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By Brad Rustin, Erin Kolmansberger, Marianna McDevitt and Lashania White | February 7, 2024
This latest action by the CFPB follows the back-and-forth seen in the prudential bank regulators relating to the imposition of overdraft fees and insufficient funds (NSF) fees. Many bankers will recall that in August 2022, the FDIC issued guidance noting that the imposition of multiple NSF fees for the same transaction "results in heightened risks of … unfair or deceptive acts or practices (UDAP)," even when fully disclosed to the customer.
7 minute read
By Jay Steinman and Karina Leiter | February 6, 2024
Anticipating the fallout from potentially billions of dollars in distressed loans, lenders must be on high alert. Drawing from lessons learned in the last two historical downturns, where we witnessed unprepared lenders face severe consequences, it is imperative for lenders and financial institutions to act now.
7 minute read
By Jane Wester | February 2, 2024
One defendant was arrested while trying to board a flight from JFK to Turkey, prosecutors said, and a third is still at large.
2 minute read
By Colleen Murphy | February 1, 2024
A pair of lawsuits filed against JPMorgan Chase in Los Angeles and San Mateo superior courts alleged that the bank committed elder abuse by facilitating the theft of a combined $2 million from two elderly women's life savings through "pig butchering" schemes and fake Internal Revenue Service agent scams.
4 minute read
By Barbara M. Goodstein and Adam C. Wolk | January 31, 2024
In their Secured Transactions column, Barbara M. Goodstein and Adam C. Wolk, discuss the Uniform Special Deposits Act. The act aims to create a set of "clear and executable" rules to govern bank deposits that involve at least two beneficiaries (one of whom may be the depositor) where "the identity of the person entitled to payment is not determined until the occurrence of a contingency identified at the time the deposit is created."
11 minute read
By Emily Cousins | January 30, 2024
"She has failed to clearly and fully set forth an argument as to why the court committed reversible error," the opinion said.
4 minute read
By Jennifer Pastarnack, Johanna Colpritt and Ida Vanto | January 29, 2024
A recent development with credit agreements is that they contain new provisions that expressly preclude "distressed investors" from holding the loans. This article aims to alert readers of the contractual language changes in these agreements and the implications of those changes.
6 minute read
By Allison Dunn | January 26, 2024
Based on his hours in the classroom, the adjunct professor earned $75 per hour for teaching the banking law course, and approximately $102 per hour for the second course—rates "far exceeding" Maine's minimum wage and salary-basis requirement in Section 663(3)K, the court determined.
5 minute read
By Colleen Murphy | January 25, 2024
"My actions have cost me my law practice, my reputation, my family's trust and respect, and have ruined me financially," Martin Martin David Eagan said at a hearing last week before the New Jersey Supreme Court.
5 minute read
By Marianna Wharry | January 19, 2024
This suit was surfaced by Law.com Radar, ALM's source for immediate alerting on just filed cases in state and federal courts. Law.com Radar now offers state court coverage nationwide. Sign up today and be first to know about new suits in your region, practice area or client sector.
4 minute read
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MELICK & PORTER, LLP PROMOTES CONNECTICUT PARTNERS HOLLY ROGERS, STEVEN BANKS, and ALEXANDER AHRENS