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Conflict of Laws Finance & Banking

Read Conflict of Laws updates, alerts, news, and analysis from leading lawyers and law firms:

Bank Of Tokyo Mitsubishi Sues DFS And Alleges That DFS Has No Investigatory Or Enforcement Authority Over It Since It Is Now...

by Shearman & Sterling LLP on

On November 7, 2017, in the midst of a pending examination by, and implementation of previously agreed upon consent orders with, the New York State Department of Financial Services (“DFS”), the Bank of Tokyo Mitsubishi UFJ...more

Second Circuit Clarifies New York Anti-Subrogation Law Prohibits Offsets For Settlements; Declares Plan’s Choice-of-Law Provisions...

The U.S. Court of Appeals for the Second Circuit has ruled that New York’s anti-subrogation statute, N.Y. Gen. Oblig. Law § 5-335(a), applies both to “offsets” for prospective benefit payments and to reimbursements for prior...more

D.C. belatedly releases Bill of Rights for student loan borrowers

by Ballard Spahr LLP on

The District of Columbia Student Loan Ombudsman Establishment and Servicing Regulation Act of 2016 (Servicing Act) became effective February 18, 2017. The Servicing Act set an October 1 deadline for the Student Loan...more

CyberSecurity Regulation Back on Center Stage After Data Breach

by Goodwin on

The issue of cybersecurity is back in front of Congress in the wake of the news of the data breach at Equifax Inc., which reportedly has affected approximately 143 million consumers. Various industry trade groups, including...more

Supreme Court Declines to Resolve Circuit Split on Debt Recharacterization

On August 10, 2017, the U.S. Supreme Court rescinded the grant of certiorari in PEM Entities LLC v. Levin on the grounds that review had been “improvidently granted.” The case seemingly provided a perfect vehicle to resolve...more

Ninth Circuit Holds that ERISA Preempts State Insurance Law Bans on Discretionary Clauses for Self-Funded ERISA Plans

by Seyfarth Shaw LLP on

Seyfarth Synopsis: The Ninth Circuit Court of Appeals recently confirmed that ERISA preempts state insurance law bans on discretionary clauses for self-funded ERISA plans....more

Big Win for Servicers and Lenders of Fannie and Freddie Owned Loans against Nevada HOA Foreclosures

Last week, the U.S. Court of Appeals for the Ninth Circuit issued a significant decision in favor of lenders and mortgage servicers fighting off claims that their mortgage liens were extinguished by Nevada homeowners...more

Financing California’s Cannabis Businesses: Public Banking Model as a State-Level Solution

by Wilson Elser on

The California Cannabis Banking Working Group (CBWG) is meeting this week to discuss the prospect of implementing a public banking model in California to facilitate access to financial services for marijuana-related...more

Another trade group seeks federal preemption guidance from ED

by Ballard Spahr LLP on

The National Council of Higher Education Resources (NCHER), a national trade association representing higher education finance organizations, has written to the Department of Education urging the ED to issue preemption...more

Federal Court Compels Arbitration of Dodd-Frank Whistleblower Claim

In a recent decision, the U.S. District Court for the Western District of Wisconsin held that Dodd-Frank whistleblower claims (Section 922 claims) are subject to mandatory arbitration. Wussow v. Bruker Corp., No....more

Nevada HOA Super-Priority Litigation Update: Nevada Supreme Court Rules in Favor of Lenders on Standing Issue

The Government-Sponsored Enterprises (GSEs) and their servicers scored a significant victory last week in the Nevada Supreme Court. In Nationstar Mortgage, LLC v. SFR Investments Pool 1, LLC (Case No. 69400), the court held...more

Banking for Marijuana Businesses on the Rise

by Garvey Schubert Barer on

The Financial Crimes Enforcement Network (“FinCen”) issued a Marijuana Related Business update in June with data from the first quarter of 2017. FinCen reports that the number of depository institutions that are actively...more

Trade association asks ED to confirm preemption of state student loan servicing requirements for federal student loans

by Ballard Spahr LLP on

Education Finance Council, a national trade association representing state-based nonprofit higher education finance organizations, has asked the Department of Education to “publicly state” that the ED’s rules governing...more

Corporate News – June 2017

by Hogan Lovells on

The Pre-Emption Group reports on the use of its Statement of Principles - The Pre-Emption Group, which represents listed companies, investors and intermediaries, has published a monitoring report looking at the use of its...more

Eastern District Of Pennsylvania Rules That State Law Claims Were Not Preempted By SLUSA

by Shearman & Sterling LLP on

On May 26, 2017, Judge Cynthia Rufe of the United States District Court for the Eastern District of Pennsylvania ruled that the plaintiffs’ state law claims against Vanguard Group, Inc. (“Vanguard”) were not preempted by the...more

State-chartered fintech banking and financial services: What solutions will states pursue?

by Thompson Coburn LLP on

State-chartered banks and non-banks alike face a challenging 50-state regulatory regime when offering interstate internet banking and financial services, which puts them at a competitive disadvantage when compared to national...more

European Commission Consults on Conflicts of Law Rules for Securities Ownership

by Shearman & Sterling LLP on

The European Commission has published a consultation paper on conflicts of law rules for securities ownership, addressing so-called third party effects of transactions in securities and claims. The consultation relates to the...more

California Supreme Court Punts on FAA Preemption - Court invalidates waiver of public injunctive relief, declines to address...

Last month, the California Supreme Court handed down its unanimous decision in McGill v. Citibank N.A., holding that an arbitration provision that effectively waives a consumer’s statutory right to seek public injunctive...more

Colorado Moves to Dismiss Suits Seeking Judgment That Bank-Originated Loans Facilitated and Serviced by Online Platforms Are...

As we noted in a recent Alert, WebBank and Cross River Bank filed separate federal civil actions to enjoin the Administrator of Colorado's Uniform Consumer Credit Code from enforcing state lending laws against Avant, Inc. and...more

California Supreme Court Finds Arbitration Agreement Waiver of 'Public Right' Unenforceable

by Pepper Hamilton LLP on

On April 6, the California Supreme Court issued a unanimous opinion in McGill v. Citibank, finding that a pre-dispute arbitration agreement was unenforceable to the extent it required the plaintiff to waive her right to seek...more

Private Arbitration Agreements which Prohibit Public Injunctive Relief Violate Public Policy and are Unenforceable Under...

by Foley & Lardner LLP on

In an April 5, 2017 unanimous opinion, the California Supreme Court (the “Court”) held that private arbitration agreements which prohibit public injunctive relief in any forum are contrary to California public policy and...more

Forcing the Issue? California Supreme Court Opens Door for Challenges to Mandatory Arbitration Clauses

Consistent with the historical reluctance of California courts to enforce arbitration provisions in consumer contracts, on April 6, 2017, the California Supreme Court ruled that an arbitration provision that waived an...more

Litigation Alert: CA Supreme Court Holds Arbitration Provisions Waiving Right to Seek Public Injunctive Relief "In Any Forum" Are...

by Fenwick & West LLP on

In a closely-watched case, the California Supreme Court recently held in McGill v. Citibank, N.A. that arbitration clauses that foreclose a plaintiff’s right to pursue public injunctive relief in any forum are invalid and...more

California Supreme Court Invalidates Contractual Waivers Of Public Injunctive Relief

by Seyfarth Shaw LLP on

Seyfarth Synopsis: No California contractual provision, including one in an arbitration agreement, can waive the statutory right to seek injunctive relief to protect the general public. McGill v. Citibank, N.A. (April 6,...more

California Breaks Further from Concepcion: Arbitration Agreements Face Further Challenge

by Selman Breitman LLP on

Notwithstanding the Federal Arbitration Act (“FAA”), arbitration agreements that purport to waive a consumer’s right to seek public injunctive relief under California’s consumer protection statutes are contrary to California...more

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