Legal issues and news

From the threat of cyberattacks to discriminatory lending practices, banks need to pay close attention to a number of significant challenges.

J.P. Morgan Chase Bank N.A. was sued by a unit of the French maker of Ray-Ban glasses, which claims the bank ignored red flags as international cybercriminals drained $272 million from its New York bank account.

The industry is preparing for a grueling federal rulemaking process to implement the Corporate Transparency Act, which was intended to streamline anti-money-laundering compliance. Analysts say the devil will be in the regulation’s myriad details.

Fraud has evolved to defeat existing federal Customer Identification Program requirements. It’s time for regulators to modernize them.

Anchorage Digital Bank has an inadequate AML compliance program and will have to create a committee within 15 days to develop a remediation plan and submit progress reports, according to the Office of the Comptroller of the Currency.

The U.K. seized 2 million pounds ($2.61 million) from a London-based fintech firm, saying that the funds were linked to a $150 million U.S. wire fraud conspiracy.

The annual event, while not specifically tied to the war in Ukraine, could prove to be opportune for financial institutions.

Younger people can lose thousands of dollars when they fall victim to fraud. Their ties to the digital world are both protective and compromising.

Hundreds of women who’ve worked for Goldman Sachs Group were given a choice: remain in one of Wall Street’s biggest gender discrimination lawsuits, or leave for the more secretive system of arbitration.

The Federal Reserve permanently banned a former Goldman Sachs Group managing director from the financial industry for improperly using and disclosing the regulator’s bank-supervision information.

Bank-issued prepaid benefits cards were supposed to help state governments deliver these funds more efficiently. But the pandemic scrambled the economics of these programs.

Even as the Biden administration ramped up sanctions against Russia on Wednesday, Treasury Secretary Janet Yellen faced questions from Republican lawmakers who want to go further. Yellen, meanwhile, stressed the value of working together with allies.

For anyone who wants a phony pay stub or doctored tax return, an easy source is just a click away.

The bank's CEO, Mike Butler, finds signs of fraud using software from FiVerity that identifies suspicious behavior patterns across its client network.

The Federal Reserve Board barred the former Merrill Lynch and Regions Bank employees from the banking industry for life after securing relief loans and grants under false pretenses. The move comes amid a broader crackdown on stimulus fraud.

JPMorgan Chase will have to face claims that it made 160 unwanted calls to a cardholder in violation of federal law, a federal judge in Pennsylvania said.

Wells Fargo won an early round in a lawsuit accusing the bank of running a predatory mortgage lending scheme in the Atlanta area before the 2008 financial crisis and continuing to discriminate against minorities for more than a decade afterward.

Banks must comply quickly with fast-moving sanctions against the Kremlin and have to spot questionable Russian companies and wealthy individuals. At the same time, some need to deal with settlement risk of trades that involve rubles. Sophisticated data sharing and analysis are making it easier to do the job.

The White House's $5.8 trillion spending proposal to Congress includes more dollars for anti-money-laundering enforcement, Small Business Administration loan guarantee programs and affordable housing financed by community development financial institutions.