOA, alleging that a “policy” of “allowing” dealers...more

Orrick's Financial Industry Week In Review - February 11, 2013

by Orrick, Herrington & Sutcliffe LLP on 2/14/2013

In This Issue: *RMBS Litigation - Assured Wins $90 Million in Damages in RMBS Breach of Contract Trial - DOJ Brings Civil Fraud Action Against S&P - S&P Seeks Declaration That Credit Ratings Are Immune From...more

FFIEC Proposed Guidance on Social Media Risk Management: Practice Points for All Organizations Using Social Media

by Karen H Bromberg | Cohen & Gresser LLP on 1/30/2013

Organizations using social media are confronted with an ever increasing challenge of social media risk management. To help financial institutions identify, measure, monitor, and control such risks, the Federal Financial...more

When NJ Banks Are Liable For 3rd-Party Fiduciary Breach

by Steven Beckelman | McCarter & English, LLP on 1/30/2013

Originally published in Law360, New York on January 29, 2013. Banks, broker/dealers and other financial institutions often are the subject of claims by noncustomer investors, businesses, and estate and trust...more

Bank Liability to Non-Customers in a Ponzi Scheme

by Timothy R. Moore | Spilman Thomas & Battle, PLLC on 12/18/2012

The morning news reports flashes a report that your customer was actually a Ponzi scheme and defrauded numerous people. Of course, this is terrible news for the innocent victims, but, you ask yourself, could my bank be...more

Bank Agrees to Reimburse Company for Funds Taken Through Online Bank Account Theft

by Craig Hoffman | BakerHostetler on 12/6/2012

We reported in July on a First Circuit Court of Appeals decision finding that a bank failed to implement commercially reasonable security methods to prevent unauthorized transfers by a criminal that gained the online banking...more

When Banks Are on the Hook for Cybertheft

by Bernstein Shur on 12/5/2012

This Wall Street Journal Article features Bernstein Shur Attorney Dan Mitchell. Banks typically are responsible for losses when personal accounts are hacked. But commercial clients that fall victim to cyber theft have...more

After Sanford company’s money stolen, court rules banks are responsible if hacked

by Bernstein Shur on 12/5/2012

This BDN Maine article features Bernstein Shur Attorney Dan Mitchell. SANFORD, Maine — A recent court ruling involving a Sanford construction company and its bank could have nationwide implications as attorneys and...more

FFIEC Releases Statement on Cloud Computing Risks and Considerations

by Richard Raysman | Holland & Knight LLP on 8/15/2012

The Federal Financial Institution Examination Council (FFIEC), an interagency body that advises a number of federal agencies on appropriate standards for the regulation of financial institutions, recently released a statement...more

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