Law and legal issues

Four companies are fighting CFPB enforcement actions by claiming the agency cannot be funded by the Federal Reserve, which has not been profitable since 2022. The consumer bureau calls the new legal theory "meritless."

Royal Bank of Canada's onetime chief financial officer was allegedly in a relationship with an executive in the bank's corporate treasury group for more than a decade. A court filing offers a remarkably detailed look at how the bank alleges it played out.

The American Bankers Association and the Illinois Bankers Association, among other groups, say a state law barring swipe fees for taxes and tips should be preempted by federal law.

Missouri Secretary of State John Ashcroft's office said the ruling was "not just legally deficient but also morally wrong."

A female employee is now suing ICAP and Citigroup, alleging she was subjected to years of unwanted sexual attention and threats by a Citi trader.

Researchers wonder if similar regulatory attention could eventually hit the bottom lines of independent broker-dealers and RIAs.

Judge Martin Glenn of the Federal Bankruptcy Court of the Southern District of New York greenlighted SVB Financial's bankruptcy plan Monday, but $1.93 billion in FDIC-held deposits remain contested pending further litigation.

With the Consumer Financial Protection Bureau joining the growing list of top enforcement agencies recognizing the value in whistleblowing, companies should take heed and avoid any provisions in employment and severance agreements that in any way impede or penalize whistleblowers.

The lender denied its software uses artificial intelligence in fighting a 'digital redlining' case.

Federal banking agencies asked the Fifth Circuit to lift an injunction on new community lending regulations, arguing that the court misinterpreted the scope of the Community Reinvestment Act's reach.

Mixed earnings results at Wells Fargo and the ongoing merger proposal between Discover Financial Services and Capital One Financial are creating added pressure for investors.

As part of the three-year agreement, the group will fund a $1.22 million scholarship fund to recruit minorities into the appraisal profession.

The four lawsuits allege that attackers stole members' Social Security numbers, among other data. Patelco has not yet confirmed whether any data was stolen.

The banking industry is using the threat of lawsuits to push regulators toward a less stringent final rule on capital. Those in favor of tougher rules should fight fire with fire.

A pair of rulings upended the deference afforded to agency interpretations of the law and extended the statute of limitations to bring regulatory challenges. But experts say the impact on banking regulation will likely be limited.

The excision of the Chevron doctrine from administrative law is the crest of a wave of litigative enthusiasm that has been building in the banking industry for years. But defanging the administrative state could also establish binding legal precedents that can cut both ways.

Silvergate's former CEO and onetime chief risk officer settled allegations that they misled investors about the strength of the bank's anti-money laundering compliance program. Meanwhile, Silvergate's former CFO denied separate allegations by the SEC and vowed to defend himself in court.

The high court's much-anticipated ruling gives federal courts — rather than executive agencies — the power to interpret ambiguous statutes. The decision is expected to facilitate an increase in litigation over banking regulations.

A landmark ruling by the Supreme Court's conservative majority means that defendants will have the right to a jury trial in cases where bank regulators are seeking civil penalties. The consequences for federal banking agencies are expected to be substantial.

Banks and financial institutions face a barrage of lawsuits from consumers alleging they failed to investigate inaccurate information on a credit report. Industry blames the uptick in litigation on social media sites and the proliferation of credit repair companies.