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Finance & Banking Constitutional Law

Read Finance & Banking Law updates, alerts, news, and legal analysis from leading lawyers and law firms:

2017 Year in Review: Developments in Payments

2017 was a year of continued innovation in the payments space as the adoption of digital payments continued to increase. Below we highlight recent developments in the payments sector....more

Ninth Circuit Rules California "No Credit Card Surcharge" Law Violates First Amendment

by Ballard Spahr LLP on

A California law that prohibits merchants from imposing a surcharge on credit card purchases violates the First Amendment of the U.S. Constitution, a unanimous panel of the U.S. Court of Appeals for the Ninth Circuit has...more

NY’s Highest Court Will Consider Credit Card Surcharge Ban

The New York Court of Appeals will consider the state’s law prohibiting merchants from imposing credit card surcharges, following certification of that question by the Second Circuit, on remand from the U.S. Supreme Court....more

Plaintiffs Lack Standing to Bring ERISA Fee Litigation Case

A federal district court in Georgia dismissed claims by participants in Delta Air Lines, Inc.’s 401(k) plan who alleged that Delta breached its ERISA fiduciary duties by allowing the plan to invest in funds that allegedly...more

DOJ seeks dismissal of credit union’s SDNY lawsuit challenging Mulvaney’s appointment as Acting CFPB Director

by Ballard Spahr LLP on

On December 22, 2017, the Department of Justice responded to the preliminary injunction motion (“PI motion”) filed by the Lower East Side People’s Credit Union (“People’s”) in its lawsuit challenging Mick Mulvaney’s...more

Court dismisses NYDFS lawsuit challenging special purpose national bank charter for fintech companies

by Ballard Spahr LLP on

A New York federal district court has dismissed the lawsuit filed by the New York Department of Financial Services (DFS) challenging the OCC’s authority to grant special purpose national bank (SPNB) charters to nondepository...more

In the Continuing Battle Over Standing, Fair Credit Reporting Act Class Action Plaintiffs Must Show Actual Injury For Failure to...

by Akerman LLP - HR Defense on

Employers who run background checks on prospective employees take note – applicants who sue prospective employers for Fair Credit Reporting Act violations for failure to provide notice in a stand-alone format may not be able...more

Third Circuit Continues the Marathon Battle Over Delaware’s Escheat Law

by Alston & Bird on

On December 4, 2017, the Third Circuit Court of Appeals vacated the Delaware federal district court’s dismissal of the plaintiffs’ claims in Marathon Petroleum Corp., et al. v. Cook. The court held that the plaintiffs did in...more

U.S. v. Coinbase: Virtual Currency Holders Not Outside the IRS’s Reach

by Dechert LLP on

The U.S. District Court for the Northern District of California, on November 28, 2017, ordered the international digital currency broker, Coinbase, Inc., to produce to the Internal Revenue Service (IRS) the records of...more

Democratic lawmakers, Republican attorneys general submit amicus briefs in CFPB Acting Director dispute

by Ballard Spahr LLP on

Past and present Democratic Representatives and Senators filed an amicus brief in support of the motion for a temporary restraining order filed by Leandra English to block Mick Mulvaney from exercising the authority of CFPB...more

District Court Dismisses FACTA Complaint Because Plaintiff Fails To Allege An Injury-In-Fact

by King & Spalding on

On November 3, 2017, the U.S. District Court for the Southern District of New York dismissed a Fair and Accurate Credit Transaction Act (“FACTA”) complaint in Fullwood v. Wolfgang’s Steakhouse because the plaintiff failed to...more

Post-Spokeo Jurisdictional Divide Continues as Northern District of California Rejects TransUnion’s Lack of Standing Argument

Last year, the U.S. Supreme Court issued a decision in Spokeo Inc. v. Robins, holding that a plaintiff bears the burden of establishing Article III standing by alleging an injury in fact that is concrete, particularized, and...more

The Budget Reconciliation Process and the “Byrd Rule”: Implications for the Ongoing Tax Reform Effort

In order to understand the context in which the current tax reform bill, H.R. 1, is being considered, it is important to know the meaning of two bits of Washington jargon: “budget reconciliation” and the “Byrd rule.” Though...more

Evading 200 Years of Precedent: The IRS's New Foreign Travel Ban Will Revoke or Deny Passports of Taxpayers Owing More than...

Under the new Section 7345 of the Internal Revenue Code coming into effect in January 2018, Congress has given the IRS the power to “certify” the names of delinquent taxpayers to the State Department for purposes of denying...more

We, the Releasees: Delaware Bankruptcy Court Holds That It Had Constitutional Authority to Approve Nonconsensual Third-Party...

by Shearman & Sterling LLP on

On October 3, 2017, Bankruptcy Judge Laurie Selber Silverstein of the United States Bankruptcy Court for the District of Delaware issued a decision holding that the Bankruptcy Court had constitutional authority to approve...more

District Court Dismisses Putative FCRA Class Action For Lack Of Standing

The U.S. District Court for the Central District of California recently dismissed a putative class action alleging violations of the Fair Credit Reporting Act (“FCRA”), finding that the named plaintiff lacked standing to...more

Pennsylvania Supreme Court Declares Dollar-Based NOL Cap Unconstitutional

by Ballard Spahr LLP on

In a unanimous decision in Nextel Communications of the Mid-Atlantic, Inc. v. Commonwealth, the Pennsylvania Supreme Court affirmed the Commonwealth Court's holding that Pennsylvania's dollar-based cap on corporate net income...more

Millennium Lab Part II: Delaware Bankruptcy Court Dispels Shadow Over Non-Consensual Third-Party Releases (For Now)

by Dechert LLP on

In trotting a path out of Chapter 11, debtors in most cases will need to engage various key stakeholders, some of whom are not entitled to a distribution in the bankruptcy. As a form of remuneration, non-debtors may insist on...more

Mortgage Foreclosure Alert: Attaching Promissory Note in Illinois Sufficient to Show Standing; but HUD Letters Require Proof of...

by Hinshaw & Culbertson LLP on

In a foreclosure action, the Illinois Appellate Court recently held that the foreclosing lender established its standing by attaching the blank-indorsed note to its complaint, but reversed judgment and remanded for the trial...more

Law Firm Attempts to Resist Subpoena by Arguing CFPB is Unconstitutional

by Dorsey & Whitney LLP on

In the wake of last year’s (now-vacated and pending review en banc) decision by the D.C. Circuit in PHH Corp. v. Consumer Fin. Prot. Bureau, 839 F.3d 1 (D.C. Cir. 2016), the constitutionality of the Consumer Financial...more

Plaintiffs Survive Standing-Based Challenge to California Senior Notice and Financial Elder Abuse Claims

by Carlton Fields on

In California, actions predicated on alleged senior notice requirement violations and financial elder abuse continue to challenge life insurers. For example, in June, a California federal district court denied the insurer’s...more

Business Groups File Federal Lawsuit to Challenge CFPB Arbitration Rule

by Foley & Lardner LLP on

On September 29, 2017, the U.S. Chamber of Commerce, the Texas Association of Business, and various other national and Texas statewide business organizations and trade groups (together, Plaintiffs) filed a federal lawsuit in...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

Real Property, Financial Services, & Title Insurance Update: Weeks Ending September 22 & 29, 2017

by Carlton Fields on

REAL PROPERTY UPDATE - - Constructive Notice: a memorandum of agreement that is recorded in the official records of the county in which the property is located and refers to an unrecorded agreement entered into by the...more

Delaware Finalizes Much-Anticipated Audit Regulations

by Alston & Bird on

On October 1, the Delaware Department of Finance adopted its final set of unclaimed property audit regulations, as mandated by Section 1176(b) of Delaware’s newly revised Escheats Law. The regulations are effective on October...more

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