By Sue Reisinger | April 19, 2017
Trevor McFadden, the U.S. Department of Justice's Criminal Division acting principal deputy assistant attorney general, says the DOJ intends to wrap up old cases and accelerate new investigations.
By Stephanie Forshee | April 18, 2017
Public comments are now available on a new set of draft guidelines dealing with special purpose bank charters for fintechs.
By C. Ryan Barber | April 18, 2017
Netspend and its parent company Total System Services have spent hundreds of thousands of dollars lobbying on prepaid card rules and other regulatory matters. The two companies are not backing down. Netspend is pushing the Consumer Financial Protection Bureau to delay its new rule, and on Capitol Hill, Total System Services is jumping into an effort, sponsored by Republican lawmakers, to tear up the new regulation.
By C. Ryan Barber | April 18, 2017
Netspend and its parent company Total System Services have spent hundreds of thousands of dollars lobbying on prepaid card rules and other regulatory matters. The two companies are not backing down. Netspend is pushing the Consumer Financial Protection Bureau to delay its new rule, and on Capitol Hill, Total System Services is jumping into an effort, sponsored by Republican lawmakers, to tear up the new regulation.
By Tony Mauro | April 18, 2017
A case argued Tuesday considers whether the use of "disgorgement" by the U.S. Securities and Exchange Commission should be considered a penalty subject to a five-year statute of limitations.
By Amanda Bronstad | April 14, 2017
In a case closely watched by institutional investors, CalPERS is hoping to reverse the Second Circuit and extend the window for opt-out suits.
By Stephanie Forshee | April 14, 2017
Fintech could pose a threat to traditional banks in the U.K., says the governor of the Bank of England, but that need not mean tougher regulations.
By C. Ryan Barber | April 13, 2017
The question hanging over the CFPB's arbitration rule—a proposal that drew tens of thousands of comments from consumer and business advocates—is less now about the finer points of the final rule than about whether the regulations will ever see the light of day at all. For the agency, the threat of a congressional override is not abstract. Republican lawmakers in the House and Senate proposed bills to tear up the CFPB's prepaid card rule.
By C. Ryan Barber | April 10, 2017
Shearman & Sterling's report on the Wells Fargo sham-accounts scandal didn't hold any punches. And the bank's law department didn't escape scrutiny. The report found the law department "did not appreciate that sales integrity issues reflected a systemic breakdown in Wells Fargo's culture and values and an ongoing failure to correct the widespread breaches of trust in the misuse of customers' personal data and financial information." Wells Fargo CEO Tim Sloan said the report provides a new opportunity to "learn from our mistakes."
By Stephanie Forshee | April 5, 2017
Some fintech startups are innovating so quickly that it's hard for outside counsel to keep up. Ben Alden, general counsel for personal finance startup Betterment in New York, has hired many firms that he ultimately parted ways with before finding the right outside counsel who understood the company, which offers automated investing, or "robo-advising."
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Breaking news and trends for law firm and legal departments about the evolving federal regulations in a volatile political climate.
