Week Ahead in Banking: September 13, 2021


(Reuters) – Here are some events of interest to the banking and finance community this week. All times are local unless otherwise noted.

Sunday September 12th

12:30 p.m. – The Mortgage Bankers Association Regulatory Compliance Conference begins in Washington, DC This year’s conference features three program days divided into multiple tracks, including a five-hour Litigation Forum Track on Sunday that focuses on current data breach incidents, the state TCPA, FDCPA and FCRA, state litigation and more. The plenary sessions beginning Monday will provide updated updates on the MBA’s advocacy efforts in Washington, major law enforcement trends and other government lending actions, and a lunchtime address by Damon Smith, General Counsel of the US Department of Housing and Urban Development. The full agenda can be found at https://bit.ly/3hiC35q

Monday September 13th

8:30 a.m. – A US banking regulator will commence civil proceedings Monday in Sioux Falls, South Dakota, against three former Wells Fargo executives over the bank’s unauthorized accounts scandal. Claudia Russ Anderson, the bank’s former Group Risk Officer, David Julian, its former principal auditor, and Paul McLinko, its former executive audit director, are battling the Office of the Comptroller of the Currency’s 2020 attempt to fines they levy millions of dollars on each of them for their supposed roles in the scandal.

The case is in Tolstedt et al., Treasury Department, Office of the Comptroller of the Currency, No. 20-001. For the OCC: Jason Friedman. For Anderson: Doug Kelley of Kelley, Wolter & Scott. For McLinko: Timothy Crudo from Coblentz Patch Duffy & Bass. For Julian: Tim Perla from WilmerHale.

9:30 a.m. – The National Association of Federally-Insured Credit Unions opens its three-day Congressional Caucus 2021 with a question-and-answer session between NAFCU President Dan Berger and political commentator James Carville on the state of the art Industry, the standstill in Congress and “navigating” goes a 50-50 Senate. “Morning sessions on Monday, Tuesday, and Wednesday will include more than a dozen speakers from the Biden administration and Congress, including incumbent FHFA director Sandra Thompson; Senate Majority Leader Chuck Schumer (D-NY) and Chairman of the Senate Banking Committee, Sherrod Brown (D-OH); US MP Patrick McHenry (R-NC), House Financial Services Committee ranked member. Participants will meet with lawmakers on the hill on Monday and Tuesday afternoons. For more information, see https://www.nafcu.org/caucus

Wednesday September 15th

10 a.m. – The U.S. Court of Appeals will hear arguments on a potential class action lawsuit filed by investors in the HelbizCoin Initial Coin Offer 2018 that committed fraudulent activity last year for breach of contract, conversion, and violation of New York State law forbid, sued, and practices after the company tried to redeem its shares for a microscopic fraction of the ICO price and destroy the Ethereum blockchain contract to which the cryptocurrency was attached. US District Judge Louis Stanton in Manhattan dismissed the lawsuit in January for failing to assert a claim, stating that HelbizCoin is clearly a security that is not traded on any US stock exchange and for which the ICO has expressly invested “US citizens.” “Prohibited residence or green card holder.” Investors argue that Stanton has misused his discretion by not allowing them to amend the lawsuit and by dismissing the state claims that they believe are duly brought to court under the Class Action Fairness Act.

The case is Ryan Barron et al. v. Helbiz Inc. et al., U.S. 2nd Appeals Court No. 21-278. For Barron et al .: Michael Kanovitz from Loevy & Loevy. For Helbiz et al .: Robert Heim von Tarter, Krinsky & Drogin.

12 p.m. (ET) – Bryan Klein of Waymaker LLP introduces the American Bar Association’s Blockchain & Digital Currency National (Virtual) Institute 2021, a half-day program of panel discussions on four emerging topics. Jai Massari from Davis Polk moderates Panel I, “What the Future Holds for NFTs”. Panel II, “The Coming Dominance of Stablecoins”, will be chaired by Meghan Spillane from Goodwin Procter, followed by Stephen Wink from Latham, who will moderate “Key Enforcement Actions”. Kraken’s Marco Santori concludes the session with “The DeFi Revolution,” a look at the impact of the growing popularity of decentralized financial platforms. For more information, see https://bit.ly/3z4PUCI

2 p.m. – Stefan He Qin, the 24-year-old Australian crypto hedge fund founder who pleaded guilty in February on charges of securities fraud, faces a conviction from U.S. District Judge Valerie Caproni in federal court in Manhattan. Prosecutors alleged that Qin used the $ 90 million Virgil Sigma Fund “as his own piggy bank” and ran it in “shameless” and “ponzi-like fashion” until December 2020 when he tried to meet investor demand by he $ 1.7 million from a. stole second fund, VQR Multistrategy. The individual count has a maximum duration of 20 years; However, in recognition of Qin’s voluntary return to the US, his admission of guilt, and his significant collaboration with the bankruptcy administrator appointed to search and recover the assets of Virgil Sigma and VQR, the government recommended a 96-month term on September 1 ( 8 years). ) and a $ 54.8 million recovery order.

The case is USA v Qin, US District Court for the Southern District of New York No. 21-cr-00075. For the USA: US lawyer Audrey Strauss and AUSA Daniel Tracer. For Qin: Sean Hecker and Louis Fisher from Kaplan Hecker & Fink.

Thursday, September 16

8:30 a.m. (CT) – The University of Texas at Austin School of Law is going virtual for its 55th Annual William W. Gibson, Jr. Mortgage Lending and Servicing Institute, a two-day conference that features 14 hours of CLE on real estate lending, commercial finance, title issues, and ethics. In addition to providing up-to-date information on cases, legislation, and regulation in Texas, the institute addresses several areas of national concern, including congressional and administrative priorities related to mortgage advice; Updates to enforcement priorities at the CFPB, FHFA, the House Financial Services Committee, and the Senate Banking Committee; an overview of recent developments in the move away from the London Interbank Offered Rates (LIBOR) for floating rate loans; emerging risks in fraud detection; Insolvency problems with commercial leases and more. CLE credit is pre-approved for Texas, California, Oklahoma, and Pennsylvania and may be available for other states. Details, including the full agenda, can be found at https://utcle.org/conferences/ML21

(Additional coverage by Jody Godoy)

Do you know of an event that could be included in Week Ahead in Banking? Contact Jody Godoy at [email protected]

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