Legal issues and news

The National Credit Union Administration issued only one prohibition order in April.

Data from Sift and the FBI show how methods scammers adapted during the pandemic.

Malaysia’s 1MDB and a former unit have filed suits against firms including JPMorgan Chase and Deutsche Bank as the nation seeks to recover assets worth more than $23 billion linked to the scandal-plagued state-owned investment fund.

Less than two years after shutting down its biggest business amid fraud allegations, the Michigan company has sold branches, settled a shareholder lawsuit and returned to profitability under turnaround specialist Thomas O’Brien.

JPMorgan Chase was warned by its compliance team over the “great risk” of corruption just days before it made the last of three transfers that totaled $875 million to a former Nigerian oil minister.

The visibility of automated transactions provides a clear view of the flow of transactions, says Hummingbird's Joe Robinson.

Wall Street firms have urged the Biden administration to ease the industry’s burden in complying with a flood of financial sanctions the U.S. has levied in recent years as a primary tool of foreign policy toward Russia, China, Iran and other adversaries.

Magecart attacks, which target e-commerce websites in order to steal personal data during the checkout process, are picking up steam with cyber attackers, says PermeterX's Ameet Naik.

The risk is growing that criminals or hostile nations could use quantum computing to hack into the ledger systems that control bitcoin and other digital currencies.

Without rollbacks of existing anti-money-laundering reporting requirements, a measure designed to make Bank Secrecy Act enforcement more risk-focused would do little to ease banks' regulatory burden.

The FDIC issued a prohibition order against Mark Wong, who was ordered to pay nearly $220,000 in restitution as part of a guilty plea in January.

The state's Department of Financial and Professional Regulation will reduce assessments by 61% this year because of overpayments in 2020, helping state-chartered credit unions deal with economic fallout from the pandemic.

A group representing bank directors says the regulator’s sudden attempt to increase penalties by millions of dollars would set a dangerous precedent.

Security is a constantly changing game, with criminals adopting new strategies and the payment industry and other financial institutions deploying increasingly sophisticated techniques to stop them.

Merchant service providers need dynamic cybersecurity assessment tools to identify the key areas of risk in their portfolio in near real-time, says ZeroRisk's Neira Jones.

Without rollbacks of existing anti-money-laundering reporting requirements, a measure designed to make Bank Secrecy Act enforcement more risk-focused would do little to ease banks' regulatory burden.

Fraud detection and prevention technology must align with clear return policies and strong customer service ensuring that confused but loyal and well-intentioned customers can continue to purchase from merchants, says Ravelin's Mairtin O'Riada.

The agency’s cases against David Julian, Claudia Russ Anderson and Paul McLinko, which allege culpability for the bank’s phony-accounts scandal, are scheduled to go to trial in September.

The Consumer Financial Protection Bureau disputes a district court ruling that misconduct claims against the company were already covered by a previous settlement.

The 2020 elections buoyed hopes that Congress would finally make it easier for financial institutions to serve cannabis businesses. But Democrats’ push to decriminalize marijuana — a nonstarter for most Republicans — threatens the more targeted effort.