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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

The Legal Intelligencer

Federal Judge Allows Elderly Woman's Consumer Protection Suit to Proceed Against Citizens Bank

In Downz v. Citizens Bank, the plaintiff claimed Citizens Bank was negligent in failing to warn her of fraudulent activity and for allegedly allowing her to overdraft her Home Equity Line of Credit account by over $100,000.
5 minute read

New York Law Journal

Bank of America's Cash Sweep Program Attracts New Legal Fire in Class Action

A New Jersey resident accused the bank of offering paltry interest rates on its "cash sweep" accounts.
3 minute read

Corporate Counsel

FTC Sues Cash-Advance Fintech Dave, Says It Deceives the 'Financially Vulnerable'

The Los Angeles-based company defended its business practices and called the enforcement action "regulatory overreach."
4 minute read

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