Legal issues and news

An appeals court ruled that diversity jurisdiction applies to federally chartered credit unions, allowing them to bring suit in federal courts.

When customers contact Wells Fargo, its artificial intelligence system goes to work; what American Express is getting with it purchase of Kabbage; Fannie, Freddie refi fee will wipe out millions in mortgage profits; and more from this week's most-read stories.

Dozens of suspects were reportedly arrested for allegedly using prepaid cards to illegally withdraw large sums of cash.

Reports say dozens of suspects were arrested on charges of using prepaid cards to illegally withdraw large sums of cash.

Citigroup scored court orders freezing almost half of the more than $900 million it says was accidentally sent to Revlon lenders this month.

Mary Mack is expected to say that other employees were scared of Carrie Tolstedt, according to the bank’s regulators. Tolstedt, one of five former Wells executives facing civil charges in connection with the bank’s phony-accounts scandal, could be fined as much as $25 million.

The bank has recouped part of the payment, which it blamed on a clerical error, but some of the lenders say they were owed the money in connection with an ongoing dispute.

The executive shuffle at the company continues as Credit Suisse America’s Paula Dominick is hired to replace Mike Roemer as chief compliance officer. It also hired or promoted four line-of-business chief risk officers and an enterprise testing leader.

The federal banking agencies clarified that minor violations of Bank Secrecy Act rules will typically not result in a cease-and-desist order.

The Trump administration has dismantled digital campaigns by al-Qaeda and other terrorist groups that used social media to obtain cryptocurrency for carrying out terrorist attacks, the Justice Department said Thursday.

The rapid move online boosts false positives, false negatives and actual fraud, says Adara's Nguyen Nguyen.

The complexity of the migration is an opportunity to examine other elements of the payment experience, says TNS' Brian DuCharme.

The rapid move online boosts false positives, false negatives and actual fraud, says Adara's Nguyen Nguyen.

Chargeback requests have surged since the start of the coronavirus pandemic, as airlines have canceled flights, performers have postponed concerts and supply chain disruptions have delayed the delivery of many goods.

A good security strategy is a lot like a healthy lifestyle for small businesses, says Sysnet's Sandra Higgins.

Video games provide a rare escape to locked-down consumers, and many modern games are so sophisticated that they support their own digital storefronts — with the potential for real-world losses if fraudsters find a way in.

Rep. Carolyn Maloney, D-N.Y., was finally declared the winner weeks after election day, while Rep. Lacy Clay of Missouri was defeated by a progressive challenger.

It’s likely that our dependence on digital channels will have become the norm, which means that security protocols like EMV 3-D Secure should also become part of the new status quo, says Entersekt's Simon Armstrong.

Scams have ranged from false, pseudo-scientific charities raising money for “cures” or “medical research," to fraudsters preying on individuals who want to donate to medical and emergency staff in hospitals or care facilities, says The ai Corporation's James Crawshaw.

EventBot is a particularly frightening development since it hides in an altered version of an app that seems legitimate and steals unprotected information in banking, wallet, payment and cryptocurrency mobile apps, says Appdome's Tom Tovar.