On June 27, 2024, the U.S. Supreme Court issued its opinion in Securities and Exchange Commission v. Jarkesy. By a 6-3 vote, the Supreme Court affirmed the Fifth Circuit’s ruling, holding that the Seventh Amendment prohibits...more
7/5/2024
/ Administrative Agencies ,
Administrative Law Judge (ALJ) ,
FDIC ,
Financial Services Industry ,
NCUA ,
OCC ,
PCAOB ,
Regulatory Authority ,
SEC v Jarkesy ,
Securities and Exchange Commission (SEC) ,
Securities Litigation ,
Securities Regulation ,
Seventh Amendment
On, May 22, 2024, the U.S. House of Representatives passed H.R. 4763, Financial Innovation for Technology for the 21st Century Act (“FIT21”). The legislation was touted by the House Financial Services Committee’s Chairman,...more
6/12/2024
/ Blockchain ,
CFTC ,
Digital Assets ,
Disclosure Requirements ,
Enforcement ,
Investment Advisers Act of 1940 ,
Investment Company Act of 1940 ,
Jurisdiction ,
Registration Requirement ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
SIPA ,
Stablecoins
Federal and state regulators have taken an increased interest in regulating cryptocurrencies, digital assets, and the larger blockchain ecosystem. This landscape is opaque and rapidly evolving, and many industry participants...more
9/25/2023
/ Anti-Money Laundering ,
Bitcoin ,
Bitcoin Mining ,
Blockchain ,
CFIUS ,
CFTC ,
Coinbase ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Department of Justice (DOJ) ,
Digital Assets ,
Enforcement Actions ,
Ethereum ,
FinCEN ,
Fraud ,
Insider Trading ,
Ponzi Scheme ,
Securities and Exchange Commission (SEC) ,
Stablecoins ,
Unregistered Securities
The Attorney General Alliance (“AGA”) recently issued a collaborative White Paper that signals heightened scrutiny of digital asset businesses by state Attorneys General in coming years. Recognizing that it is “no longer...more
7/13/2022
/ Blockchain ,
Civil Monetary Penalty ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Cyber Crimes ,
Department of Justice (DOJ) ,
Digital Assets ,
Enforcement Actions ,
Executive Orders ,
FinCEN ,
Fraud ,
Injunctions ,
Money Laundering ,
Non-Fungible Tokens (NFTs) ,
OCC ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Restitution ,
Securities and Exchange Commission (SEC) ,
State Attorneys General ,
Uniform Commercial Code (UCC)
Cognizant Technology’s Privilege Waiver -
On February 1, 2022, the District of New Jersey ordered a company to produce internal investigation materials to two former executives indicted in connection with an alleged foreign...more
5/17/2022
/ Attorney-Client Privilege ,
Bribery ,
Corporate Counsel ,
Department of Justice (DOJ) ,
Federal Rules of Evidence ,
Foreign Corrupt Practices Act (FCPA) ,
Internal Investigations ,
Motion to Compel ,
Securities and Exchange Commission (SEC) ,
Waivers ,
Work-Product Doctrine
The Financial Institutions Reform, Recovery and Enforcement Act of 1989 (“FIRREA”) is a powerful tool in the prosecutorial arsenal. Due to its long statute of limitations, expansive penalty provision, and low civil burden of...more
3/19/2021
/ CARES Act ,
Civil Monetary Penalty ,
CMBS ,
Coronavirus/COVID-19 ,
Department of Justice (DOJ) ,
Enforcement Actions ,
False Claims Act (FCA) ,
Financial Institutions ,
FIRREA ,
Fraud ,
Paycheck Protection Program (PPP) ,
SBA ,
U.S. Treasury
SEC Enforcement and Exams Likely to Focus More on Private Funds in the New Administration -
For the next several weeks and months, intense focus will be trained on determining the priorities of the Biden administration. We...more
2/2/2021
/ Annual Reports ,
Biden Administration ,
Confidential Information ,
Conflicts of Interest ,
Coronavirus/COVID-19 ,
Cybersecurity ,
EBITDA ,
Enforcement Actions ,
Environmental Social & Governance (ESG) ,
Fees ,
Investigations ,
Investment Adviser ,
Investment Companies ,
Private Funds ,
Ransomware ,
Risk Alert
With the change of administration in Washington, the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”) is widely expected to assume a posture of aggressive enforcement of consumer protection laws. One area that we...more
1/15/2021
/ CARES Act ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Dodd-Frank ,
Enforcement Actions ,
Financial Institutions ,
Interest Rates ,
Payday Lending Rule ,
Title X
Every change in presidential administration results in shifts to agencies’ policy priorities and enforcement efforts. In a Biden Administration, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”), in particular,...more
12/18/2020
/ Biden Administration ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
Disparate Impact ,
ECOA ,
Enforcement Actions ,
Fair Housing Act (FHA) ,
HUD ,
Protected Class ,
Racial Bias
The Department of Justice Antitrust Division is intensifying its focus on the financial services sector and financial markets, and it is increasing collaboration with the Securities and Exchange Commission.
Deputy...more