Legal issues and news

The bank teller, Khalila Cooper, embezzled $34,000 over a six-month period. She has been banned from the banking industry for her "personal dishonesty," the Fed said.

The plea marks the beginning of the end of the case over the $50 billion collapse in May 2022 of stablecoin TerraUSD.

The crypto-focused firm's OCC trust bid would shift supervision from New York to Washington at a time when regulators are signaling openness to fintechs engaging in banking

Theft of paper checks and their use in identity theft constitute a major blind spot in the private sector's fraud detection networks. Banks and regulators need to come together to find solutions.

Federal Trade Commission data shows scam losses for adults 60+ have skyrocketed, with banks under pressure to strengthen protections.

Junk bonds made Michael Milken the most important and richest person on Wall Street. But they caused many large thrifts to fail. Had he listened to his professors and pursued his Ph.D. in 1970, his legacy might have been different.

A federal judge in North Dakota found that the Federal Reserve's rules capping interchange fees runs afoul of the Durbin Amendment section of Dodd-Frank, vacating the rule unless the central bank decides to appeal the decision. The decision carries implications not only for swipe fees but also how and when banking regulations can be challenged.

New York's bank regulator says Paxos ignored obvious money-laundering red flags and lacked basic compliance controls, particularly in its dealings with Binance.

As stablecoins and related products gain traction in the U.S., bankers are going to have to face the fact that their current anti-money-laundering controls simply aren't up to the task anymore.

Last year, scammers tricked 11,000 people — many elderly — to send them money through ATMs for Bitcoin and other crypto. The payments are often irreversible.

Lenders and servicers must determine how quickly to act as some legislators look to enable the move a key regulator has ordered while others urge deliberation.

Companies that lack artificial intelligence governance may spend hundreds of thousands of dollars more in responding to cyberattacks, IBM found.

In a new lawsuit, a former Flagstar compliance officer says Alessandro DiNello fired him for investigating his suspected misconduct. In one lurid example, the former CEO allegedly revealed sensitive company information as a junior employee sat on his lap.

The Federal Deposit Insurance Corp. withheld bonuses from former FDIC Chair Martin Gruenberg and four senior officials, whose names were redacted from the report, as part of "corrective action" for allegations of misconduct.

A White House working group is calling for updated crypto regulations, AI-powered fraud detection and clearer guidance for banks.

A FICO survey shows 33% think exaggerating income on credit applications is acceptable. Ironically, many also prioritize strong fraud prevention from banks.

Bankers are concerned about stablecoins gaining traction due to the passage of the GENIUS Act, and also continue to sound the alarm about the failure to resolve check fraud disputes, according to the latest quarterly survey from IntraFi.

Judge Sparkle Sooknanan granted the National Fair Housing Alliance a temporary restraining order which requires HUD to resume distribution of enforcement funds.

Art collectors — and criminals — can anonymously spend millions on art in the U.S. A newly introduced bill could change that.

A judge ruled the Pennsylvania lender had to commit to its increased fair lending obligations for three more years, as it wouldn't harm the public interest.