Legal issues and news

Several Senate Banking Committee members from both parties are facing tough reelection challenges in a year when control of the entire chamber — and the banking policy agenda — may be up for grabs.

Merchants should also monitor fraud by channel, to see how much each channel contributes to total fraud losses, Bernardo Lustosa of ClearSales says.

Relationships with third party suppliers and regulators have never been more important, says says Genpact's Manish Chopra.

The National Credit Union Administration has filed a brief in opposition to the American Bankers Association's request that the court consider its challenge of the agency's field-of-membership rule.

The JPMorgan CEO says the recovery has to start first, and future buybacks won’t be as big as before; Texas Capital Bancshares and Independent Bank blame the coronanvirus market impact.

New authentication methods make it harder to fake biometrics, Eric Setterberg of Fingerprints argues.

The bank is trying to recover millions of dollars in returned deposits. It also has a $14 million loan to the company that allegedly conducted the scheme.

When a bank subscriber to Sure Profile pulls a credit report on an applicant for a loan or account, Experian will check to see if the identity data matches a real person.

New authentication methods make it harder to fake biometrics, argues Fingerprints' Eric Setterberg.

Fraudsters are licking their chops at the prospect of businesses and financial services extending remote working because of the coronavirus pandemic.

If Democrats retake both the White House and Senate in the 2020 election, analysts see threats to the industry from the appointment of new regulators and possible reversal of Trump-era deregulation. But legislation imposing new rules on financial institutions would face long odds.

The National Community Reinvestment Coalition, California Reinvestment Coalition and Democracy Forward accuse the agency of “unlawfully gutting” the historic anti-redlining law.

Customers normally receive debit and credit cards inside a branch. Now banks are shifting the process to their drive-throughs and finding alternative ways for cardholders to key in their PINs.

A Manhattan man was charged by federal prosecutors with fraudulently trying to obtain more than $20 million in government loans intended to aid small businesses affected by the coronavirus pandemic.

Artificial intelligence and machine learning are some examples of technology available now to help combat money launderers profiting from the pandemic.

First Data Merchant Services LLC and a former executive agreed to pay more than $40 million to settle a claim by the Federal Trade Commission that the company processed payments and laundered credit card transactions for scams targeting hundreds of thousands of consumers.

As many countries and U.S. states now begin to lift stay-at-home orders, fraudsters too are being unleashed to return to familiar targets such as bank branches, ATMs and retail stores.

The lender will pay $65 million in restitution and forgive nearly $500 million in auto debt to settle charges that it steered subprime borrowers into risky loans.

Mobile's already responsible for more than half of online fraud, and that will get worse, says ClearSales's Bernardo Lustosa.

Getting rid of passwords is easier in concept than practice, with hundreds of initiatives designed to build something more digital, flexible and transportable. But none have taken hold, causing one developer to try an approach that rejects most of the prevailing methods.