A coalition of 33 red and swing-state House Democrats backed by banking interests joined moderate House Republicans in a 258-159 vote earlier in May to partially repeal the Dodd-Frank Act and replace it with the Economic Growth, Regulatory Relief and Consumer Protection Act. Donald Trump signed the House bill on May 23. He had tweeted that he … [Read more...]
House Republicans Might Be Willing to Pass Dodd-Frank Reform Measures
The Senate and the House have split on issues before. Most famously, last year, Congressional leaders were unable to come to a consensus on health care, despite the fact that Republicans have been saying for years that they want to repeal Obamacare. Now, it appears, they might be willing to put their differences aside in order to pass reforms to … [Read more...]
Is There a Path to Compensation for Identity Theft?
The consequences of identity theft can haunt you for years. And, of course, it can be very expensive. When you’ve been wronged in such a way, you deserve compensation for your monetary losses, as well as the other harm that it has caused you. But who pays? You can go after the criminal, if you can find them, but they may not have the money. But … [Read more...]
New York Qui Tam Attorneys Weigh in on Record $83 Million Award for Bank of America Whistleblowers
Setting the stage for future successful whistleblowing litigation, New York City qui tam attorneys, Adam Pollock and Steve Cohen, of newly-minted Pollock Cohen LLP, weighed in on Monday’s SEC record $83 million award to three Bank of America’s/ Merrill Lynch executives for holding up to $58 billion a day in a clearing account that should have been … [Read more...]
Keeping an Eye Out for Credit Card Fraud
These days, it seems like you never need cash, as more and more stores take credit cards. This is especially true with the rise of mobile apps that facilitate credit card transactions for small businesses. On the one hand, this is great news because who likes to handle tiny intractable coins and crumpled bills? But on the other hand, this means … [Read more...]
US Comptroller Opposes Anti-Arbitration Rule
In July, the US House of Representatives voted to repeal the so-called Arbitration Rule, recently implemented by the Consumer Financial Protection Bureau (CFPB) and designed to prevent financial companies from mandating private arbitration for all claims brought forth by customers. Earlier this week, the Senate voted to repeal it as well, which … [Read more...]
The Ongoing Case of the Equifax Breach
Earlier this month, Equifax reported that it had been hacked and that the names, social security numbers and addresses of 143 million Americans had been revealed. According to the 2010 census, there are 309 million people residing in this country, meaning the attack covered nearly 46 percent of the US population. Additionally, the hackers retrieved … [Read more...]
Wells Fargo Gave Car Insurance to 800,000 People Without Telling Them
In late July, it was discovered that Wells Fargo had “sold” auto insurance policies to more than 800,000 people without ever informing them. Apparently, it’s common practice for financial companies to hand out insurance to its debtors in order to protect the lender’s interests. This is known as collateral protection insurance (CPI). The thing is: … [Read more...]
Tenth Circuit Gives Marijuana Credit Union Another Chance
In late June, a three-judge panel of the Tenth Circuit US Court of Appeals vacated a district court’s decision to bar a Colorado credit union from opening a master account. The credit union, which started in 2014, aimed to fill a gap in the marijuana industry. Marijuana entrepreneurs have had a difficult time financing their operations due to the … [Read more...]
Bank’s Duty to Watch for Fraudulent Checks Cannot be Waived
Columbus, OH (July 28, 2017) – The Sixth Circuit ruled last week in Majestic Building Maintenance v. Huntington Bancshares Inc. (July 20, 2018 App. No. 16-4342) that a bank cannot disclaim its duty of ordinary care and good faith in processing checks under UCC Article 4. Huntington had been trying to push the responsibility of catching fraudulent … [Read more...]
