06.20.18
A payday lender in South Dakota scored a victory in its lawsuit against the state’s banking regulator when a federal court judge agreed that the South Dakota Division of Banking exceeded its authority by revoking the plaintiff’s operating licenses.
05.24.18
May bank directors and officers be held jointly and severally liable for negligence in a tort action challenging their decision making process?
A Minnesota community bank accused of redlining reached a deal with the Department of Justice (DOJ) with a promise to expand its presence and outreach in minority neighborhoods but pay no civil penalties.
05.11.18
May an online digital currency platform compel arbitration in a proposed class action brought by a former customer of a now-defunct cryptocurrency exchange?
04.27.18
California’s Rosenthal Fair Debt Collection Practices Act encompasses mortgage lenders and servicers, a state appellate panel ruled, weighing in on an issue that has split the federal district courts in the state.
03.28.18
Is the Bank Secrecy Act unconstitutional? Not so, says the Ninth Circuit. This article explains the court’s analysis and why it matters to covered financial institutions.
Although the CFPB may be retreating from exercising its authority to enforce UDAAP violations under the Dodd-Frank Act, Section 5 of the FTC Act continues to be a potent weapon used by regulators, including the FDIC.
As the Consumer Financial Protection Bureau retreats, states continue their aggressive attacks on short-term lending.
03.15.18
In a ruling that could prove costly to some national banks, the Ninth Circuit has ruled that the National Bank Act (NBA) does not preempt California state law mandating that financial institutions pay borrowers interest on funds held in their escrow accounts.
Recent enforcement actions demonstrate just how expensive failures with regard to Bank Secrecy Act and anti-money laundering (BSA/AML) compliance can be and how intentional conduct can enhance the severity of a penalty, with the California branch of a foreign bank required to pay upward of $368 ...
