• 10.24.18

    Insurance Won’t Cover Disgorgement Payment, NY Appellate Court Rules

    Applying a U.S. Supreme Court decision in the context of insurance coverage for a bank, a New York appellate court ruled that the amounts paid to the Securities and Exchange Commission (SEC) as disgorgement under a cease and desist order issued by the SEC were a “penalty” for which ...

  • 10.24.18

    Latest State Action: Washington AG Sues Debt Collectors

    Demonstrating heightened enforcement efforts by some state regulators, Washington Attorney General Bob Ferguson filed suit against a pair of debt collection companies and their owner, asserting the defendants were operating without a license in violation of state law.

  • 10.24.18

    New Pilot Program Regulations Expand CFIUS’ Reach

    On October 10, 2018, the Department of the Treasury issued a set of interim regulations (31 C.F.R. Part 801) to implement certain provisions of the Foreign Investment Risk Review Modernization Act (FIRRMA), signed into law by President Trump on August 13, 2018.

  • 10.10.18

    Card Networks and Merchants Reach New Settlement Terms

    Will the second time be the charm? Two credit card networks and merchants representing the class suing them reached a revised agreement to put an end to a 13-year-old antitrust class action concerning the interchange fees merchants must pay and the card network rules imposed on merchants.  

  • 10.10.18

    New York DFS Files Second Suit Over OCC Fintech Charter

    Here we go again: The New York Department of Financial Services (DFS) has filed its second lawsuit against the Office of the Comptroller of the Currency (OCC) over the agency’s plan to permit fintech companies to apply for Special Purpose National Bank Charters.

  • 09.27.18

    CFPB Updates: First Mulvaney Lawsuit, Questions About Disparate Impact

    The latest news from the Bureau of Consumer Financial Protection (CFPB or Bureau) includes the first lawsuit filed under the leadership of Acting Director Mick Mulvaney, committee approval of his permanent replacement and the publication of the 17th edition of the Bureau’s Supervisory ...

  • 09.27.18

    Federal Banking Regulators Join Forces on Supervisory Guidance

    All five federal banking regulators recently issued an interagency statement, explaining the role of supervisory guidance and describing the agencies’ approach to supervisory guidance.

  • 09.27.18

    Eighth Circuit Backs Bank’s Policy of Termination for Disqualifying Convictions

    A bank did not engage in age bias when it terminated an employee after learning that he had a prior conviction that disqualified him from employment, the U.S. Court of Appeals, Eighth Circuit has affirmed.

  • 09.27.18

    Bank Settles Overdraft Fee Class Action for More Than $1.2B

    A California federal court judge signed off on a settlement agreement involving a national bank and a class of customers challenging its overdrawn balance charge fee with recovery north of $1 billion.

  • 09.13.18

    Sixth Circuit: Death, Taxes and TCPA Claims

    A Telephone Consumer Protection Act (TCPA) claim survives the death of the plaintiff, the U.S. Court of Appeals, Sixth Circuit has ruled, declaring the statute is “remedial” in nature and not penal.