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Daily Business Review

Wells Fargo Accounts Accord Called Into Question as Victims Grow

Wells Fargo & Co.'s disclosure that its salespeople opened significantly more potentially unauthorized accounts than previously stated may jeopardize the $142 million class action settlement with customers that won preliminary approval from a judge in July.
10 minute read

Legaltech News

Fintech Roundup: New LabCFTC Director, Bank Regulator's Fintech Warnings

A new LabCFTC head, the OCC's lawsuit response, and more for legal professionals to know from the world of fintech.
4 minute read

Legaltech News

An International Regulatory Shift Could Tame Cryptocurrency Market

On the heels of recent actions by Canadian regulators and the U.S. SEC, some countries may be regulating digital currency as securities.
6 minute read

Daily Business Review

This Freshman Louisiana GOP Senator Could Defy Wall Street

Banks have a challenge when Congress returns from summer recess next week. His name is John Neely Kennedy.
5 minute read

Corporate Counsel

Fed Is Willing to Tweak, But Not Abandon, Certain Financial Regulations

In response to critics who wish to strip some regulatory demands out of the Dodd-Frank Act, the Federal Reserve is offering to tweak some corporate governance rules to ease the burden on boards at large U.S. banks.
8 minute read

National Law Journal

CFPB's Richard Cordray, Asked 'Same Question a Third Time,' Stays Mum on Plans

U.S. Rep. Jeb Hensarling can ask, and ask, and ask again. But Richard Cordray, director of the Consumer Financial Protection Bureau, has no plans of telling the Texas Republican whether he plans to resign anytime soon to pursue his rumored interest in the Ohio governorship.
6 minute read

Daily Business Review

In Robo-Advisers You Trust: Or Do You?

This article highlights potential problems regarding what the Financial Industry Regulatory Authority (FINRA) refers to as digital investment advisers, but what we hereinafter call robo-advisers, and is not intended as an argument against their use. We accept as fact the usefulness of computerization as we accept the uselessness of unpassed regulations, write attorneys Milton Vescovacci and Adam Miller.
8 minute read

The American Lawyer

MoFo and Skadden Advise on $4.4B SoftBank – WeWork Deal

Morrison & Foerster and Skadden Arps Slate Meagher & Flom are advising on a deal in which Japanese telecommunications company SoftBank Group is investing $4.4 billion into U.S. workshare space company WeWork.
2 minute read

Daily Report Online

Federal Judge Sanctions CFPB by Dismissing Claims

Calling out attorneys with the U.S. Consumer Financial Protection Bureau for their "blatant disregard" for judicial instructions, U.S. District Judge Richard Story in Atlanta sanctions the agency by dismissing four payment-processing companies from a civil case over debt collection abuses.
4 minute read

National Law Journal

A Law Firm 'Cleverly' Used Ellipses to Fight a CFPB Investigation. But It Still Lost.

The Consumer Financial Protection Bureau has prevailed in its latest standoff with a law firm, as a federal judge ordered the California-based Seila Law to respond to the agency's demand for records related to debt relief services. A judge wasn't impressed with what she called a law firm's "cleverly" use of ellipses in the attack against the subpoena.
4 minute read

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