Articles
Filter
"NY credit card securitization class action misuses Madden" by Walter E. Zalenski (Law360)
The U.S. Court of Appeals for the Second Circuit's decision in Madden v. Midland Funding LLC is deservedly notorious. The Madden court erroneously held that state usury laws may prohibit a national bank’s assignee from enforcing the interest rate on a credit agreement that was valid under the law...
Articles"The Edge Act: Another avenue for removal" by Amanda R. Lawrence, Scott T. Sakiyama, and Nancy H. Turner (American Bar Association)
As any first-year law student could tell you, “Any civil action brought in a State court of which the district courts of the United States have original jurisdiction, may be removed by the defendant or the defendants, to the district court of the United States . . . where such action is pending.”...
Articles"A practical guide to depositions in Japan: Make a plan and be flexible" by Lauren R. Randell (American Bar Association)
You need to take or defend the deposition of a witness in Japan. Perhaps the witness is a corporate custodian or a key executive of a party. For whatever reason—the witness’s inability to travel, discovery rules, or simple agreement of the parties—the deposition is taking place in Japan. Now what?...
Articles"3 key areas where the NYDFS ups the ante on cybersecurity" by Elizabeth E. McGinn (Westlaw Journal)
On March 1, the two-year transitional period under the New York State Department of Financial Services’ “Cybersecurity Requirements for Financial Services Companies” regulation expired, making all requirements effective. The cybersecurity regulation marks a shift in the governance of cybersecurity...
Articles"Debt collection, convenience fees, and the FDCPA" by Jon David D. Langlois and Elizabeth R. Bailey (The Review of Banking & Financial Services)
In the era of online banking and the Internet of Things, the ability to pay your mortgage in a manner other than sending in a paper check evidences both convenience and complication. Convenience to the borrower, in that there are many avenues to quickly make a payment, even a late payment, to avoid...
Articles"DOJ corporate enforcement guidelines are placing individual defendants between a rock and a whirlpool" by David S. Krakoff 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 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 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"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