Biden signs executive order on US government cryptocurrency assessment
US President Joe Biden signed an executive order Wednesday calling for the first ever, whole-of-government approach to addressing the risks and benefits of cryptocurrency. Cryptocurrency is a digital asset based on a decentralized network rather than some central authority, like the US Central Bank. Cryptocurrency first emerged in 2009. However, it has since become one [...]
JURIST Guest Columnist Julie A. Hill of The University of Alabama School of Law, discusses the Financial Choice Act and duplicative enforcement of financial regulations ... After the L.A. Times revealed that Wells Fargo employees opened millions of unauthorized consumer...
Federal appeals court rules government can withhold some files in Fannie Mae/Freddie Mac case
The US Court of Appeals for the Federal Circuit ruled Monday that the federal government, which took control of the Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) ,...
Supreme Court says Fannie Mae does not have automatic right to federal court
The US Supreme Court ruled Wednesday that Fannie Mae's sue-and-be-sued clause does not grant federal courts jurisdiction over all cases involving Fannie Mae . The case was centered around the interpretation of 12 USC §...
Obama administration proposes regulations to address payday loan 'debt traps'
The Consumer Financial Protection Bureau (CFPB) proposed a rule on Thursday seeking to address predatory loaning practices by "payday" and other high-interest lenders. The 1,000-plus-page regulation suggests two policies of note. First, the agency proposed...
Federal appeals court rules Bank of America not liable for fraud
The US Court of Appeals for the Second Circuit on Monday overturned a 2013 jury verdict that found Bank of America liable for fraud and imposed a penalty of more than $1.2 billion. The Second Circuit...
Federal judge overturns Metlife 'too big to fail' designation
U.S. District Court Judge Rosemary Collyer on Thursday unsealed an opinion from late March ruling that the government did not have grounds to designate the major insurance company, Metlife , as "too big to fail."...
Citigroup ordered to return $700 million to credit card customers
US regulators on Tuesday ordered Citigroup to refund $700 million to nine million credit card customers, along with a $70 million fine for illegal and deceptive practices.The Consumer Financial Protection Bureau (CFPB) ordered...
Bank of America ordered to pay $727 million for illegal credit card practices
The Consumer Financial Protection Bureau (CFPB) on Wednesday ordered Bank of America to pay $727 million for its illegal credit card practices. The CFPB asserts that Bank of America used deceptive marketing and...
Federal appeals court overturns decision on debit card transaction fees
The US Court of Appeals for the District of Columbia Circuit on Friday overturned a lower court that struck down the Federal Reserve's cap on how much banks are permitted to charge businesses for debit...
