News from the economy, politics and the financial markets
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Florida Fourth DCA Clarifies Limits of Attorney Liability in Third‑Party Opinion Letters
The Florida Fourth District Court of Appeal recently affirmed that an attorney who prepares an opinion letter on behalf of the borrowers for the benefit of the lender in an arms-length transaction does not owe a duty to the lender. In this case, a $7.5 million loan was issued to the operators of ultra-luxury auto dealerships, and its cars, such as a 2019 McLaren Senna, were used as collateral for the loan....By: Marshall Dennehey
Token Fraud Decision Sets Limits on Crypto Platform Liability
On March 2, 2026, the U.S. District Court for the Southern District of New York struck down another attempt by users of the decentralized crypto exchange, Uniswap Labs, to pin fraud by token issuers on the platform enabling the tokens’ trading. The decision in Risley v. Uniswap, No. 22-cv-02780, 2026 WL 572065, came on remand after the U.S. Court of Appeals for the Second Circuit affirmed dismissal of Plaintiffs’ federal securities law claims, holding that “it defies logic that a drafter of a...By: Sheppard, Mullin, Richter & Hampton LLP
The Fine Print of 529 Plans: What New York Doesn’t Cover
Section 529 plans provide a tax-advantaged way to save for education expenses, but account holders should be mindful of important differences between federal and New York tax treatment of distributions from such plans....By: Farrell Fritz, P.C.
Federal Agencies Propose Streamlined, More Risk Sensitive Framework to Modernize Bank Capital Framework
On March 19, the Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC) (collectively, the agencies) jointly issued three proposed rules to “modernize” the regulatory capital framework for banking organizations of all sizes. The agencies aim to simplify how capital is calculated, better align requirements with underlying risk, and maintain the strength of the banking system, even as they project a modest decline in aggregate capital...By: Troutman Pepper Locke
Money Talks March 2026 - Money, Money, Money, Money... Money: Motion for Summary Judgment in Lieu of Complaint
In TSLA Capitals, S.A.P.I. de C.V. v. ATL Funds, LLC (“TSLA Capitals”), the Court granted summary judgment in lieu of complaint under CPLR 3213 on a partially paid promissory note exceeding $24MM. The decision offers a useful clarification of what constitutes an “instrument for the payment of money only,” and in particular confirms that the presence of performance-related provisions does not disqualify a note from CPLR 3213 treatment unless those provisions operate as conditions precedent to...By: Cadwalader, Wickersham & Taft LLP
Fintech - March 2026
Welcome to the third chapter of our annual report, Consumer Financial Services: 2025 Year in Review. Key issues to watch in 2026 include whether the Consumer Financial Protection Bureau (CFPB) finalizes its revisions to the “open banking” rule, which would require applicable financial institutions to provide consumers and authorized third parties secure access to their consumer financial data....By: Goodwin
The Condo Supply Problem, Part 2: What Fannie Mae’s Newest Lender Letter (LL-2026-03) Does - and Why It Matters for Affordability
In my prior post on the condominium supply problem, I focused on a central issue: the market is not failing to produce housing generally, it is failing to produce attainable housing at scale. Condominiums should be a key part of that solution....By: Winstead PC
Emerging Issues and What to Watch for in 2026
Welcome to the first chapter of our annual report, Consumer Financial Services: 2025 Year in Review. As Goodwin anticipated in our 2024 Year in Review, 2025 witnessed a fundamental shift in the consumer financial services regulatory landscape....By: Goodwin
Debt Collection and Debt Settlement - March 2026
Welcome to the seventh chapter of our annual report, Consumer Financial Services: 2025 Year in Review. As the Consumer Financial Protection Bureau (CFPB) continues to reduce its functions in 2026, we expect even fewer enforcement actions by the agency in the debt collection and settlement space....By: Goodwin
United Kingdom: The Shifting Landscape of DB Pension Scheme Endgames
For many years, the story was straightforward: most DB pension schemes were in deficit, weighing heavily on employer balance sheets. The natural goal was buy-out; i.e., securing members' benefits through annuity purchase and winding up the scheme....By: Mayer Brown
Data Privacy and Cybersecurity - March 2026
Welcome to the fifth chapter of our annual report, Consumer Financial Services: 2025 Year in Review. In 2026, both federal and state enforcement agencies will likely maintain aggressive stances and continue to impose significant penalties for cybersecurity lapses....By: Goodwin
Second Circuit Curtails Securities Act Claims, Holding That Reverse Split Was Not a “Sale” and Post-Split Notes Could Not Be Traced
In Knapp v. Barclays PLC, No. 25-1631, 2026 WL 806009 (2d Cir. Mar. 24, 2026), the United States Court of Appeals for the Second Circuit handed down an important win for issuers, underwriters and other participants in the structured-products market. In a precedential opinion addressing issues the Court described as matters of first impression, the three-judge panel held that Barclays PLC’s (“Barclays”) mandatory 4:1 reverse split of certain exchange-traded notes (“ETNs”) did not constitute a...By: Sheppard, Mullin, Richter & Hampton LLP
Just How Stable are Stable Value Funds?
The Employee Retirement Income Security Act (ERISA) imposes significant responsibilities on fiduciaries in managing retirement plans. Historically, stable value funds may have been seen as an uncontroversial option for defined contribution retirement plans to include in their investment menus, but recently there has been an uptick in litigation questioning the selection of particular stable value funds....By: BCLP
Revisions to JMLSG Guidance
Following Board approval in January 2026, the Joint Money Laundering Steering Group (JMLSG) revised Part I of its guidance on anti-money laundering (AML) and counter-terrorist financing (CTF)....By: Ropes & Gray LLP
AI in Financial Services Litigation: What’s Now and What’s Next
Leading financial news publisher SmartBrief sat down with IMS Trial Consultant Michelle Cooper, JD, to discuss how AI is changing financial services litigation. Read the Q&A for insights on reducing AI-related exposure. Originally Published by SmartBrief....By: IMS Legal Strategies
Regulators Address Innovation and Technology at SIFMA Conference
At the 2026 Securities Industry and Financial Markets Association (SIFMA) Compliance & Legal Annual Seminar, held March 22–25 in Orlando, compliance experts, in-house and outside counsel and industry leaders joined representatives from multiple regulators, including SEC, CFTC and FINRA, to discuss key legal and compliance issues impacting the financial services industry today....By: Fried Frank
A Tale of Two Issues (of Disclosure): Cash-Sweep and Investment Practices
Last week, the SEC settled an enforcement action against an investment adviser (the "Investment Adviser") for breaches of fiduciary duty related to its robo-advisor accounts that were titled “Cash-Enhanced Accounts.”...By: Bressler, Amery & Ross, P.C.
[Video] The PFBCon Podcast: Podcasting as a Law Firm Growth Engine: How Hughes Hubbard & Reed Uses Branded Audio
Mike DeBernardis, Partner at Hughes Hubbard & Reed LLP, and Jess Weliwitigoda, Director of Marketing and Business Development at Hughes Hubbard & Reed LLP, discuss how the firm leverages its branded podcast, All Things Investigations, as a marketing and business development tool. They describe how the podcast originated from Mike’s appearances on Tom’s FCPA Compliance Report and evolved into a platform to showcase firm expertise, introduce new lawyers to clients and prospects, spotlight niche...By: Thomas Fox - Compliance Evangelist
México presenta ley para fomentar la inversión en infraestructura estratégica para el bienestar
La presidenta de México, Claudia Sheinbaum, presentó la iniciativa por la que se expide la Ley para el Fomento de la Inversión en Infraestructura Estratégica para el Desarrollo con Bienestar, así como reformas y adiciones a la Ley Federal de Presupuesto y Responsabilidad Hacendaria. La propuesta plantea la creación de un nuevo andamiaje jurídico e institucional orientado a detonar inversión en infraestructura estratégica bajo un enfoque de desarrollo con bienestar, articulando la participación...By: Holland & Knight LLP
AIFMD II – Practical Impact for Credit Funds
The implementation date for the revised Alternative Investment Fund Managers Directive (“AIFMD II”) on 16 April 2026 is fast approaching. The new rules introduce a harmonised framework for loan origination by alternative investment funds (“AIFs”) and will materially affect EU managers managing credit funds....By: Ropes & Gray LLP
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