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Finance and investment-related court cases

PNC gets sued, LendingClub buys bank, regulators spar: Top stories of the week

February 21, 2020 3:28 PM

Lawsuit alleges PNC built payments product with stolen trade secrets

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A Denver company says that the $410 billion-asset bank used its confidential information to create a copycat product and poach its customers. PNC is contesting the allegations.

(Full story here.)

Nebraska bank is first failure of 2020

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Bloomberg News
Ericson State Bank, which had been in regulators’ sights for a decade, was closed by state and federal authorities Friday. Another bank acquired all of its deposits and a fraction of its assets.

(Full story here.)

LendingClub to acquire Radius Bancorp for $185 million

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The deal for Boston-based Radius would be the first in history in which an online lender buys a mainstream bank.

(Full story here.)

Ally to pay $2.6B for unsecured lender CardWorks

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CardWorks also specializes in subprime credit cards and loans for recreational and marine vehicles.

(Full story here.)

LendingClub deal could spur more fintech-bank mergers

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The challenge for other fintechs will be to find banks that are as compatible as Radius Bank, an online-only lender, is for LendingClub.

(Full story here.)

Will banks get caught up in facial recognition backlash?

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Consumer advocates and policymakers are railing against use of the technology by government, universities and others. Banks using it for authentication need to tread cautiously, experts say.

(Full story here.)

Is partisanship seeping into bank regulators' discourse?

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Bloomberg News
Compared with incendiary fights elsewhere in the capital, deliberations among the banking agencies tend to be more banal. But on issues from the Volcker Rule to CRA reform, disagreements lately between officials have grown sharper.

(Full story here.)

Fed's ownership rule could open door to more activist investors

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Clearer standards make it easier for shareholders to boost their stakes in banks without having to file for bank holding company status.

(Full story here.)

Bloomberg tacks left on financial regulation. Should banks be worried?

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Bloomberg News
Years after criticizing the Dodd-Frank Act, the Democratic presidential candidate and former New York City Mayor Michael Bloomberg is now taking a page from the Elizabeth Warren playbook.

(Full story here.)

Kraninger wants more money for CFPB. White House has a different plan.

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The Trump administration proposes cutting personnel and other budgetary items at the bureau, while the agency’s director — who controls the purse strings and was hand-picked by the administration — aims to boost spending and hire more employees.

(Full story here.)
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