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"DOJ corporate enforcement guidelines are placing individual defendants between a rock and a whirlpool" by David S. Krakoff, Nadav Ariel, and Bradley A. Marcus (Business Crimes Bulletin)
For companies suspected of wrongdoing, cooperating with Department of Justice (DOJ) investigations and selfdisclosing their misconduct often appears to be their only option to avoid prosecution and reduce large financial penalties. But, these benefits often come at a price, especially to company...
Articles"Betting on sports wagering? Double down on licensing prep" by Andrew R. Louis, Kathryn L. Ryan, and Brian W. Bartholomay (Sports Litigation Alert)
Sports betting has flourished in the year since a Supreme Court decision gave states the right to legalize it, with eight states now offering some form of sports betting and almost 30 in various stages of weighing legislation that would do so. Some of the new players are borrowing from existing...
Articles"Reducing the regulatory risk of merchant cash advances and factoring" by Clinton R. Rockwell, Moorari K. Shah, and Lauren Frank (Law360)
A growing number of courts and regulators have reached different conclusions on whether factoring and merchant cash advances constitute loans subject to state lender licensing and usury regulations, leaving many factoring companies and their clients without legal certainty about the nature of the...
Articles"Alternative data and fair lending face off: The relationship is complicated" by Jonice Gray Tucker and Caroline M. Stapleton (Mortgage Compliance Magazine)
Thinking of getting into a relationship with alternative data? You're not alone. Use of "alternate data," a term broadly used to describe consumer information gathered from non-conventional sources, is becoming increasingly attractive to mortgage lenders, their service providers, and even consumers...
Articles"TRID 2.0 and the disappearance of the black hole" by Brandy A. Hood (The Business Lawyer)
INTRODUCTION The Know Before You Owe: TILA-RESPA Integrated Disclosures Rule (“TRID Rule”) and its initial accompanying amendments have now been in effect for several years, and the rule continues to evolve. In response to industry requests, the Consumer Financial Protection Bureau (“CFPB”)...
Articles"It may help to oppose discovery stay in parallel proceedings" by David S. Krakoff, Adam Miller, and Bradley A. Marcus (Law360)
Representing a client in parallel civil and criminal proceedings is fraught with peril at every strategic turn. Decisions in each case can significantly affect the other, often in unpredictable ways. One piece of conventional wisdom for attorneys representing such clients is to support motions by...
Articles"BSA/AML for nonbanking institutions" by Daniel P. Stipano (American Bar Association Business Law Today)
The requirements of the Bank Secrecy Act (BSA) and anti-money-laundering laws (AML) are pervasive and longstanding, yet they continue to vex companies trying to comply with them. Regulators have hit virtually all large banks, and many nonbanks, with BSA/AML-related enforcement actions, resulting in...
Articles"What commenters have to say about proposed CRA updates" by Warren W. Traiger and Caroline K. Eisner (Law360)
Finally, almost a decade after announcing a joint effort to modernize the Community Reinvestment Act, the prudential regulators have signaled that revisions are in the offing. Over the last two months, representatives from the Office of the Comptroller of the Currency, Federal Deposit Insurance...
Articles"Navigating today’s biometric landscape" by Elizabeth E. McGinn, Scott T. Sakiyama, Magda Gathani, and Garylene D. Javier (Cybersecurity Law Report)
Biometrics-based authentication of payments and other transactions has been on the rise for the past several years, promising unparalleled convenience and security for consumers. However, the distinctive nature of biometric features that confers its advantages is also the source of the technology’s...
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