Legal issues and news

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.

The Federal Reserve told a judge not to scrap Libor as requested by consumers in a lawsuit because it would pose a risk to financial stability and undermine years of global planning for a transition to a new benchmark for borrowing rates.

The card network is bringing Verizon into its innovation lab to turn more phones into payment acceptance devices and use the growing number of consumer gadgets and digital assistants to better verify consumer identities.

Online attacks on travel and other nonfinancial industries grew at a much faster rate in the second quarter than those on financial services companies. Yet hackers pose considerable risk to banks and credit unions, especially in payments.

Moore Capital Holdings alleges that TD showed a “total and systemic failure” to respond to a cyber scam that cost the company more than $275,000.

Banks are traditionally the target of anti-money-laundering regulations and law enforcement’s efforts to crack down on illicit finance. As the cryptocurrency sector grows, policymakers may subject it to customer identification requirements and other measures, analysts say.

The San Francisco data aggregator has committed to minimizing how much data it extracts from bank accounts.

Companies like Arkose Labs say they're so confident in their ability to deter the attacks — automated attempts to break into online banking sites using stolen usernames and passwords — that they can offer banks a warranty.

Criminals' efforts to steal identities and take over accounts have become increasingly sophisticated. Banks must upgrade their mitigation processes, which can be held back by antiquated systems and organizational silos.

The bureau said two rules related to communications with debtors will go into effect as originally planned on Nov. 30. The agency had previously proposed an extension to consider consumer advocates' concerns about the regulations.