Legal issues and news

Lake Shore Savings Bank said in a regulatory filing that during the incident, employees temporarily lost access to internal systems and data. It is one of several financial institutions that have disclosed cybersecurity attacks in 2022.

Prosecutors say Rafael Martinez and his company, MBE Capital, used false information to reap more than $71 million in fees from loans made under the Paycheck Protection Program.

The company has filed a lawsuit against the banking commissioner for threatening to end its partnership with a bank that enables consumer loans to exceed the state’s 36% interest rate cap. OppFi’s argument: Its bank partner is the true lender.

Chicago Title Insurance Co. and Chicago Title Co. LLC agreed to the payment to resolve a lawsuit brought by the bank, which said the firms had helped orchestrate a borrowing scam involving liquor licenses, according to a regulatory filing.

U.S. credit unions that serve Ukrainian immigrants are coordinating efforts to provide aid in Ukraine while bracing for cyberattacks at home.

A judge’s decision puts new pressure on the brokerage industry watchdog and the SEC.

The impact of U.S. sanctions against Russia on U.S. banks has so far been limited. But further escalation could lead to anti-money-laundering compliance challenges and invite cyberattacks, among other consequences.

With tensions high between Russia and the West, Synechron is looking to develop a real-time kill switch that can shut down a malware threat. The company’s PayTech Accelerator is also focusing on the opportunity for banks in buy now/pay later lending.

Bank of America is under investigation in connection with its role as the administrator of a state program that was rife with fraud. The fiasco is one of several involving the prepaid card industry over the last 12 years.

Amid Russia’s invasion of its neighbor, cybersecurity officials are warning about the potential for an unconstrained cyberattack on targets in Ukraine to spread around the globe.

Canadian banks have frozen just over 200 accounts under emergency powers invoked by Prime Minister Justin Trudeau that are meant to end protests in Ottawa and at key border crossings, a government official said this week.

Banks are still seeking clarity from law enforcement on how to handle the alleged protesters’ accounts. Finance Minister Chrystia Freeland said some accounts have already been frozen as part of a financial crackdown on those accused of paralyzing the nation's capital.

Coinbase Global, Gemini Trust and Robinhood Markets are among firms helping to build a platform to comply with a U.S. money laundering rule as crypto and financial technology companies seek to satisfy existing requirements and head off stricter oversight.

Faux love interests have netted more than $1 billion from victims in the past five years. Here's what banks can do to shield account holders from fraudsters.

The registry created by the law — whose implementing rules are being written now — is worse than useless, pairing unverified data with severe penalties for misuse. It will confuse bankers, burden small businesses and embolden crooks.

In many cases, it's as difficult to move money as it is to move products around the globe. Firms like Rapyd and BNY Mellon are trying to ease concerns that businesses have about automating payments, with a goal of reducing friction in an increasingly complex global economy.

The Federal Trade Commission recently issued an advisory opinion that could make it easier for consumers to recover their legal costs from banks in situations where they were defrauded by a car dealer.

The Knoble, a nonprofit, is bringing together bank financial crime experts, law enforcement officers and the tech company Prove to help identify criminals and their victims in Los Angeles.

European regulators are telling the region’s banks to keep a close eye on potential hacking attacks as tensions with Russia rise over Ukraine.