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Bank Law Monitor

A legal blog for the financial services industry

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I Just Wanna Know—Federal Bank Regulators to Require Notice of Major Cyber Security Events
Hardly a day goes by without news of a new cybercrime hobbling a major business.1 The grand scope of the SolarWinds hack, which went undetected for many months, underscored that even the most sophisticated technology companies (Microsoft, Cisco,...
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Ninth Circuit Affirms That “Cascading Scandals” and a General Stock-Price Decline are Insufficient to Establish Loss Causation under California Securities Law
On May 19, 2021, the Ninth Circuit affirmed the dismissal of a putative securities fraud class action against Uber Technologies, Inc. and its co-founder and former CEO, Travis Kalanick, holding that, under California law, investors cannot simply alle...
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Ninth Circuit Revives State-Law Class Action Claims against Financial Advisor
On March 4, 2021, the United States Court of Appeals for the Ninth Circuit reversed a district court’s ruling and held that a putative class action alleging state-law fiduciary duty claims against a financial services and advisory firm (the “Financia...
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At Long Last, FinCEN Offers Much Awaited Guidance Regarding BSA Due Diligence Requirements for Hemp Businesses
Ever since Congress passed the 2018 Farm Bill and hemp was declassified under federal law as a Schedule I controlled substance, financial institutions have struggled with whether and how to bank the hemp industry. Many bankers simply feared that the...
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Federal Banking Agencies Encourage Small-Dollar Lending
No, your eyes aren’t deceiving you. On Thursday, March 26, 2020, the federal banking agencies (i.e., the FDIC, CFPB, FRB, NCUA, and OCC) issued a joint statement encouraging banks and credit unions to offer responsible small-dollar loans to consumers...
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CARES Act Amends Bankruptcy Code to Address COVID-19 Dislocation
Section 1113 of the CARES Act amends certain provisions of the Bankruptcy Code and will apply to the year following the date on which this new law goes into effect. These changes are primarily designed to benefit small businesses and individuals who...
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