Law and legal issues

Summit Credit Union in Madison, Wis., has filed what's believed to be the first lawsuit by a financial institution in connection with the massive data breach.

The hearings before the Senate Banking Committee have high stakes for both companies, as lawmakers are expected to ask the CEOs whether they should be fired.

A recent failed-bank resolution in Europe may serve as a harbinger of how new authorities could cause problems in the U.S. and highlights the potential need for a modified bankruptcy process.

An internal CFPB memo says it was considering a $10 billion fine before settling on $100 million; state suit against credit bureau is likely to be the first of many.

The California company will pay nearly $3 million to address claims it failed to pay employees for overtime.

Without the Consumer Financial Protection Bureau's expanding consumers' legal options, they will continue to be vulnerable to the abusive practices that have proliferated throughout the financial industry in recent years.

Credit Suisse Group AG said it settled lawsuits brought by Massachusetts Mutual Life Insurance Co. over the sale of mortgage-backed securities before the financial crisis.

Bankers in Florida and Texas are dusting off their disaster-recovery playbooks, which focus on retrieving customers' valuables, ensuring employee safety and minimizing the bank's own legal exposure.

But the Wayzata, Minn., company is not out of legal hot water, as a judge let stand some charges that it violated a provision in the Dodd-Frank Act that prohibits using deceptive practices to sell consumer products.

In order to compensate victims of the breach, Equifax is offering free credit monitoring services that include a mandatory arbitration clause, a measure Democrats were highlighting to lobby support for the CFPB's rule banning such clauses.

All 12 credit unions subject to late fees had assets of $50 million or less.

Fifth Third's Melissa Stevens targets millennials with new app. Meanwhile, regulators are accused of ignoring millennials. Plus, a Goldman Sachs wealth manager sues for discrimination.

Jeffrey Seabold, Banc of California’s former vice chairman, alleges that he and ex-CEO Steven Sugarman were scapegoats for inappropriate behavior by certain directors and that the company manipulated its first-quarter earnings.

Husband and wife claim they were fired for raising concerns about the bank’s sales practices; commercial mortgage-backed securities on pace to top last year’s volume.

In a deregulatory environment, a rule that better enables consumers to bring class actions could lead to an explosion of litigation, which will affect product availability and pricing.

Wells Fargo forced borrowers to pay millions of dollars in fees to extend interest rate locks that expired due to the bank's delays in processing mortgage applications, a lawsuit claims.

Heartland Bank had been operating under a regulatory order from the Fed since December.

The San Francisco bank is embroiled in a high-stakes legal battle over the use of arbitration in disputes involving overdraft fees at the same time that adversaries are portraying the scandal-plagued bank as the poster child for why reform is necessary.

U.S. Bank and Wells Fargo to use Blend software to speed up mortgage origination processes; Robert Kaplan wants to keep stress tests on big banks.

The credit card issuer paid $95 million to settle charges it offered inferior terms to customers in American territories; Mitsubishi UFJ wants to become a top 10 U.S. bank.