Legal issues and news

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.

A bet on gambling payments, a step for open banking and more in banking news this week.

The suspects, ages 16 to 21, were apprehended in connection with an investigation into a hacking group called Lapsus$, which has said it’s responsible for a rash of recent cyberattacks against companies including Microsoft and Nvidia.

The identity management company, which has many bank clients, said it learned the extent of a January breach five days before hackers told the world about it.

A $1.9 billion lawsuit against Bank of Montreal — which is accused of lying to a judge after a predecessor bank destroyed documents — may go to trial late this year. The legal imbroglio is coming to a head as regulators examine the Canadian banking giant’s proposed acquisition of Bank of the West.

The cybercriminal group N4ughtySecTU claimed to have stolen 54 million personal records from the credit bureau and demanded $15 million.

When the U.S. announced sanctions against Russia two weeks ago, many feared U.S. banks would bear the brunt of a payback cyberattack. Experts disagree on why that hasn't happened and whether the danger has passed.

The Financial Crimes Enforcement Network and the Office of the Comptroller of the Currency slammed the San Antonio bank for anti-money-laundering violations. The penalty is the latest in a series of regulatory problems for USAA.

Four of five bills aimed at countering Russian aggression in Europe won significant bipartisan support from the House Financial Services Committee on Thursday. But the panel adopted a bill intended to expand the Financial Crimes Enforcement Network's ability to hunt down Russian assets over fierce Republican opposition.