Legal issues and news

Rep. Patrick McHenry, the top Republican on the House Financial Services Committee, proposed having the central bank update Congress on measures to strengthen its own cybersecurity as well as that of institutions under its watch.

The race against high-tech fraudsters has always motivated the Payment Card Industry Security Standards Council, but for too long the council's process for establishing new standards wasn't looking ahead to the next threat.

If the court agrees to hear the case, its conservative majority could make it easier for a president to fire a CFPB director, though other outcomes are possible.

Fair Isaac Corp. has added a platform alongside its 25-year-old FICO Falcon fraud-detection solution for credit and debit cards that aims to ferret out risky and fraudulent real-time payments.

The Boston company said the loan participation went into default due to potentially fraudulent activity.

Unlike using cash in the analog world, on the Internet everybody--including hackers--leaves digital traces, says Bird & Bird's Martin von Haller Grønbæk.

After another global bank cut off convicted pedophile Jeffrey Epstein, his wealth found a home at Toronto-Dominion Bank.

Contactless payments need added security to adhere to PSD2's strict new identity guidelines, says Fingerprints' Lina Andolf-Orup.

Vikram Pandit says digital push could force “creation of 21st century regulation”; Fed will conduct $75 billion overnight repurchase agreement operation.

Staying on top of new threat sources isn’t easy, but things will keep getting worse if we can’t openly discuss the matter, says Monica Eaton-Cardone, COO of Chargebacks911 and CIO of its parent company Global Risk Technologies.

There were signs Kathy Kraninger would continue a rollback of consent orders and investigations, but many observers see an aggressive approach reminiscent of the Obama era.

Retailers have raised the bar in how they attract customers through rewards and loyalty programs, but not all are well-versed in how their technology also lures fraudsters.

The agency's director told congressional leaders and staff that she backs a Supreme Court challenge to the bureau's leadership structure.

Private Bancorp of America is the latest bank to report a borrower issue in connection with a high-profile fraud case tied to liquor licenses.

Fifth Third Bancorp becomes the largest bank to switch from state to OCC regulation; former Deutsche CEO named chairman of Man Group.

U.S. prosecutors have accused three JPMorgan traders of rigging futures trades in precious metals for nearly a decade, making millions of dollars for the bank at the expense of counterparties that included the bank’s own clients.

Hackers go in for the kill when challenger banks and others launch retail products. So the companies are forced to step up their defenses — fast.

As anti-money laundering requirements tighten in many jurisdictions, financial institutions and fraud prevention platforms are ditching legacy AML solutions for newer technology — but alternatives aren’t easy to come by yet.

Consumers and banks are both concerned about security tied to contactless payments, says Fingerprints' Lina Andolf-Orup.

The loan participation has been flagged for potentially fraudulent activity.