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Daily Business Review

The End of Free Checking? CFPB Continues Attack on Bank Fees With Latest Rulemakings on Overdraft, NSF Fees

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

Daily Business Review

Navigating the Surge: A Strategic Guide for Lenders Amid Rising Loan Defaults

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

New York Law Journal

SDNY Indicts Three After Scheme Moved More Than $65 Million Between US and Middle East, Prosecutors Say

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

The Recorder

Suits Alleged JPMorgan Chase Committed Elder Abuse in Allowing 'Pig Butchering,' Fake IRS Scams

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

New York Law Journal

What's Special About Special Deposits? The New Uniform Special Deposits Act

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

Connecticut Law Tribune

'It Consists of 3 Paragraphs': Case Points Out 'Inadequate Briefing'

"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

New York Law Journal

Distressed Debt Investors Beware of Disqualified Lender Lists

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

Law.com

State High Court Rejects Law Professor's Wage Dispute, Finding Fee Basis Is 'Far Exceeding' Minimum Wage, Salary Requirements

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

New Jersey Law Journal

NJ Court Split: Attorney Narrowly Avoids Disciplinary Board's Disbarment Recommendation

"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

Law.com

CFTC Charges Crypto Platform Debiex With $2.3M 'Pig Butchering' Digital Asset Scheme

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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