Legal issues and news

Examiners are skilled at spotting trouble but often do too little to correct it, as the latest revelations about Citi once again show. Prompt supervisory intervention is essential to protecting the integrity of the financial system.

The company posted a surprise increase in third-quarter expenses as it set aside almost $1 billion for customer remediation and $718 million in restructuring charges.

Executives and technology analysts offered a host of concerns that are likely to dog credit unions well into the new year.

The control of crypto exchanges will resemble that of regular financial companies in Europe and the U.S., says Extante's Anatoliy Knyazev.

Opportunistic criminals are taking advantage of an environment where our need to live more of our lives online has outpaced our ability to do so securely. Taking all necessary precautions to protect sensitive information should be at the forefront of the discussion, says Horizon8's Patrick Horgan.

The combination can address the different threats posed by money muling, which is on the rise with more people at home, says FICO's TJ Horan.

While validating the card itself can protect merchants from accepting fraudulent cards at the point of sale, it does not protect the actual data on the card itself from being intercepted in the POS device, says Bluefin's Rustin Miles.

The threat has been exacerbated during the pandemic, as shelter in place orders forced consumers inside and businesses to close their physical doors, while simultaneously opening online ones, says Sift's Kevin Lee.

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The bank contends that the misconduct wasn't widespread, but a whistleblower letter unearthed by the Consumer Financial Protection Bureau points to Chicago as a hotbed of customer abuse. "We are becoming a 'predatory' financial institution," the 2010 letter said.

Atlantic Community Bankers Bank must improve its anti-money- laundering and Bank Secrecy Act policies and procedures.

From a fraud prevention perspective, there are several difficulties in detecting and stopping funeral home fraud, says The ai Corporation’s James Crawshaw.

Four global banks have joined American Express Ventures in contributing to BioCatch’s Series C fundraising round and earning themselves seats on its newly formed Client Innovation Board.

A new watchdog report finds that prior to 2015, the Office of the Comptroller of the Currency missed numerous opportunities to address misconduct at the San Francisco bank.

A former employee of Member's 1st Federal Credit Union was accused of stealing more than $19,000.

Citigroup can seek information on the relationship between investment managers and Revlon Inc. creditors who have refused to return millions of dollars the company says it mistakenly sent them, a judge ruled.

Through Operation Corrupt Collector, the bureau is coordinating with over 50 other state and federal agencies to target firms for wrongdoing and inform consumers of their rights

The monetary penalty is the biggest ever imposed by the CFTC. It's part of an accord that ends a criminal investigation of the company that has led to six employees being charged for allegedly rigging the price of gold and silver futures for years.

Employees in the financial industry and public sector are considerably more worried about the risks posed by digital currency than those in the cryptocurrency field, a new survey finds.