Litigation

With little fanfare, President Trump officially nixed the rule prohibiting financial firms from including mandatory arbitration clauses.

Eight leagues/associations now are part of class action response to massive hack, with two leagues – representing CUs in Nebraska, Arizona, Colorado and Wyoming – joining on Halloween.

While used infrequently by credit unions, arbitration clauses can be an effective way to ensure both the credit union member and the credit union's interest are protected when disputes arise.

Republicans were able to use an obscure legislative process to overturn a rule that banks and credit unions feared would raise their litigation costs.

British regulators are touting the success of their so-called regulatory sandbox. Their American counterparts have been unable to agree on a comprehensive scheme to foster innovation.

In a surprise move, the Supreme Court will decide whether Amex may bar merchants from steering customers to less expensive card networks. The card issuer will have to prove the consumer gain from its practices outweighs the merchant pain.

Wilmington Trust and some of its executives had been accused of intentionally understating past-due loans in 2009 and 2010.

The lawsuit against Navient Corp. demonstrates that despite the recent appointment of more industry-friendly regulators in Washington, financial services companies still face significant legal threats from state capitals.

The bank plans to contact all customers who paid fees for rate lock extensions during a three-and-a-half-year period and to refund any who believe they should not have been charged.

Summit Credit Union in Madison, Wis., has filed what's believed to be the first lawsuit by a financial institution in connection with the massive data breach.