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Corporate Counsel

After 2024's Regulatory Tsunami, Financial Services Firms Hope Storm Clouds Break

Legal observers say Donald Trump's return to the White House brightens the outlook for Capital One's proposed $35 billion purchase of Discover, and may bring an end to financial regulators' crackdown on "off-channel" communications.
3 minute read

National Law Journal

Financial Watchdog Alleges Walmart Forced Army of Gig-Worker Drivers to Receive Pay Through High-Fee Accounts

The Consumer Financial Protection Bureau sued Walmart and the payments platform Branch Messenger in federal court in Minnesota.
2 minute read

National Law Journal

Chicago Federal Court Offers Banks Relief From Illinois' Historic Credit Fee Curbs

U.S. District Chief Judge Virginia Kendall of the Northern District of Illinois found that a coalition of banking associations represented by Jones Day and Skadden, Arps, Slate, Meagher & Flom would likely show that the National Bank Act preempts the Illinois Interchange Fee Prohibition Act.
4 minute read

New York Law Journal

CFPB Takes on BoA, Wells Fargo and JPMorgan Chase Over Zelle Fraud

The agency said they will seek cash damages to repay consumer losses over fraudulent activity. It claims that customers at the banks lost more than $870 million to fraud since Zelle's inception.
3 minute read

National Law Journal

'Almost Impossible'?: Squire Challenge to Sanctions Spotlights Difficulty of Getting Off Administration's List

"It's a very serious list," Gibson, Dunn & Crutcher partner Adam Smith said of the Treasury Department's international sanctions list. "If you are on that list, there are very serious consequences that come with it."
4 minute read

New York Law Journal

Proposed NY Regulation Targets Nonbanks' Equity in Mortgage Lending

A proposed regulation aims to assess nonbank mortgage lenders' equity in underserved communities, the New York State Department of Financial Services said.
2 minute read

Corporate Counsel

Trump Mulls Big Changes to Banking Regulation, Unsettling the Industry

“The FDIC is the glue that holds the whole banking industry together. Getting rid of it is a very bad idea," said Bill Isaac, who was FDIC chair from 1981 and 1985.
5 minute read

Law.com

UnitedHealthcare Reaches $69M Settlement in ERISA Class Action

Plaintiffs counsel said it is believed to be the largest ever reached in a case stemming from poor performance of a 401(k).
4 minute read

Daily Business Review

Compliance in the Peer-to-Peer Payment Landscape

The swift rise of instant payment platforms such as Venmo and Zelle has revolutionized financial transactions, offering unmatched speed and convenience, but this transformation introduces significant compliance challenges for financial institutions—especially international banks—primarily due to the complexities involved in adhering to anti-money laundering (AML) and economic sanctions in an area where regulatory guidance is sparse or unclear.
4 minute read

The American Lawyer

Trump's SEC Overhaul: What It Means for Big Law Capital Markets, Crypto Work

"We are starting to see firms focus on capital markets associate hiring in anticipation of increased debt and equity offerings in a decreased SEC regulatory environment," said Lateral Link Managing Director Jesse Hyde.
7 minute read

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