https://www.law360.com/banking?utm_source=rss&utm_medium=rss&utm_campaign=section Latest articles for: Banking Copyright 2025 Portfolio Media, Inc. en-US Thu, 01 May 2025 23:03:50 +0000 https://www.law360.com/banking/articles/2333266?utm_source=rss&utm_medium=rss&utm_campaign=section https://www.law360.com/banking/articles/2333266 One of two Democrats suing President Donald Trump for unlawful termination from the National Credit Union Administration warned Thursday of damaging potential ripple effects if their firings are allowed to stand, casting their decision to litigate as daunting but necessary. Thu, 01 May 2025 22:01:27 +0000 https://www.law360.com/banking/articles/2333124?utm_source=rss&utm_medium=rss&utm_campaign=section https://www.law360.com/banking/articles/2333124 Cohen Milstein Sellers & Toll PLLC and Lieff Cabraser Heimann & Bernstein LLP will represent a proposed class of investors in a suit alleging Jack Dorsey's fintech company Block Inc. created a "haven for criminal and illicit activities" on its Cash App and Square payment platforms despite touting its anti-money laundering protocols. Thu, 01 May 2025 21:57:56 +0000 https://www.law360.com/banking/articles/2332920?utm_source=rss&utm_medium=rss&utm_campaign=section https://www.law360.com/banking/articles/2332920 A $4.1 million settlement between Truist Financial Corp. and a proposed class of cellphone users who say they got unwanted robocalls from the bank has received a North Carolina federal judge's initial green light. Thu, 01 May 2025 19:17:25 +0000 https://www.law360.com/banking/articles/2333071?utm_source=rss&utm_medium=rss&utm_campaign=section https://www.law360.com/banking/articles/2333071 The Consumer Financial Protection Bureau has agreed to a proposed consent judgment that would vacate a Biden-era rule banning an estimated $49 billion in medical debt from credit reports, striking a deal with lender trade groups that sued in Texas federal court to block the rule. Thu, 01 May 2025 18:35:19 +0000 https://www.law360.com/banking/articles/2332962?utm_source=rss&utm_medium=rss&utm_campaign=section https://www.law360.com/banking/articles/2332962 A special purpose acquisition company led by crypto influencer Anthony Pompliano and advised by Reed Smith LLP has filed for an initial public offering to raise $200 million, while two other blank-check companies eyeing the fintech and tech sectors have raised more than $400 million combined. Thu, 01 May 2025 18:34:06 +0000 https://www.law360.com/banking/articles/2331850?utm_source=rss&utm_medium=rss&utm_campaign=section https://www.law360.com/banking/articles/2331850 A PetroSaudi unit continues fighting the Trump administration's bid to pause litigation to seize a $380 million arbitral award while related proceedings in Switzerland play out, saying a California federal judge has already denied its stay request once before. Thu, 01 May 2025 17:04:16 +0000 https://www.law360.com/banking/articles/2327183?utm_source=rss&utm_medium=rss&utm_campaign=section https://www.law360.com/banking/articles/2327183 The banking industry's pending lawsuit against the state of Illinois stands to permanently enjoin state regulation of bank card processing, as well as clarify the outstanding and consequential issue of whether conflict preemption continues to cover third parties in certain circumstances, says Tom Witherspoon at Stinson. Thu, 01 May 2025 15:39:49 +0000 https://www.law360.com/banking/articles/2332624?utm_source=rss&utm_medium=rss&utm_campaign=section https://www.law360.com/banking/articles/2332624 A bank accused a Berkshire unit and its insurance agent of underpaying coverage for property damage from "vandalism and/or theft," saying that while it's received roughly $105,000 in coverage to date, the insurer has yet to pay nearly $1.8 million. Thu, 01 May 2025 15:33:59 +0000 https://www.law360.com/banking/articles/2332564?utm_source=rss&utm_medium=rss&utm_campaign=section https://www.law360.com/banking/articles/2332564 A banker challenging the Federal Deposit Insurance Corp.'s use of in-house proceedings to level a fraud judgment against him told the Fifth Circuit that its recent decision overturning a $57 million Federal Communications Commission fine against AT&T confirms that the FDIC cannot rely on a "public rights" exemption to impose fines without a jury trial. Thu, 01 May 2025 10:51:17 +0000 https://www.law360.com/banking/articles/2332769?utm_source=rss&utm_medium=rss&utm_campaign=section https://www.law360.com/banking/articles/2332769 Sony could sell its semiconductor unit for $49 billion, while proxy advisory firm Glass Lewis is considering ending its practice of advising shareholder votes on politically charged topics, and AI startup Nscale plans to raise $2.7 billion in private capital to support the construction of data centers around the world. Thu, 01 May 2025 10:21:44 +0000 https://www.law360.com/banking/articles/2305667?utm_source=rss&utm_medium=rss&utm_campaign=section https://www.law360.com/banking/articles/2305667 Serving as an adjunct college professor has taught me the importance of building rapport, communicating effectively, and persuading individuals to critically analyze the difference between what they think and what they know — principles that have helped to improve my practice of law, says Sheria Clarke at Nelson Mullins. Wed, 30 Apr 2025 22:59:38 +0000 https://www.law360.com/banking/articles/2332775?utm_source=rss&utm_medium=rss&utm_campaign=section https://www.law360.com/banking/articles/2332775 The U.S. House Financial Services Committee on Wednesday approved Republican budget legislation that would strip most funding from the Consumer Financial Protection Bureau and wind down an independent audit regulator for public companies.   Wed, 30 Apr 2025 22:53:46 +0000 https://www.law360.com/banking/articles/2332696?utm_source=rss&utm_medium=rss&utm_campaign=section https://www.law360.com/banking/articles/2332696 The Consumer Financial Protection Bureau on Wednesday abandoned more lawsuits, including its Fifth Circuit appeal over a Biden-era policy that expanded the agency's anti-discrimination scrutiny of financial firms, and said it will not focus on enforcing a contested small business lending rule. Wed, 30 Apr 2025 21:40:03 +0000 https://www.law360.com/banking/articles/2332422?utm_source=rss&utm_medium=rss&utm_campaign=section https://www.law360.com/banking/articles/2332422 PayPal Holdings Inc. successfully persuaded the Federal Circuit on Wednesday to uphold the invalidation of Fintiv Inc. mobile wallet patents it's accused of infringing, which then led to Apple Inc. beating a related appeal.  Wed, 30 Apr 2025 19:57:16 +0000 https://www.law360.com/banking/articles/2332634?utm_source=rss&utm_medium=rss&utm_campaign=section https://www.law360.com/banking/articles/2332634 A former U.S. Treasury Department official warned Wednesday that U.S. firms should take a serious look at their business exposure to China and develop contingency plans in the event the country invades Taiwan, saying an escalation in the conflict between the U.S. and China would have devastating effects globally. Wed, 30 Apr 2025 19:48:46 +0000 https://www.law360.com/banking/articles/2332600?utm_source=rss&utm_medium=rss&utm_campaign=section https://www.law360.com/banking/articles/2332600 Underwriters asked a California federal court on Wednesday to find that they did not have to defend a company accused by the Federal Trade Commission of bilking consumers out of at least $37 million through a credit scheme designed to trick consumers into taking on debt. Wed, 30 Apr 2025 19:38:31 +0000 https://www.law360.com/banking/articles/2332042?utm_source=rss&utm_medium=rss&utm_campaign=section https://www.law360.com/banking/articles/2332042 A Florida credit union urged an Eleventh Circuit panel Wednesday to overturn a lower court order denying arbitration in a proposed class action over wrongly assessed overdraft fees, saying failure to preregister with the American Arbitration Association isn't grounds for a default. Wed, 30 Apr 2025 19:32:56 +0000 https://www.law360.com/banking/articles/2332451?utm_source=rss&utm_medium=rss&utm_campaign=section https://www.law360.com/banking/articles/2332451 A real estate developer has been sentenced to more than six years in prison following his conviction for participating in a multimillion-dollar embezzlement scheme at a now-shuttered bank, federal prosecutors in Chicago announced Wednesday. Wed, 30 Apr 2025 19:28:09 +0000 https://www.law360.com/banking/articles/2332323?utm_source=rss&utm_medium=rss&utm_campaign=section https://www.law360.com/banking/articles/2332323 The city of Atlanta's former inspector general asked a Georgia federal judge Tuesday to end a lobbyist and city contractor's suit against her over a corruption probe she launched into his dealings with the city, arguing that the Fourth Amendment provides no protections against subpoenas she issued for his bank records. Wed, 30 Apr 2025 19:16:42 +0000 https://www.law360.com/banking/articles/2332479?utm_source=rss&utm_medium=rss&utm_campaign=section https://www.law360.com/banking/articles/2332479 An Activant Capital Group fund has petitioned Delaware's Court of Chancery to approve a $7.5 million company-paid corporate benefit fee, citing a successful battle for cancellation of more than $37 million in Bolt Financial Group shares held by a controller who defaulted on a more-than $30 million company-guaranteed loan.