Legal issues and news

The Trump administration's decision not to seek funding for the CFPB and transferring remaining enforcement cases to the Department of Justice were cited as reasons for the resignation of Michael G. Salemi, who took over as CFPB enforcement chief earlier this year.

The Canadian bank still has more work to do as it rolls out additional processes, technology and training. TD will also have to prove to regulators and the U.S. Department of Justice that its actions are sustainable.

While banks welcome the "whole-of-government" approach that led the effort, private sector takedowns remain difficult without federal warrants.

The Troy, Michigan-based lender and servicer faces at least seven lawsuits over a hack in June allegedly perpetrated by a known ransomware gang.

The global bank created an educational campaign designed to alert customers to the risk of AI-generated scam advertisements on social media.

The Consumer Financial Protection Bureau and its union filed legal briefs Friday after a district court judge asked if a preliminary injunction aimed at preventing a mass layoff is still in effect.

Now that the Consumer Financial Protection Bureau has refused to request funding from the Federal Reserve System, many experts see the case making its way to the Supreme Court.

The activist investor HoldCo Asset Management alleges that Comerica and Fifth Third used a "flawed" process to arrive at a $10.9 billion merger agreement. On Tuesday, a Delaware judge said she will hold a hearing to determine if the banks omitted material information in their public disclosures.

The Supreme Court won't consider Todd Harper and Tanya Otsuka's case alongside a similar one involving the Federal Trade Commission when it hears oral arguments in early December.

New guidance from the Office of the Comptroller of the Currency released Monday afternoon would streamline Bank Secrecy Act exams for community banks. The agency issued a separate request for information on consolidation and contracting power among core service providers.

The Natural Treasury Employees Union has asked a district court to clarify whether Russell Vought, the acting director of the Consumer Financial Protection Bureau, has complied with a preliminary injunction.

HoldCo Asset Management alleged in a court filing that Comerica's directors and Chairman and CEO Curt Farmer breached their fiduciary duties to investors, in part because negotiations for the bank's sale to Fifth Third took just 17 days.

The Consumer Financial Protection Bureau said the new oath was necessary because prior leadership engaged in what it describes as "thuggery" during exams. Former CFPB officials rejected the agency's characterization of past actions.

The Consumer Financial Protection Bureau plans to transfer its entire enforcement and legal divisions to the Department of Justice and is likely to staff in those units, according to sources briefed by agency leadership.

Investigators found text messages, photos of cash and a conspirator wearing a diamond Truist logo ring while unraveling the $1 million fraud attempt.

Kunal Mehta, also known by the alias "Shrek," used shell companies and bulk cash drops to clean millions for a cybercrime ring that stole $263 million.

Quality Control Advisor Plus is an integrated system which brings together previously separate units, cutting months off of Freddie Mac's current QC process.

The bank is adding trusted contacts, specialized teams and new tech against scams, but consumer advocates say reimbursement is the key missing piece.

Haiqu's new encoding technique allows quantum computers to process high-dimensional financial data, showing improved performance in spotting anomalies.

An appeals court's decision will make it harder for consumer-lending-focused fintechs to operate in Colorado. But the impact could eventually be felt more widely, according to both industry groups and consumer advocates.