Law and legal issues

Business trade groups are expected to prevail in getting an emergency stay to stop the Consumer Financial Protection Bureau's $8 late fee rule from going into effect on May 14. However, the lawsuit would still have many steps to go after such a decision.

The case over the Consumer Financial Protection Bureau's $8 late fee rule has emerged as a flashpoint in a larger debate over "judge shopping," whereby plaintiffs seek venues with judges sympathetic to their complaints.

A federal judge in Texas sided with bank trade groups, agreeing that bank regulators might have overstepped their authority in reforming parts of the Community Reinvestment Act.

The federal court judge determined that Federal Reserve banks are not obligated to grant master accounts. The decision set a precedent that has already been cited in another case.

Judge Mark T. Pittman sided with the Consumer Financial Protection Bureau in ordering the case be moved from Texas to the District of Columbia due to "forum shopping."

A federal judge in New York ruled that the Securities and Exchange Commission can proceed with its lawsuit against the cryptocurrency-trading platform Coinbase, claiming the company failed to register as a securities business.

A lawsuit filed by the American Fintech Council and two other trade groups has implications for other states that also want to keep out high-cost consumer lenders.

A month after the collapse of FTX, federal prosecutors filed eight charges against crypto mogul Sam Bankman-Fried. Four of them involved wire fraud.

Bankers from Citigroup were partying with clients one night in May 2018 at a downtown Manhattan hot spot called Catch.

American Bankers Association CEO Rob Nichols argued Tuesday that the trade group had no choice but to sue federal agencies that "overstepped" their authority. Former Trump-appointed regulators expressed support for the industry's increased willingness to take its overseers to court.