Articles by Lisa Lambert

MetLife’s ‘Too Big to Fail’ Lawsuit on Agenda for U.S. Regulators

Heads of the U.S. financial regulatory agencies will meet behind closed doors this Friday to discuss MetLife Inc.’s lawsuit against them, according to a notice from Treasury, as the Trump administration wrestles with reforms put in place in response to …

Ban on Consumer Mandatory Arbitration Clauses Faces Challenges

A U.S. rule years in the making that was intended to restore consumers’ ability to band together to sue financial companies could unravel in just a few months as the heads of two federal agencies clash over it and critics …

Consumer Protection Bureau Vows to Defend Mandatory Arbitration Ban

The political fissure between an Obama-appointed financial overseer and regulators hired by U.S. President Donald Trump is widening, with Consumer Financial Protection Bureau (CFPB) Director Richard Cordray threatening to challenge in court any attempt to kill his agency’s new arbitration …

Banks Blast Rule Exposing Them to Consumer Class Actions

U.S. banks and credit card companies could be prevented from blocking customers from banding together to sue them under a rule released by the country’s consumer finance agency on Monday. In releasing the rule, which goes into full effect in …

California Continues to Move Toward Letting Customers Sue Banks

California has taken another step on toward allowing state residents to sue financial institutions for fraud, rather than letting banks force customers to settle disputes in arbitration, as a bill inspired by last year’s Wells Fargo scandal passed a key …

House Passes Dodd-Frank Replacement on Party Line Vote

Republicans in the U.S. House of Representatives voted on Thursday to replace the 2010 Dodd-Frank Wall Street reform law, a move that is expected to die in the Senate but open the door to revamping or eliminating regulations that came …

California Lawmakers May Allow Consumers to Sue Banks Instead of Arbitration

California lawmakers are making headway on legislation to allow state residents to sue financial institutions for fraud, rather than letting banks force customers to settle disputes in arbitration. The state Senate passed the bill, spurred by last year’s Wells Fargo …

Bipartisan Senators Look to Address Banking Risk for Marijuana Industry

Republican and Democratic senators on Wednesday renewed their drive to make banking easier for marijuana-based businesses in those U.S. states where the drug is legal, undeterred by signals from the Trump administration about maintaining tough marijuana restrictions nationally. The eight …

U.S. Wants More Time to Review MetLife Systemic Risk Tag

The U.S. government on Thursday requested a 60-day pause in a case involving MetLife Inc,. the country’s largest life insurer, and how regulators designate certain companies as “too big to fail,” a major reform arising from the 2007-09 financial crisis. …

Federal Regulators Plan ‘Too Big to Fail’ Meeting

The heads of the U.S. financial regulators will meet next week to dive into the sensitive process of labeling companies “systemically important,” better known as “too big to fail.” The Financial Stability Oversight Council will discuss President Donald Trump’s April …