Newsletters

10.16.19

Bank (Finally) Gets Plaintiffs’ Claims Sent to Individual Arbitration

A major national bank won a motion to dismiss in a multidistrict litigation challenging its overdraft fee practices, sending the individual plaintiffs’ disputes to arbitration pursuant to customer account or deposit agreements.


09.25.19

Déjà Vu: D.C. Court Dismisses Challenge to OCC’s Fintech Charter

In the latest battle over the Office of the Comptroller of the Currency’s (OCC’s) plan to issue special purpose national bank (SPNB) charters, a D.C. federal judge has for a second time dismissed a lawsuit brought by the Conference of State Bank Supervisors (CSBS).


09.25.19

Eleventh Circuit Tosses Online Lender’s Forum Selection, Class Waiver Clauses

Siding with six consumers who filed suit asserting violations of state usury laws against online lenders, the U.S. Court of Appeals for the Eleventh Circuit has affirmed a decision by the U.S. District Court for the Southern District of Georgia, holding that the enforcement of forum selection ...


09.25.19

Class Actions: Ninth Circuit Panel Allows Judge to Prohibit Precertification Settlement Negotiations

Taking the cautious view of a district court’s judicial discretion, the U.S. Court of Appeals for the Ninth Circuit declined to grant a writ of mandamus seeking to overturn a case management order that prohibited precertification class settlement discussions.


09.25.19

State AGs to SEC: Your "Best" is Not Good Enough

Led by New York Attorney General Letitia James, a group of eight state AGs filed suit against the Securities and Exchange Commission (SEC), challenging the agency’s recently enacted Regulation BI (Best Interest).


09.25.19

CFPB News: Supervisory Highlights, New Network and Policies Push Innovation and Other Developments

In Consumer Financial Protection Bureau (CFPB) news, the CFPB published its Summer 2019 supervisory highlights, and focused on auto loan originations, credit card account management, debt collection, credit furnishing and mortgage originations.


09.12.19

Fifth Circuit Declares FHFA Structure Unconstitutional: Is CFPB Next?

In a significant ruling with broad financial services repercussions, the U.S. Court of Appeals for the Fifth Circuit, sitting en banc, has ruled that the Federal Housing Finance Agency (FHFA), the conservator for both Fannie Mae and Freddie Mac, is unconstitutionally structured because its director ...


09.12.19

SEC Proposes Rule Changes for Business Description, Legal Proceedings and Risk Factors Disclosures

Aiming to modernize the description of business, legal proceedings and risk factor disclosures that registrants are required to make pursuant to Regulation S-K, the Securities and Exchange Commission (SEC) recently proposed a number of important rule changes which affect periodic reports.


09.12.19

Credit Union News: Favorable NCUA Decision on Final Rule, Hemp Gets Go-Ahead

In a major win for credit unions, the D.C. Circuit has largely reversed a ruling that would have prevented credit unions from promulgating rules greatly expanding the field of membership, that is, the persons eligible to join a specific credit union.


09.12.19

FASB Proposes CECL Delay for Smaller Banks

Deciding that the benefit to smaller banks and other smaller financial institutions outweighs the lessening of transparency, the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update to delay the effective date to implement standards on current expected credit ...