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Week Ahead in Banking: June 28, 2021

2 minute read
  • Cedric Chanu brief

Here are some upcoming events of interest to the banking law community. Unless otherwise noted, all times are local, and court appearances are virtual due to the COVID-19 pandemic.

Monday, June 28

10:00 a.m. - U.S. District Court Judge John Tharp Jr. in Chicago will sentence former Deutsche Bank AG trader Cedric Chanu on seven counts of wire fraud for manipulating the precious metals futures markets by placing fraudulent orders using a tactic known as spoofing. His former colleague James Vorley was sentenced to a year in prison. Prosecutors have said he should serve more than four years in prison, while Chanu's attorneys have asked for time served.

The case is U.S. v. Vorley et al., U.S. District Court, Northern District of Illinois, No. 18-cr-00035. For Vorley: Michael McGovern of Ropes & Gray. For the government: Avi Perry of the DOJ Criminal Division, Fraud Section.

Wednesday, June 30

9:00 a.m. - U.S. District Judge Harry Leinenweber in Chicago will hold a status conference in a case brought by 20 fair housing organizations alleging Deutsche Bank violated the Fair Housing Act. The groups say the bank discriminated against communities of color in thirty metropolitan areas by failing to properly maintain and market properties after foreclosure.

The bank has denied the allegations.

The case is National Fair Housing Alliance et al v. Deutsche Bank National Trust et al., U.S. District Court, Northern District of Illinois, 18-cv-00839. For the plaintiffs: Jennifer Soule of Soule, Bradtke & Lambert. For the bank: Kenneth Kliebard of Morgan, Lewis & Bockius.

Thursday, July 1

The Board of Governors of the Federal Reserve System, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, National Credit Union Administration and Office of the Comptroller of the Currency will be collecting public comment through the end of the day on financial institutions' use of artificial intelligence.

The agencies want to better understand how financial companies use the technology in fraud prevention and customer service. The regulators have said they hope to explore "appropriate governance, risk management, and controls" related to AI as well as the challenges it presents.

Know of an event that could be included in Week Ahead in Banking? Contact Jody Godoy at jody.godoy@thomsonreuters.com

Jody Godoy reports on banking and securities law. Reach her at jody.godoy@thomsonreuters.com

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