Newsletters

07.03.19

FDIC Issues 2018 “Consumer Compliance Supervisory Highlights”

Improper overdraft fees and prohibited kickbacks were just two of many concerns identified by the Federal Deposit Insurance Corporation (FDIC) in its first-ever publication of “Consumer Compliance Supervisory Highlights” (“Highlights”).


07.03.19

Putative Class Action Attacks Securitization Based On Madden Case

On June 12, 2019, three holders of credit cards issued by a national bank brought a putative class action in the Eastern District of New York directly attacking the bank’s securitization of its credit card receivables based on the Second Circuit’s decision in Madden v. Midland Funding, ...


06.19.19

Innovation Oversight: From the DFS to FinCEN to Lawmakers

In regulatory oversight news, the New York Department of Financial Services (DFS) announced the creation of a new Cybersecurity Division and the Financial Crimes Enforcement Network (FinCEN) launched an Innovation Hours program.


06.18.19

Baltimore Ransomware Attack: Calls for Assistance From Annapolis to Washington

Since May 7, 2019, the city of Baltimore has been debilitated by a ransomware attack on its IT systems.


06.06.19

OCC Highlights Areas of Risk, Including Fintech

A recently released report from the Office of the Comptroller of the Currency (OCC) identified key areas of risk that pose a threat to the safety and soundness of the federal banking system.


06.06.19

Operation Choke Point Lawsuit Comes to an End

Putting an end to a 2014 lawsuit filed by payday lenders challenging the actions of federal regulators in Operation Choke Point, the Federal Deposit Insurance Corporation (FDIC) announced a resolution to the action.


06.06.19

Slow Burn: California Makes Another Attempt to Pass a Marijuana Bank Bill

The movement to provide a limited bank charter to serve marijuana businesses in California inched forward when the California Senate approved SB 51 by an almost unanimous vote, sending the measure to the Assembly for review.


06.06.19

Supreme Court Sets Limits on CAFA Removal

A third party brought into a lawsuit by a counterclaim filed by the original defendant is not entitled to remove the case to federal court under the Class Action Fairness Act (CAFA), the U.S. Supreme Court has ruled.


05.28.19

CCPA Update: Reform Measures on the Precipice?

California’s sweeping consumer privacy and data security law, the California Consumer Privacy Act, is set to take effect in 2020 despite concerns that big problems with the new law remain unresolved.


05.22.19

Federal Reserve, FDIC Enforcement Efforts

In recent enforcement actions, the Board of Governors of the Federal Reserve System announced an order with a Japanese bank over weaknesses with respect to its New York branch’s Bank Secrecy Act / anti-money laundering (BSA/AML) and U.S. sanctions compliance programs and internal controls.