Legal issues and news

The regulator's most recent prohibitions include multiple charges of fraud, theft and embezzlement.

The consumer bureau alleges the Providence, R.I., bank mismanaged billing error claims over a six-year period. Citizens Bank says it is “puzzled and disappointed” by the agency’s action.

The American Bankers Association said it’s offering a new online course because of increased demand by members for training tailored to banking.

It seems the payments industry is once again pushing liability to the merchants with no plans to hold anyone else along the payments ecosystem accountable for ensuring that viable solutions are available, says the Merchant Advisory Group's John Drechny.

Critics of the OCC have long maintained that the agency was too close with the San Francisco bank. A watchdog's assessment of what transpired between 2009 and 2017 is expected to be completed late this spring.

The group, which serves community development credit unions, filed a brief suggesting that changing the bureau to a bipartisan commission could have an adverse impact on smaller institutions.

Some fraudsters pose as loan applicants and submit doctored video or photos of property and assets to scam lenders they won't see in person. Firms like Elevate Funding and Credibly are fighting back.

The regulators plan to drop the 3% limit on bank investments in venture capital funds; Visa invests in another fintech startup.

For banks and other financial institutions to survive and thrive in the age of mobile payments and e-commerce, they need to continue to enhance their mobile apps with more innovations, tighter security features and more time-saving capabilities.

For banks and other financial institutions to survive and thrive in the age of mobile payments and e-commerce, they need to continue to enhance their mobile apps with more innovations, tighter security features, and more time-saving capabilities, says Informa Financial Intelligence's Gina DeCorla.

Democratic lawmakers, state attorneys general and others filed briefs with the Supreme Court rebutting claims that the agency’s leadership structure is unconstitutional.

Democratic lawmakers, state attorneys general and others filed briefs with the Supreme Court rebutting claims that the agency’s leadership structure is unconstitutional.

The changes will mean a bigger gap between the best and worst borrowers; the bank will require companies they take public to have a ‘diverse’ board member.

Documents released by the Office of the Comptroller of the Currency Thursday allege that senior leaders had reason to know that the wrongdoing was widespread but failed to act.

Former CEO John Stumpf agreed to pay a $17.5 million penalty while ex-community banking chief Carrie Tolstedt faces a potentially $25 million fine for sales-practices misconduct. Other former officials could face fines totaling $16 million.

The concept can enable chargeback abuse, and if this “blind-eye” approach continues to dominate, the bad behavior will only get worse, says Chargeback 911's Monica Eaton-Cardone.

The OCC said Citigroup's main bank subsidiary violated the Flood Disaster Protection Act by not ensuring that borrowers with homes in flood hazard areas had insurance coverage.

Todd Hall takes the helm as president and CEO amid one of the credit union's biggest challenges in years: an ongoing lawsuit against Truist Financial.

After a decline, fraud has recently spiked. But there are measures companies can take to stay ahead of the crooks, says Nvoicepay's Alyssa Callahan.

Banks in the U.S. should take note of these requirements before opening their systems to third-party developers.