AliArain

Jenner & Block partnered with Out in Finance on January 21 to deliver "The State of Equality," a comprehensive legal briefing on the current state of LGBTQ+ rights at the firm’s New York office. Partners Ali Arain, Jason Hipp, Rémi Jaffré, and Cayman Mitchell provided strategic insights on pivotal US Supreme Court decisions, emerging state legislative trends, and international legal developments affecting the LGBTQ+ community.

A Jenner & Block team led by Partner Stephen Ascher won summary judgment in a long-running real estate dispute for client Greystone Special Servicing (f/k/a C-III), who handles defaulted loans in a commercial mortgage-backed securities trust.

In this edition of Jenner & Block’s Consumer Finance Observer (CFO), our lawyers from a broad range of practice areas provide analysis of key issues currently at the forefront of consumer finance law and policy.In this issue, you will find analysis and updates on:

On March 16, 2022, the Consumer Financial Protection Bureau (CFPB) announced its intent to address discrimination as an “unfair practice” under the Consumer Financial Protection Act (commonly known as Dodd-Frank). Specifically, by indicating that discrimination falls within “unfair practices” in its Exam Manual, the CFPB has authorized its examiners to look “beyond discrimination directly connected to fair lending laws” and ask companies to “review any policies or practices that exclude individu

Late last month, the Consumer Financial Protection Bureau (CFPB) took another step toward adopting rules governing the use of artificial intelligence (AI) and algorithms in appraising home values. Specifically, the CFPB issued a detailed outline and questionnaire soliciting feedback from small business entities on a proposed rulemaking proceeding for using Automated Valuation Models (AVMs).

Potential discrimination and bias resulting from consumer tools based on artificial intelligence and automated data will be an enforcement focus of regulators this year, Jenner & Block attorneys predict. Accuracy and transparency are also on the table, they say.

In this article, Jenner & Block Partners Ali M. Arain and Michael W. Ross and Law Clerk Jonathan Steinberg observe that the growing use of artificial intelligence to make automated decisions impacting consumers will likely fuel federal regulators’ interest in probing potential discrimination and unfairness this year. “Over the last year, federal regulators with enforcement authority in the consumer space—the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB)—hav

The Harvard Law School Forum on Corporate Governance published an article co-authored by Jenner & Block Partners Ali Arain, Stephen L. Ascher, Howard S. Suskin and Associate Reanne Zheng on the United States Supreme Court’s recent decision in Goldman Sachs Group, Inc. v. Arkansas Teacher Retirement System. The article explains how the Supreme Court’s decision gives defendants in securities class actions additional arguments to challenge class certification.

On June 21, 2021, the US Supreme Court issued its decision in Goldman Sachs Group Inc. v. Arkansas Teacher Retirement System, providing guidance to lower courts regarding class certification in securities fraud class actions. On balance, the opinion favors defendants, and potentially signals a backlash against the tide of securities fraud class actions based on vague and generic misstatements. Importantly, the Court instructed that all relevant evidence should be considered when making the cla

On June 21, 2021, the US Supreme Court issued its decision in Goldman Sachs Group Inc. v. Arkansas Teacher Retirement System,[1] providing guidance to lower courts regarding class certification in securities fraud class actions. On balance, the opinion favors defendants, and potentially signals a backlash against the tide of securities fraud class actions based on vague and generic misstatements. Importantly, the Court instructed that all relevant evidence should be considered when making the cl

Jenner & Block today gave the annual Albert E. Jenner Pro Bono Award to Partner David J. Bradford for a lifetime of pro bono service and for his leadership in a voting rights case in the 2020 presidential election. The firm also gave the Albert E. Jenner Pro Bono Award to a Jenner & Block team that challenged three Wisconsin laws imposing severe restrictions on abortion access at a trial last year. The firm gave the annual Jenner & Block Award for Excellence in Pro Bono or Public Service to Para

Jenner & Block Partner Ali M. Arain has been honored among Crain’s New York Business’ Notable LGBTQ Leaders and Executives. He is included as one of 58 business leaders in the legal, financial services, and non-profit sectors that play a vital role in New York City’s economic and civic workings. Mr. Arain’s profile highlights that he uses his deep litigation experience not only to represent high-profile clients of the firm, but also to give back to the community. The profile recognizes his pro

NEW YORK – MARCH 16, 2021 – Jenner & Block today launched an expanded international Financial Services Litigation (FSL) practice to represent clients in high-stakes litigation, arbitration, contentious restructurings, monitorships, and criminal and regulatory proceedings.  As one of the few top-tier law firms able to work adversely to many major financial institutions, Jenner & Block is well positioned to represent clients in financial services and financial products litigation arising from vo

On December 21, 2020, Congress passed the Consolidated Appropriations Act, 2021, a massive legislative package that provided $1.4 trillion to fund the federal government and $900 billion in long-delayed stimulus to respond to the continuing effects of the coronavirus pandemic (the Supplemental Stimulus Act).[1] After initially signaling that he might veto the law, President Trump eventually signed the bill into law on December 27, 2020. After last March’s stimulus legislation (the Coronavirus Ai

On Friday, July 17, 2020, the Federal Reserve Board announced the launch of two loan options under its previously launched “Main Street Lending Program” that are aimed at providing greater access to credit for nonprofit organizations, such as educational institutions, hospitals, and social service organizations. As described in detail in our previous alerts (available here and here), the Program is designed to provide up to $600 billion in loans to small- and medium-sized entities in order to ea

On June 8, 2020—shortly after announcing the program was set to launch—the Board of Governors of the Federal Reserve (Federal Reserve) announced material changes to some of the key terms for the “Main Street” lending program.[1]  As of June 15, 2020, months after it was first announced, the program is finally operational.

On June 12, 2020, Jenner & Block Partners Michele L. Slachetka and Ali M. Arain presented a CLE webinar for the New York State Bar Association. They summarized best practices for effectively counseling business and corporations through periods of internal and external crises. They also shared tips and strategies for structuring law firm legal teams, managing communications with corporate clients and public relations teams, and developing a coordinated legal response and strategy in dynamic envir

UPDATE: The Federal Reserve Board issued substantive updates to the program on June 8, 2020, after this alert was originally published.  As a result, some of the information below no longer reflects the current terms of the program.  We will soon be posting a revised version of this alert including the relevant updates. 

On April 9, 2020, the Board of Governors of the Federal Reserve (Federal Reserve) announced an array of new and expanded programs designed to ease the economic dislocation caused by the COVID-19 pandemic.  Together, these programs will provide up to $2.3 trillion in funding to support the flow of credit to US businesses of all sizes, individual households, and state and local governments.  Although these programs in many ways mirror those established by the Federal Reserve after the 2008 financi