Legal issues and news

The lawsuit claims that the board didn't properly supervisor management, which allowed former CEO Edward Rostohar to embezzle more than $40 million.

Bank shares are down more than 9% this month; the Fed has never imposed the countercyclical capital buffer before.

The difficulty of detecting synthetic fraud has caused it to quickly develop into the primary method of attack for criminals, says Monica Eaton-Cardone, COO of Chargebacks 911 and CIO of its parent company Global Risk Technologies.

The St. Joseph, Mich.-based institution faced claims that it didn't properly opt members in to its overdraft program.

A Fed-led working group may pressure Wall Street to adopt SOFR; challenger banks with smartphone-based accounts soar.

Developers have expanded availability of digital identity and biometrics, but traditional methods are holding strong as most companies still rely on usernames and passwords.

There is no silver bullet when it comes to cybersecurity—and that goes double for the cloud, says Justin Fier, director for cyber intelligence and analysis at Darktrace.

President Trump is expected to sign legislation soon that would expand the number of farmers who could file under the more lenient Chapter 12. Ag lenders are worried because farm bankruptcies recently rose and the trade war with China could worsen.

Know Your Customer and open banking create tough barriers for 'near real-time' account opening, says Entersekt's Jennifer Singh.

Apple's new credit card isn't just another virtual card in its virtual wallet. It borrows a lot of features from the most successful brands in payments and technology.

U.S. financial stocks are down nearly 4% this week on rate pressure, but it’s even worse for European banks; the mutual fund giant will automatically sweep investor cash into a money fund yielding 1.9%.

FinApps has filed a lawsuit that claims the data aggregator swiped its proprietary credit risk software while the two did business together.

Under the Illicit Cash Act, anti-money-laundering rules would be clearer — so banks would have no excuses for noncompliance.

Seven senators, including Sen. Chuck Grassley, sent a letter requesting information on what steps the Justice Department was taking to address the issue.

Many businesses are not doing enough to protect their client sensitive PII information. They do not realize that internet and cloud services are not bullet-proof, says Pravin Kothari, founder and CEO of CipherCloud.

Banks have to do a better job of protecting personal information about their customers' children.

Featurespace has formed a partnership with Emailage to combat online application fraud, where criminals use stolen consumer credentials to apply for credit cards or bank accounts in victims’ names.

Banks have to do a better job of protecting personal information about their customers' children.

Under the regulation, banks and financial services providers must secure their own systems as well as implement third-party risk management programs, which can mitigate insider threats from third parties, says Michael Magrath, director of global regulations and standards for OneSpan.

This is how the firm tried to make sure no one knew.