Perkins Coie has attorneys experienced in advising and defending financial services companies in a range of complex legal disputes and investigations. Our industry knowledge and background, combined with a team of more than 300 litigation attorneys in offices across the country, allow us to provide first-rate litigation defense and counsel to financial services companies.
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Publications
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02.29.2024CFPB Issues Proposed Open Banking RuleArticlesThe Consumer Financial Protection Bureau announced that it was issuing a Notice of Proposed Rulemaking regarding Personal Financial Data Rights on October 19, 2023. The proposed rule would implement section 1033 of the Consumer Financial Protection Act of 2010, which gives consumers the right to access their financial data and authorizes third parties to access it on their behalf.
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12.19.2023Corporate Transparency Act Will Require Disclosure of Senior Officers and Directors of Many US and Foreign CompaniesUpdatesThis Update discusses how the Corporate Transparency Act rules will affect directors and senior officers of CTA reporting companies, in particular. All senior officers, directors and their advisers, and counsel should be aware of these rules and potential implications.
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12.04.2023The Corporate Transparency Act: What To Know and Expect Starting January 1, 2024UpdatesBeginning January 1, 2024, the Corporate Transparency Act will require most entities formed or registered to do business in the United States to disclose detailed information regarding their owners, officers, and control persons to the U.S. Department of the Treasury Financial Crimes Enforcement Network.
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09.15.2023The New Private Fund Rules: What Now for Registered Advisers?ArticlesAs reported in our recent blog post, “SEC Imposes New Burdens on Registered and Exempt Private Fund Advisers,” the U.S. Securities and Exchange Commission (the SEC) has adopted significant new rules under the Investment Advisers Act of 1940 (the Advisers Act) that apply to investment advisers to private funds that are registered with the SEC.
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09.15.2023The New Private Fund Rules: What Now for VC Fund Advisers and Other ERAs?ArticlesAs we reported in our recent blog post, “SEC Imposes New Burdens on Registered and Exempt Private Fund Advisers,” the U.S. Securities and Exchange Commission (the SEC) has adopted significant new rules under the Investment Advisers Act of 1940 (the Advisers Act) that apply to the investment advisers of private funds.
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03.16.2023DOJ Issues New Guidance on Use of Personal Devices and Third-Party Messaging ApplicationsUpdatesThe U.S. Department of Justice announced significant new guidance on March 3, 2023, regarding the use of personal devices and the retention of corporate communications.
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06.27.2016Supreme Court Passes on Decision in Midland Funding LLC. v. MaddenOn June 27, 2016, the United States Supreme Court decided it would not review the Second Circuit’s ruling in Midland Funding LLC. v. Madden, letting stand the 2nd Circuit’s ruling that an assignee of a loan originated by a national bank cannot rely upon the bank’s ability to preempt state restrictions on interest rates.
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05.17.2016Spokeo Confirms That Alleging a Statutory Violation Is Not Necessarily Enough to Create StandingUpdatesIn a 6-2 decision, the Supreme Court held that the mere allegation of a statutory violation is not necessarily enough to create Article III standing.
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02.23.2016CA Supreme Court: Borrowers May Bring Wrongful Foreclosure Actions Challenging Deed of Trust AssignmentsThe California Supreme Court recently held that borrowers have standing to bring wrongful foreclosures claims based on challenges to an assignment of the note and deed of trust to a securitized trust.
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05.11.2015CFPB Issues Third Fair Lending Report to CongressOn April 28, 2015, the Consumer Financial Protection Bureau (“CFPB”) released its third Fair Lending Report to Congress. The report summarizes the CFPB’s fair lending activities during the 2014 calendar year.
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02.03.2015SEC Brings First Enforcement Action Against Credit Ratings AgencyOn January 21, the Securities and Exchange Commission (SEC) announced a settlement with a credit rating agency regarding its rating of certain commercial mortgage-backed securities (CMBS).
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09.23.2014SEC Awards Whistleblower $30M Under Dodd-Frank Act, Sets RecordOn September 22, 2014, the U.S. Securities and Exchange Commission (SEC) announced that it expects to award more than $30 million to a whistleblower who provided information that led to a successful SEC fraud enforcement action.
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09.04.2014NY Attorney General Accuses Mortgage Lender of RedliningOn September 2, 2014, the New York attorney general filed a lawsuit alleging that a regional bank engaged in unlawful discrimination by systemically denying access to mortgage loans through “redlining” Buffalo’s African-American neighborhoods.
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03.04.2014Supreme Court Holds That SLUSA Does Not Preempt State Law Claims of Investors in Stanford Ponzi SchemeUpdatesRecently, the U.S. Supreme Court limited the scope of the preemption of state law class actions afforded by the Securities Litigation Uniform Standards Act of 1998 (SLUSA) in Chadbourne & Parke LLP v. Troice, No. 12-79 (U.S. Feb. 26, 2014).
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01.20.2014DOJ Indicts Seven Defendants in $49.6 Million Mortgage Fraud SchemeOn January 10, 2014, representatives of the United States Attorney for the Southern District of Florida, the Federal Bureau of Investigation, and the Inspector General’s Office for the Federal Deposit Insurance Corporation announced the unsealing of a 15-count indictment against seven defendants allegedly involved in a complex mortgage fraud scheme.
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02.09.2012Mortgage Servicing Settlement ReachedOn February 9, 2012, government officials, including Attorney General Eric Holder, announced a $26 billion settlement with five banks to settle allegations of mortgage servicing and foreclosure processing errors. The agreement, reached with Bank of America Corp., JPMorgan Chase & Co., Citigroup Inc., Wells Fargo & Co., and Ally Financial Inc., resolves allegations related to foreclosure practices in 2009 and 2010.
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05.16.2011A Rare Sight: DOJ Antitrust Division Uses Non-Prosecution Agreement To Resolve Bid Rigging Allegations Against UBSUpdatesThis update was republished as an article on Law360
In an extremely rare move, the Department of Justice’s Antitrust Division recently announced that it had entered into a non-prosecution agreement (“NPA”) with UBS AG (“UBS”) to resolve criminal antitrust charges. -
11.03.2010Sentencing Guideline Amendments Relax Criteria for Defendant Companies Seeking Substantial Fine Reductions... But They Also Raise Serious QuestionsUpdatesEffective November 1, 2010, the U.S. Sentencing Commission has changed how fines for companies are calculated under the U.S. Sentencing Guidelines. The inquiry has now shifted away from the (mis)conduct of the company’s high-level personnel and toward the effectiveness of the company’s compliance and ethics program.
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10.25.2010OECD Gives Mounting U.S. Foreign Anti-Bribery Efforts High MarksUpdates
The OECD has criticized other signatory nations for not living up to their anti-bribery obligations, and in its just released report also identifies certain discrete areas for U.S. improvement. But the bottom line message is that the U.S. government is a leader in anti-corruption enforcement.
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08.16.2010The Financial Reform Act: New Offices of Minority and Women Inclusion Will Require Government Agencies to Focus on DiversityUpdatesOn June 30, 2010, the House of Representatives approved the Dodd-Frank Wall Street Reform and Consumer Protection Act, or the Financial Reform Act, a comprehensive and expansive set of financial reforms widely thought to be the toughest changes to financial regulation in the United States since the Great Depression.
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07.26.2010The Financial Reform Act: Financial Reform Legislation Imposes New Requirements on Banks and Other Financial InstitutionsUpdatesOn July 21, 2010, President Barack Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act, or the Financial Reform Act, declaring the Financial Reform Act to contain "the strongest consumer financial protections in history."
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07.26.2010The Financial Reform Act: New Bureau of Consumer Financial Protection Is Established with Broad Rulemaking, Enforcement and Regulatory AuthorityUpdatesOn June 30, 2010, the House of Representatives approved the Dodd-Frank Wall Street Reform and Consumer Protection Act, or the Financial Reform Act, a comprehensive and expansive set of financial reforms widely thought to be the toughest changes to financial regulation in the United States since the Great Depression.
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07.30.2009FTC Again Extends the Deadline for Red Flags Rule EnforcementUpdatesThe FTC recently extended the enforcement deadline for the Red Flags Rule until November 1, 2009. The Rule was originally scheduled to go into effect on November 1, 2008, but on Wednesday, July 29, 2009, the FTC announced that it was delaying enforcement for the third time because a number of industries and entities within the FTC’s jurisdiction still expressed confusion and uncertainty about what types of entities would be subject to the Rule and what the Rule actually required of covered entities.
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06.23.2009Ready or Not? Widespread Regulation of Hedge Funds and Other Private Pools of Capital Could Be ComingUpdatesThe Obama Administration has proposed sweeping new regulations that would overhaul the U.S. financial regulatory system, including a proposal published June 17, 2009 that would require investment advisers of hedge funds and other private pools of capital whose assets under management exceed some unspecified, but modest, threshold to register with the Securities and Exchange Commission under the Investment Advisers Act of 1940.
Presentations
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04.26.2023Regulatory & Reporting Requirements of Digital Assets: Using, Trading & StakingSpeaking EngagementsConsensus / Austin, TX