Legal issues and news

NatWest Group could face a fine of several hundred million pounds from the U.K.’s financial watchdog after pleading guilty to three criminal charges of money laundering.

The levy targets large financial institutions as a source of revenue. Industry groups argued that it discriminates against out-of-state banks, but the Washington Supreme Court disagreed.

In many cases, stopping fraud in the moment is costly — and any transactions a bank flags incorrectly could alienate its best customers, a Bangor Savings Bank executive said at American Banker's Card Forum.

Wells Fargo reached a settlement with the U.S. Justice Department over claims it overcharged commercial customers who used the bank’s foreign exchange services.

President Biden urged a group of chief executive officers to help improve cybersecurity across the nation’s critical infrastructure and economy, citing a lack of trained professionals to adequately protect the U.S.

Square, the mobile payments company, has joined with other tech companies in a cross-licensing platform to reduce patent lawsuits over cryptocurrency and promote the growth of digital currencies.

JPMorgan Chase settled a longstanding French criminal investigation over allegations it helped clients commit tax fraud for 25 million euros ($29.6 million).

A lawsuit filed by Attorney General Maura Healey last year said Credit Acceptance Corp. in Michigan made predatory loans to Bay State borrowers and used deceptive practices to collect debt.

A predecessor bank, Allegiant Bancorp of St. Louis, was accused of fraud and breach of fiduciary duty in connection with a scheme run by a seller of funeral contracts.

The Office of the Comptroller of the Currency is seeking nearly $19 million from David Julian, Claudia Russ Anderson and Paul McLinko. The trial before an administrative judge is scheduled to begin in South Dakota on Sept. 13.

For banks that want to replace usernames and passwords with more secure options, there's hope: Consumers are becoming more comfortable with biometrics, the technology is getting easier to use and regulators are starting to require it.

Banks talk a good game about thwarting fraud and protecting consumers and businesses, but the experiences of this author, a former bank regulator, illustrate how the quality of such efforts varies dramatically from one bank to the next.

Chief executives from across the business world are set to join President Biden for a discussion Wednesday on how industry and the federal government can partner to improve cybersecurity in the face of debilitating ransomware and cyberattacks.

Victor Ngo, 33, has pleaded guilty to making a false statement to JPMorgan Chase when he said his medical marijuana dispensary was a wellness and fitness company.

An opponent of affirmative action is challenging the U.S. Securities and Exchange Commission’s approval of a rule to get more women and minorities on the boards of companies trading on Nasdaq.

Fintechs were almost five times more likely than traditional lenders to be involved with suspicious loans issued through the U.S. government’s Paycheck Protection Program, according to a new study.