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New York Law Journal

Panel Says Lifting of Asset Freeze Doesn't Require Bank to Make Transfer

A New York bank that held a frozen electronic funds transfer for more than a decade to comply with a presidential order was under no obligation to complete the transfer after the freeze was lifted, a Manhattan appeals court ruled.
16 minute read

Texas Lawyer

FERC Hits BP With $20M Fine for Alleged Texas Gas-Market Manipulation

Federal energy regulators this week fined BP America Inc. more than $20 million for allegedly manipulating the natural gas market in Texas in the aftermath of Hurricane Ike in 2008.
7 minute read

National Law Journal

Deceptive Telemarketing Just Cost Santander Bank $10M

The Consumer Financial Protection Bureau has sent a message to banks: When peddling overdraft services, keep an eye on third-party vendors hired to call and enroll customers. Santander Bank learned that lesson the hard way Thursday. The CFPB fined the Delaware-based bank $10 million for charging customers for overdraft services without their consent.
11 minute read

New York Law Journal

Heightened Standards and Bank Human Resources

In his Employment Issues column, Philip M. Berkowitz writes: It is essential for counsel and human resources executives advising banks to become familiar with the "Heightened Standards" issued by the Office of the Comptroller of the Currency for certain banks in more than a passing way.
18 minute read

The American Lawyer

Former Citi Vice Chair Returns to Davis Polk

After a long career as a partner at Davis Polk & Wardwell, followed by several years as a top banker at Citigroup Inc., Lewis Kaden has returned to the Wall Street firm as senior counsel.
32 minute read

National Law Journal

'Fraud is Fraud' as Trader Gets 3-Year Sentence in Test of New 'Spoofing' Law

Financial trader Michael Coscia was sentenced Wednesday in Chicago to three years in prison for "spoofing," providing the first glimpse of the teeth behind an anti-manipulative trading law passed in 2010. Prosecutors hailed the prison term in the first criminal spoofing case as a signal that commodities markets are fair, and they want the punishment to serve as a deterrent to future manipulative trading.
14 minute read

New York Law Journal

Measuring Up to International Capital Standards

In her International Banking column, Kathleen A. Scott writes that the Basel Committee of the Bank for International Settlements sets international capital standards but those standards must be adopted by individual countries to have any legal effect. A recent evaluation of the higher loss absorbency requirement in the United States, China, European Union, Japan and Switzerland shows how some jurisdictions deviate from the standard, either falling short or exceeding it.
22 minute read

National Law Journal

Judge Rejects Recess-Appointment Challenge Over CFPB Director

A federal judge late Tuesday struck down a challenge over the recess appointment of Richard Cordray of the Consumer Financial Protection Bureau, saying the director effectively ratified earlier decisions after the Senate formally confirmed him in 2013.
9 minute read

The Recorder

Fintech Leaders Cautious as Congress, Agencies Prime Regulations

Financial technology representatives told Congress on Tuesday that they are wary—but not outright opposed—to new regulations being considered for the online lending sector.
6 minute read

Daily Business Review

Banker Leads $17M Loan for New Charter Schools

Ocean Bank's Juan Carlos Barreto negotiates a loan that will help transform a Margate shopping center into two charter schools.
4 minute read

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