News from the economy, politics and the financial markets
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District court dismisses CFPB claims against credit reporting agency as time-barred, but grants leave to amend
On August 6, the U.S. District Court for the Central District of California granted a credit reporting agency’s motion to dismiss with leave to amend in a case brought by the CFPB. The court found that CFPB’s claims for discrete violations occurring between January 2018 and October 2021 were time-barred, as the lawsuit was filed more than three years after the CFPB discovered the alleged conduct via its supervisory examination of the credit reporting agency....By: Orrick, Herrington & Sutcliffe LLP
Is There Legal Authority for Trump’s “Debanking” Executive Order?
As we previously reported, on August 7, 2025, President Trump issued an Executive Order (the “EO”) titled “Guaranteeing Fair Banking for All Americans” which, among other things...By: Ballard Spahr LLP
Appellate court overturns lower court’s decision to bar CFPB layoffs and other changes
On August 15, the U.S. Court of Appeals for the District of Columbia Circuit vacated a district court’s preliminary injunction that prevented the CFPB from taking actions regarding its employment, contracts and facilities (previously covered by InfoBytes here). In its opinion, the appellate court found the district court lacked jurisdiction over certain claims and that other claims did not meet the requirements for judicial review. The court stayed the mandate for seven days in its order for any...By: Orrick, Herrington & Sutcliffe LLP
District court sides against Fed in Regulation II interchange fee case
On August 6, the U.S. District Court for the District of North Dakota granted the plaintiff’s motion for summary judgment and denied the Fed’s cross-motion for summary judgment. The court found that Regulation II, which sets debit card interchange fee standards under the Durbin Amendment to the Dodd–Frank Act, exceeded the Fed’s statutory authority....By: Orrick, Herrington & Sutcliffe LLP
Ninth Circuit reverses a district court’s ruling on homeowner agreement
On August 7, the U.S. Court of Appeals for the 9th Circuit reversed a district court’s dismissal of a putative class action brought by two homeowners who alleged violations of Washington’s Consumer Protection Act (WCPA). The appellate court determined the arrangement constituted a reverse mortgage loan as defined by the WCPA and that the plaintiffs had stated a claim for a per se unfair trade practice under the law....By: Orrick, Herrington & Sutcliffe LLP
Fourth Circuit enforces arbitration clause in credit reporting dispute
On August 1, the U.S. Court of Appeals for the 4th Circuit reversed a lower court’s decision and ordered arbitration in a dispute under the FCRA involving a consumer reporting agency. The plaintiff alleged that a consumer reporting agency violated the FCRA by reporting inaccurate and derogatory information about his credit history and failed to conduct reasonable inquiries in response to his dispute letters....By: Orrick, Herrington & Sutcliffe LLP
US president’s working group issues report outlining key policy recommendations for digital assets regulation
On July 30, 2025, the President's Working Group on Digital Asset Markets released its much anticipated report setting out recommendations concerning the regulation of digital assets in the United States....By: Hogan Lovells
Federal appellate sides with Fannie and Freddie in shareholder suit
On August 12, the U.S. Court of Appeals for the Federal Circuit affirmed a lower court’s dismissal of a shareholder suit brought by two stockholders. The two plaintiff stockholders held interests in both Fannie Mae and Freddie Mac and alleged a violation of the Fifth Amendment’s takings clause....By: Orrick, Herrington & Sutcliffe LLP
Healthcare & Life Sciences Private Equity Deal Tracker: KKR Recapitalizes DentalXChange
KKR & Co. has announced a recapitalization of DentalXChange. DentalXChange, founded in 1989 and based in Irvine, California, is a provider of revenue cycle management solutions for the U.S. dental market....By: McGuireWoods LLP
Alternative Investments and 401(k) Plans
On August 7, 2025, President Trump signed an Executive Order (the “Order”) directing the Department of Labor (“DOL”) to re-examine guidance on a fiduciary’s duties under ERISA regarding alternative asset investments in 401(k) and other defined contribution plans, and potentially issue one or more fiduciary safe harbors. Alternative assets generally include private equity, real estate, commodities and digital assets. The Order directs the DOL to take the above actions within 180 days. The...By: Vedder Price
Fourth Circuit reverses lower court’s decision in bank class action certification
On August 5, the U.S. Court of Appeals for the 4th Circuit reversed and remanded a lower court’s decision that denied a plaintiff’s motion for class certification in her lawsuit against a bank. The plaintiff, a South Carolina resident, alleged the defendant engaged in three wrongful practices: (i) treating accounts as overdrawn despite having sufficient funds; (ii) charging multiple insufficient-funds fees for a single transaction; and (iii) imposing two separate out-of-network fees for a single...By: Orrick, Herrington & Sutcliffe LLP
Eighth Circuit Bankruptcy Appellate Panel upholds discharge of private student loan debt
On August 12, the U.S. Bankruptcy Appellate Panel for the 8th Circuit upheld a lower court’s ruling that discharged a debtor’s student loan debt owed to a state bank, finding that repayment would impose an undue hardship. Applying the “totality-of-the-circumstances test,” the panel considered the debtor’s age, income, reasonable expenses, lack of significant retirement savings, and ongoing mental health challenges....By: Orrick, Herrington & Sutcliffe LLP
2025 Venture Capital Report
While venture capital activity remains well below its most recent peak in 2021 and 2022, the market rebounded by many measures in 2024, with the fourth quarter of the year seeing the highest quarterly amount of capital invested since the first quarter of 2022. There were more venture-backed IPOs and M&A transactions than in 2023, but the figure remains well below the totals seen in other recent years....By: WilmerHale
Ohio district court narrows merchants’ claims against bank and payment processor
Recently, the U.S. District Court for the Southern District of Ohio trimmed several claims in a lawsuit brought by two online merchants against a national bank and its payment processor. The merchants accused the defendants of misrepresenting fees, failing to follow card network rules and mishandling chargebacks....By: Orrick, Herrington & Sutcliffe LLP
The Rise and Fall and Rise Again of VC “Mega-Rounds”
Over time, there have been huge shifts in the amount of financing required to start and scale businesses. Advances such as cloud computing and open-source software have enabled technology startups to commence and grow their operations with less funding than historically required....By: WilmerHale
Massachusetts attorney general secures $2M settlement with loan servicer over consumer protection violations
On August 7, the Massachusetts attorney general announced a $2 million settlement and an agreement for three years of compliance monitoring with a Texas-based loan servicer for alleged violations of Massachusetts’ debt collection, consumer protection and foreclosure prevention laws. According to the attorney general, the servicer failed to provide borrowers with a fair opportunity to prevent foreclosure, made excessive collection calls, and failed to provide debt validation notices as...By: Orrick, Herrington & Sutcliffe LLP
NYDFS announces $48.5M settlement over anti-money laundering deficiencies
NYDFS Superintendent Harris announced a $48.5 million settlement with a virtual currency trust company on August 7, resolving allegations of anti-money laundering program deficiencies and failures in due diligence related to a former business partnership. The settlement requires the company to pay a $26.5 million penalty to the state and invest an additional $22 million to remediate and enhance its compliance program under an NYDFS-approved plan....By: Orrick, Herrington & Sutcliffe LLP
401(k) Mutual Fund Fees Hit Historic Lows—Again
The Investment Company Institute (ICI) just confirmed what many of us have seen on the ground: 401(k) mutual fund fees keep dropping, and that’s great news for plan participants....By: Ary Rosenbaum - The Rosenbaum Law Firm P.C.
The 15-Minute Founder’s Guide: Pay-to-Play Transactions
If your startup continues to follow the proverbial “hockey stick” of uninterrupted, exponential growth that you presented in your seed round pitch deck, you might always have easy access to capital and never encounter a pay-to-play transaction....By: Goodwin
[Audio] Institutional Adoption, Tax Challenges, and What's Next for Crypto in the US — Insights from KPMG's Tony Tuths - The Crypto Exchange Podcast
In this episode of The Crypto Exchange, Genna Garver is joined by Tony Tuths, senior partner and leader of the Digital Asset Group at KPMG, to discuss recent legislative developments in digital assets. They examine the GENIUS Act, which aims to enhance stablecoin market stability through authorized issuers and audited reserves, and the CLARITY Act, pending Senate approval, which proposes a regulatory framework for digital assets, dividing oversight between the SEC and CFTC based on...By: Troutman Pepper Locke
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