Legal issues and news

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.

New smartphones have subtle differences that require more complex security solutions, says Fingerprints' Ted Hansson.

Truist emphasizes high-touch, high-tech focus with new logo; Wells Fargo loses another patent lawsuit to USAA; what the Visa-Plaid merger means for banks, fintechs; and more from this week's most-read stories.

Criminals will react to the EU legislation by changing their modus operandi, says Nets' Sune Gabelgard.

Terrorism financing schemes using cryptocurrencies are growing in sophistication, according to researcher Chainalysis, which helps law enforcement track digital-coin transactions.

Executives at Beach Community want to pursue more acquisitions in central Florida.

The ransomware attack chain uses a number of methods to infect an organization's systems, which can easily bypass an entire organizational security framework in seconds, according to Exabeam's Richard Cassidy

The Supreme Court appointed Paul Clement to represent the agency after the bureau’s current director questioned its constitutionality.

Wells was ordered to pay USAA $102.8 million for infringing on its mobile deposit patents. It follows a separate lawsuit loss in November also related to patents.

Sophisticated attacks will show lower volume in many cases but attempt to emulate user behavior, says NuData Security’s Robert Capps.

In a letter to the agency's inspector general, the 15 lawmakers pointed to specific cases where they said the bureau departed from legal standards in deciding not to require restitution.

Open banking and identity services are both still evolving to meet the needs of the new digital economy. These communities will need to connect at the hip to prevent fraud, avoid identity theft and to deter other financial crimes, like money laundering.

Bank beats estimates as earning soar 21%; a cyberattack on the American banking system could create havoc on financial stability.