Legal issues and news

The Corporate Transparency Act would require companies to report their true owners to the Financial Crimes Enforcement Network, removing the burden of financial institutions to collect beneficial ownership information about their clients.

A federal judge says the agency can’t issue national bank charters to fintechs; Facebook’s CEO will state his case at a House hearing.

A regulatory cloud still follows fintech companies following a judge's decision throwing out the Office of the Comptroller of the Currency’s special-purpose charter.

The Corporate Transparency Act would require companies to report their true owners to the Financial Crimes Enforcement Network, removing the burden of banks to collect beneficial ownership information about their clients.

The Treasury secretary repeated his concerns about the social media giant's proposed cryptocurrency, one day before Mark Zuckerberg is expected to face tough questioning from House lawmakers.

New tech can help banks with less cumbersome systems track suspicious activity more effectively.

While doing the bare minimum means that companies avoid receiving hefty non-compliance fines, it doesn’t achieve a great deal more, says FIME's Arnaud Crouzet.

Will the justices go further than answering constitutional questions about the bureau's leadership structure?

Kenneth Blanco's tough comments appeared to target payments providers that offer their users anonymity.

A new breach adds to a growing cybersecurity ecosystem that is full of sophisticated and connected networks which have been fed by each preceding breach, says Arkose Labs’ Brendan Brummer.

The goal is to get a better understanding of past incidents, thereby arming the Fed to improve its response as more companies implement faster payments.

Draft legislation would amend the Bank Service Company Act to give the National Credit Union Administration third-party vendor oversight, a power it has been requesting for the better part of two decades.

The high court will decide how much latitude a president has to fire the director of an independent agency.

The JPMorgan Chase CEO called Facebook's cryptocurrency project a "neat idea" but added his name to the list of industry leaders and policymakers skeptical about the plan.

As merchants and issuers add mobility for staff, they must come to grips with the shortcomings of mobile security, says Blue Cedar's John Aisien.

Determined hackers can always find a way. A detailed plan can manage the damage, says Datamatx's Scott Stephens.

In her second day of congressional testimony, Kathy Kraninger took heat from Senate Democrats for weighing in on constitutional questions about her agency and for her enforcement track record.

With policymakers casting doubt on Facebook's cryptocurrency and some of the social media giant's partners pulling out, a Federal Reserve governor continued the drumbeat of criticism.

CFPB Director Kathy Kraninger faced a barrage of questions from Democrats on the House Financial Services Committee over why the agency has not demanded refunds for consumers in recent settlements.

Prosecutors allege that Sylvia Ash, a judge in Brooklyn, N.Y., helped Kam Wong, the former CEO of Municipal, cover up his fraud scheme.