Legal | ABA Banking Journal: Recent Episodes
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A federal court denied a request for summary judgment in a lawsuit by ABA, the Texas Bankers Association and others challenging the CFPB's small business data collection rule.
The post Federal court rejects challenge to Section 1071 final rule; ABA, TBA to appeal appeared first on ABA Banking Journal.
A Federal district court in Texas enjoined the FTC’s final rule to ban the use of noncompete clauses in employee contracts, preventing the rule from being enforced or taking effect.
The post Federal court enjoins ban on noncompete clauses appeared first on ABA Banking Journal.
ABA, the Illinois Bankers Association and two credit union associations filed a complaint in U.S. District Court challenging an Illinois law banning the collection of interchange fees on the portion of a debit or credit card transaction attributable to tax or gratuity.
The post ABA, associations challenge new Illinois law restricting interchange fees appeared first on ABA Banking Journal.
A Texas court ordered a nationwide stay of a Department of Labor final rule that expands fiduciary status to nearly all financial professionals, ruling that the plaintiffs in a lawsuit seeking to overturn the rule are likely to succeed on the merits.
The post Federal court issues stay on fiduciary rule enforcement appeared first on ABA Banking Journal.
The OCC will continue to defend preemption of federal law over state banking laws, Acting Comptroller of the Currency Michael Hsu said. ABA "encouraged" by Hsu's remarks, but says words must be followed by action.
The post Hsu: OCC will defend federal preemption amid state efforts to regulate banking appeared first on ABA Banking Journal.
Partnering with a regional healthcare provider, Five Star Bank is looking to become a ‘solution center for the community.’
The post Branching out into telehealth appeared first on ABA Banking Journal.
The six-year period allowed for lawsuits against the U.S. government under the Administrative Procedure Act begins accruing when an injury begins, not when a regulatory action is finalized, the Supreme Court ruled.
The post Supreme Court decision extends period for administrative law challenges appeared first on ABA Banking Journal.
The state of Texas had filed a lawsuit challenging the rule, and the court blocked enforcement of the rule against Texas (as an employer) only.
The post Federal court issues partial injunction against Labor Department overtime rule appeared first on ABA Banking Journal.
In a 6-3 decision, the U.S. Supreme Court overturned the longstanding “Chevron deference,” which instructs courts to defer to a federal agency’s reasonable interpretation of an ambiguous statute.
The post Supreme Court overturns legal test for deferring to agency interpretations appeared first on ABA Banking Journal.
The U.S. Supreme Court ruled 6-3 that when the SEC seeks civil penalties against a defendant for securities fraud, the defendant is entitled to a jury trial under the Constitution.
The post Supreme Court rules SEC adjudication process unconstitutional appeared first on ABA Banking Journal.
The CFPB announced that it had pushed back the compliance deadlines by several months for its Section 1071 small-business data collection rule in response to litigation by ABA and other plaintiffs.
The post CFPB pushes back Section 1071 compliance deadlines appeared first on ABA Banking Journal.
In a 7-2 decision, the U.S. Supreme Court ruled that the mechanism Congress established to fund the CFPB does not violate the Appropriations Clause of the Constitution.
The post Supreme Court upholds CFPB funding structure appeared first on ABA Banking Journal.
ABA and CBA filed an amicus brief in support of a lawsuit brought against Colorado for a new law capping interest rates and fees on loans to state residents made by state-chartered banks, no matter where the bank is located.
The post ABA, CBA: Colorado lending caps put state-chartered banks at ‘severe disadvantage’ appeared first on ABA Banking Journal.
ABA's Rob Nichols welcomed the ruling, which he said “will spare banks from having to immediately comply with a rule that clearly exceeds the CFPB’s statutory authority.”
The post Court blocks CFPB’s late fee rule from taking effect appeared first on ABA Banking Journal.
ABA, the New York Bankers Association and two other associations urged a federal court to dismiss a lawsuit brought against Citibank by the New York attorney general’s office, saying the office is misinterpreting the federal law at the heart of the case.
The post ABA, associations: New York lawsuit would upend wire transfer law appeared first on ABA Banking Journal.
With four active lawsuits against regulatory agencies, ABA President and CEO Rob Nichols emphasized Monday that filing a lawsuit is “not the first tool in the box. It’s the very last one.”
The post Nichols highlights regulatory lawsuits at American Mortgage Conference appeared first on ABA Banking Journal.
A district court erred when it transferred a lawsuit seeking to overturn the CFPB’s rule limiting credit card late fees from Texas to Washington, D.C., the U.S. Court of Appeals for the Fifth Circuit ruled.
The post Credit card late fees lawsuit to remain in Texas after legal wrangling appeared first on ABA Banking Journal.
The SEC issued a stay on enforcement of its climate disclosure final rule while federal courts consider several challenges to the regulation brought by businesses and business groups.
The post SEC pauses enforcement of climate disclosure rule appeared first on ABA Banking Journal.
A federal judge in Texas issued a preliminary injunction against enforcing new rules implementing the Community Reinvestment Act in a lawsuit brought by ABA and other business groups.
The post Federal court pauses CRA rule implementation following ABA lawsuit appeared first on ABA Banking Journal.
The banking agencies and the Justice Department are shifting how they assess and review bank mergers and acquisitions. ABA's Hu Benton discusses what bankers need to know about potential deals and offers amid the wave of policy changes.
The post Understanding the emerging bank M&A policy landscape appeared first on ABA Banking Journal.
ABA joined the U.S. Chamber of Commerce and four business groups in filing a lawsuit in federal court challenging the CFPB's new rule limiting credit card late fees.
The post ABA, U.S. Chamber sue CFPB over regulation restricting credit card late fees appeared first on ABA Banking Journal.
FinCEN announced it would pause collecting beneficial ownership information from certain individuals and businesses in response to a court ruling.
The post FinCEN pauses certain BOI reporting due to court decision appeared first on ABA Banking Journal.
What are the best ways to successfully bring loans with devalued collateral back into compliance with reasonable risk profiles while maintaining good borrower relationships?
The post Safeguarding assets: Strategies to address collateral devaluation appeared first on ABA Banking Journal.
A Texas court expanded a preliminary injunction on enforcement of the CFPB’s Section 1071 small business data collection rule to include all financial institutions covered by the rule.
The post Texas court expands 1071 injunction to cover all banks appeared first on ABA Banking Journal.
A federal judge in Texas today granted summary judgment to ABA, the Texas Bankers Association, the U.S. Chamber of Commerce and several other co-plaintiffs in their challenge to the CFPB’s UDAAP exam manual, in which the bureau unlawfully expanded the statutory definition of “unfairness” to encompass discrimination.
The post Judge grants win to ABA, Chamber in lawsuit over CFPB UDAAP exam manual appeared first on ABA Banking Journal.
The most common theme to banking disputes and litigation, in both the commercial and consumer context, is that the parties often fail to adequately communicate with each other.
The post Avoiding potential litigation issues and defending banks in an age of increased scrutiny appeared first on ABA Banking Journal.
In the wake of a judge’s order delaying compliance dates with the CFPB’s Section 1071 final rule for Texas Bankers Association and ABA members, TBA and ABA today asked CFPB Director Rohit Chopra to use his discretion to apply the stay to all FDIC-insured banks.
The post ABA, TBA ask CFPB to delay 1071 compliance dates for all banks appeared first on ABA Banking Journal.
A federal judge in Texas today issued an order blocking enforcement of the Consumer Financial Protection Bureau’s Section 1071 final rule while the Supreme Court hears a challenge to the constitutionality of the CFPB’s funding structure.
The post Federal judge delays Section 1071 compliance dates; temporary relief applies only to ABA, TBA members appeared first on ABA Banking Journal.
The cover story of the latest issue of the ABA Banking Journal features an unprecedentedly transparent look into what happens inside a financial institution during and after a ransomware attack.
The post Podcast: The anatomy of a community bank ransomware attack appeared first on ABA Banking Journal.
ABA President and CEO Rob Nichols announced today that ABA has joined a lawsuit filed by the Texas Bankers Association and McAllen, Texas-based Rio Bank challenging the CFPB’s final rule implementing Section 1071 of the Dodd-Frank Act.
The post ABA joins Texas lawsuit to block CFPB’s Section 1071 rule appeared first on ABA Banking Journal.
Inside one community bank’s cybersecurity nightmare scenario.
The post The anatomy of a ransomware attack appeared first on ABA Banking Journal.
The Texas Bankers Association this week sued to block the CFPB from implementing its final rule under Section 1071 of the Dodd-Frank Act.
The post Texas Bankers Association sues to block Section 1071 rule appeared first on ABA Banking Journal.
Banks can take several steps to mitigate challenges surrounding overdraft/NSF fee lawsuits and enforcement actions.
The post Navigating risks while taking action to manage overdraft/non-sufficient funds fees appeared first on ABA Banking Journal.
The CFPB issued a determination that state disclosure laws covering lending to businesses in California, New York, Utah and Virginia are not preempted by the Truth in Lending Act, confirming its preliminary determination that “there is no conflict because the state laws extend disclosure protections to businesses and entrepreneurs that seek commercial financing.”
The post CFPB Issues Decision on TILA Preemption of State Laws appeared first on ABA Banking Journal.
‘For regional banks, the ultimate question may be whether they want to deal with this or simply de-risk.’
The post New sanctions require banks to up their games appeared first on ABA Banking Journal.
Understanding the rules surrounding returns as the number of cases skyrockets.
The post Back with a vengeance: The challenges of check fraud appeared first on ABA Banking Journal.
While the focus of each state has a unique flavor with varying eligibility thresholds, banks should consider some common threads.
The post Data privacy part 2: A patchwork of state laws appeared first on ABA Banking Journal.
With more than 130 data protection regulations already in place, achieving and maintaining privacy compliance has become one of the most challenging imperatives in business today.
The post Practical data privacy compliance amid regulatory swirl appeared first on ABA Banking Journal.
The Supreme Court will hear a case challenging the CFPB’s funding structure on the grounds that it violates the separation of powers clause of the U.S. Constitution.
The post Supreme Court to hear case on legality of CFPB funding structure appeared first on ABA Banking Journal.
Contracts are risk-management tools, especially as millions of dollars in liability—and the bank’s reputation and customer relationships—can be at stake.
The post Staving off tech litigation with smarter contracts appeared first on ABA Banking Journal.
In a report today, the Financial Crimes Enforcement Network said it was able to identify tens of billions of dollars in suspicious activity by Russian oligarchs thanks in large part to filings from U.S. depository institutions.
The post FinCEN: Depository institutions played critical role in tracking Russian activity appeared first on ABA Banking Journal.
In terms of understanding risk and risk exposure, financial institutions are on the front lines and serve as the eyes and ears to regulators in providing critical insight on emerging illicit finance threats, Elizabeth Rosenberg, U.S. assistant secretary for terrorist financing and financial crimes, said today during the ABA/ABA Financial Crimes Enforcement Conference.
The post Rosenberg: Banks on ‘front lines’ of identifying financial crimes appeared first on ABA Banking Journal.
The American Bankers Association and six other trade groups on Tuesday asked a federal court in Texas to grant summary judgment in their lawsuit against the CFPB for exceeding its legal authority when it expanded the definition of “unfairness” to encompass discrimination in the UDAAP exam manual earlier this year.
The post ABA, associations seek summary judgment in CFPB lawsuit appeared first on ABA Banking Journal.
As some banks weigh ditching their holding companies, there are a few considerations for how and why publicly traded banks can file Exchange Act reports directly with their regulatory agencies.
The post Filing Exchange Act reports without a holding company appeared first on ABA Banking Journal.
A three-judge panel of the Fifth Circuit Court of Appeals today ruled that the Consumer Financial Protection Bureau’s funding structure violates the separation of powers clause of the Constitution.
The post Appellate court invalidates CFPB’s funding structure, small-dollar lending rule appeared first on ABA Banking Journal.
A federal judge recently moved to vacate CFPB regulations that expanded the number of small-volume lenders deemed exempt from Home Mortgage Disclosure Act reporting requirements. I
The post Court overturns HMDA reporting threshold for small entities appeared first on ABA Banking Journal.
The OCC today issued a bulletin for community banks on the legal requirements for protecting non-public OCC information in video teleconferencing services.
The post OCC issues bulletin on video conferencing and data privacy appeared first on ABA Banking Journal.
Expressing concern that the CFPB is acting contrary to its authorizing statute, three senior members of the House Financial Services Committee yesterday sought information on the CFPB’s collaborations with state attorneys general enforcement actions.
The post McHenry, Luetkemeyer, Emmer seek info on CFPB collaboration with state AGs appeared first on ABA Banking Journal.
CFPB's change is "contrary to law and subject to legal challenge" as well as potential congressional action, the groups said.
The post ABA, trade groups: CFPB exceeds authority with exam manual update appeared first on ABA Banking Journal.
House Republican lawmakers this week slammed recent changes made by the CFPB to its supervision examination manual for unfair or deceptive acts and practices and its rules of practice and procedure regarding administrative adjudication procedures, noting that these actions “deviate significantly from past practices” and were taken outside of the notice and comment process.
The post GOP lawmakers: CFPB must undo changes to UDAAP enforcement, adjudications appeared first on ABA Banking Journal.
U.S. law enforcement agencies are deputizing—voluntarily or involuntarily—financial institutions to serve as their lead investigators.
The post A changing AML info-sharing landscape creates new risks appeared first on ABA Banking Journal.
The reference guide, created by NACHA’s Payments Innovation Alliance, provides background on the importance of terms and conditions when offering voice payments services and how terms may be modified to suit different needs.
The post NACHA releases guide addressing contractual considerations of voice payments appeared first on ABA Banking Journal.
The Financial Crimes Enforcement Network issued an advisory on kleptocracy and foreign public corruption, urging financial institutions to focus their efforts on detecting the proceeds of foreign public corruption.
The post FinCEN issues advisory to help banks detect foreign corrupt activity appeared first on ABA Banking Journal.
The CFPB’s newly revised rules of practice for administrative adjudication are “a step in the wrong direction,” expanding the powers of the bureau’s already-powerful director and reducing protections for defendant companies, a coalition of financial services groups including American Bankers Association said.
The post Trade groups: CFPB’s revised adjudication rules ‘a step in the wrong direction’ appeared first on ABA Banking Journal.
In all of the Department of Justice’s corporate resolutions regarding AML compliance violations—including guilty pleas, deferred prosecution agreements or non-prosecution agreements—it will now consider requiring both chief executive officers and chief compliance officers to certify that a company has remedied the situation, Assistant Attorney General Kenneth Polite announced today.
The post Assistant AG: DOJ Considers Involving CCOs in Corporate Resolutions appeared first on ABA Banking Journal.
The American Bankers Association told the Department of Justice today that the 1995 bank merger competitive review guidelines are outdated and do not take into account the competitive effects of online banking and competition from nonbanks.
The post ABA to DOJ: Bank Merger Guidelines Outdated appeared first on ABA Banking Journal.
Though this risk is lurking in the shadows, it can present significant financial exposure for the buyer.
The post Why Banks Should Not Overlook Unclaimed Property During the M&A Process appeared first on ABA Banking Journal.
A federal district court on Tuesday upheld the OCC’s and FDIC’s “valid-when-made” rules in separate rulings. The agencies’ rules had affirmed that permissible interest on a loan made by a national or state-chartered bank or federal thrift remains valid when the loan is transferred or sold.
The post Federal District Court Upholds OCC, FDIC’s ‘Valid-When-Made’ Rules appeared first on ABA Banking Journal.
The American Bankers Association and eight other industry trade groups urged the Federal Communications Commission to require telephone companies that block calls to transition to using Session Initiation Protocol Codes 607 and 608 to provide immediate notification to the bank or other caller when it blocks the call.
The post ABA Urges Transition to SIP Codes 607 and 608 for Notification of Blocked Calls appeared first on ABA Banking Journal.
The American Bankers Association this week joined a group of other trade associations and companies in a letter to the American Law Institute Council opposing a proposed restatement of the law for consumer contracts.
The post Trade Groups: ALI Restatement of Law Could Have Implications for Customer Contracts appeared first on ABA Banking Journal.
5... 4... 3... 2... 1... The banking industry is in the final New Year's Eve countdown to the cessation of two U.S. dollar Libor tenors, with the remainder set to cease in 2023.
The post Podcast: Navigating the Beginning of the End for Libor appeared first on ABA Banking Journal.
A federal court in Georgia today enjoined the federal government nationwide from enforcing its vaccine mandate for federal contractors working on federal contracts.
The post Federal Court Issues Nationwide Injunction Against Federal Contractors Vaccine Mandate appeared first on ABA Banking Journal.
A federal court enjoined the federal government from enforcing its vaccine mandate for federal contractors working on federal contracts in Kentucky, Ohio and Tennessee. Banks that conduct business with the federal government or that have branches on military bases or other federal property may be subject to the vaccine mandate.
The post Federal Court Enjoins Federal Contractors Vaccine Mandate in Kentucky, Ohio and Tennessee appeared first on ABA Banking Journal.
The Fifth Circuit Court of Appeals' stay of the Occupational Safety and Health Administration’s vaccine mandate is expected to remain in place until at least Dec. 10, based on a court order filed right before Thanksgiving.
The post Court Stay of Vaccine Mandate Expected to Remain in Place Through Dec. 10 appeared first on ABA Banking Journal.
The Sixth Circuit Court of Appeals was chosen to hear the complaints filed by several governors and private entities challenging the emergency temporary standard that would require all employers with 100 or more employees to be fully vaccinated or tested weekly for COVID-19.
The post Sixth Circuit Chosen to Hear Challenges to Vaccine Mandate appeared first on ABA Banking Journal.
A federal appellate court on Friday issued a nationwide stay of enforcement of the emergency temporary standard that will require all employers with 100 or more employees to be fully vaccinated or test weekly for COVID-19.
The post Federal Court Issues Nationwide Stay of Vaccine Mandate appeared first on ABA Banking Journal.