Legal issues and news

Switzerland on Wednesday proposed tougher AML rules as U.S. officials ramp up their critique of what they say is weak sanctions enforcement.

The Department of Justice cited American Bank of Oklahoma's lending record, as well as racially inflammatory emails it claims bank employees forwarded, in support of its redlining claims.

The company is paying $75 million in penalties and restitution in connection with SEC allegations that its investment advisory arm overcharged customers it inherited in its Wachovia acquisition in 2008. The settlement is said to show the importance of conducting extensive compliance checks in a rapidly consolidating industry.

The lender was accused in a recent lawsuit of failing to meet its obligations to underserved borrowers in lieu of wealthy clients.

Comerica CEO Curt Farmer and CFO James Herzog as well as the company itself face a purported class action by shareholders for allegedly making false and misleading statements about the Dallas company's oversight of the Treasury Department's Direct Express program.

House Republicans' accusation that government agencies are being weaponized against political conservatives underlines a longstanding challenge for banks: Balancing customers' data privacy and stopping financial crime.

The decision by the 2nd U.S. Circuit Court of Appeals in Manhattan came in a securities fraud lawsuit brought by a trustee for note purchasers in a 2014 syndicated loan deal led by JPMorgan Chase.

A co-founder of Totem, a neobank for Native Americans, initiated legal action against his counterpart. Disputes are not uncommon in the startup world.

Front-running schemes by the bank's foreign exchange desk defrauded clients of millions of dollars. In 2017, the Federal Reserve cited the lackluster oversight for failing to stop it.

While federal efforts to provide funding for minority small businesses wither, a lawsuit seeks to shut down an effective source of private capital.

Roughly 55% of people sentenced for embezzling funds from 2007 to 2017 were women, according to new research. Some experts suggest women are more likely to hold accounting and money-handling jobs, while others say the trend is a reflection of biases by employers and law enforcement.

The subpoena is part of a growing Republican narrative that Democrats have weaponized the Federal Bureau of Investigation against conservatives.

The SEC and CFTC charged 11 Wall Street firms $549 million in penalties over recordkeeping violations. The agencies vow to continue enforcing compliance throughout the industry.

The verdict ends a decade-long lawsuit over the Federal Housing Finance Agency's amendment to a stock repurchase agreement in 2012.

UBS Group AG agreed to pay $1.44 billion to settle a case with the U.S. Department of Justice regarding how it handled residential mortgage-backed securities. 

Chief Executive Andy Cecere is among the defendants in a shareholder lawsuit that alleges that top officials at the Minneapolis bank profited from the concealment of employee misconduct. A U.S. Bancorp spokesperson denied the allegations.

The three former Washington Federal Bank for Savings board members were accused of giving the OCC false information in an attempt to hide embezzlement. They could face up to five years in prison for attempting to deceive the OCC.

Incidents have increased by five times on a quarter-to-quarter basis, starting with the shift in deposit relationships after Silicon Valley Bank failed, CertifID said.

UMB Financial hired an outside company to provide customer service in connection with some of its credit cards and debit cards. In a lawsuit, the Missouri bank alleges that the vendor suddenly stopped performing its duties, and that the bank's own employees had to step into the void.