Legal issues and news

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.

Data privacy regulations may be improving, and tech companies may now be forced to be more transparent about their practices, but the fact remains that vast quantities of personally identifying information are already out in the wild, says TRUSTID's Patrick Cox.

Stephen Calk and the bank where he formerly served as CEO are both arguing that his bribery trial should be held in Illinois. Prosecutors oppose the move.

A North Carolina group is trying to take regulators' cue to work together. A successful effort could encourage others to follow its lead.

Potential sources of industry upheaval, and how to adapt; former Wells Fargo execs may face criminal charges in coming weeks; why banks have such high turnover of chief compliance officers; and more from this week's most-read stories.

Travelex unable to deliver cash to major banks following a New Year’s Eve cyberattack; Rep. Katie Porter says the bank is undermining purpose of its punishment.

Fraudsters can attack multiple individuals with the same scam, knowing that the details won’t be shared. Sharing the details of a scam takes that advantage away, says The ai Corporation's James Crawshaw.

Cybersecurity, AML compliance and consumer protections top the credit union regulator's list.

Marcus and the Apple credit card accounted for 3% of the bank’s profit in the first three quarters of 2019, despite a multibillion-dollar investment in consumer operations; the senator’s plan would make it easier to expunge debt.

Some security experts have warned that Iranian hackers may go after U.S. targets, including financial services companies, in retaliation for the U.S. government's assassination of Iranian military leader Qassem Soleimani.

Some security experts have warned that Iranian hackers may go after U.S. targets, including financial services companies, in retaliation for the U.S. government's assassination of Iranian military leader Qassem Soleimani.

Comerica Bank won another five-year contract from the Treasury Department to run the prepaid Direct Express card program despite criticism of how it handled past fraud cases and customer service blunders.

Iranian hackers have a history of targeting U.S. banks. Security experts discussed how bankers can prepare themselves if such attacks are renewed as part of a response to the killing of Qassem Soleimani.

Elizabeth Warren rolled out a plan Tuesday to restore bankruptcy protections repealed in a 2005 law championed by Joe Biden, taking an implicit shot at the Democratic presidential front-runner just before the first nominating contests next month.

Southern Security FCU is part of an inmate reentry program that could be a model for institutions looking for innovative ways to add members and live up to the industry's "people helping people" ethos.

Akin to the democratization of computing power through personal computers, the growing use of AI will continue to fuel new products and services in payments and have a significant impact on society. But AI will also introduce tremendous challenges due to its potential use by threat actors, says Visa's Paul Fabara.