Legal issues and news

Officials said Thursday that they will not take regulatory action against state-chartered banks and credit unions solely for serving licensed cannabis businesses.

Democrats’ investigation of President Trump has darkened the horizon for legislative activity in Washington, but prospects for a pair of bipartisan measures backed by the industry are surprisingly bright.

Rohan Ramchandani claims in lawsuit Citigroup singled him out to protect itself; three federal agencies now back almost $7 trillion in mortgage debt.

Elder financial exploitation is a vast and growing problem in the U.S., and one that presents difficult policy challenges for law enforcement and banks.

Recent reports that counterfeit card fraud is markedly down in the U.S. since the introduction of EMV chip cards in 2015 is fantastic news, except for retailers that also sell goods sells online. In that case fraud has merely moved from an in-store payment attempt to a card not present (CNP) one. For e-commerce only stores the rise in payments fraud attempts has been a deluge.

Facebook calls an emergency meeting about its planned payments network; Well Fargo report says 200,000 jobs will be lost to robots and technology.

Governments use varying methods for tracking the flow of money in and out of the country in order to deter fraud and money laundering, writes Nvoicepay's Alyssa Callahan.

Mastercard has developed a service called Threat Scan to help card issuers get ahead of fraudsters by running scans on their card authorization systems based on the latest evolving global card scams.

By declaring that she has too much statutory power, the agency’s director has potentially opened a floodgate of litigation.

The regulator issued seven prohibitions for offenses including attempted theft and conspiracy to commit bank fraud.

With financial institutions relying more and more on cloud computing services, Washington is increasingly focused on the concentration of industry data in the big three technology giants.

Fincen and others say third parties are proving to be treasure chests for crooks who create synthetic identities, but aggregators argue they help detect risk banks can’t see.

Charles Scharf’s most immediate priorities will be mending fences with regulators and getting the bank out from under a Fed-imposed asset cap. But he also must come up with strategies for spurring revenue growth and reining in expenses.

Scharf next month will become the fourth leader at Wells Fargo in three years. Meanwhile, Bank of New York Mellon has named Thomas P. "Todd" Gibbons as acting chief executive.

The shareholders' claims against Fannie Mae and Freddie Mac's regulator mirror arguments in cases challenging the Consumer Financial Protection Bureau.

An initial review determined that lax oversight at Enloe State Bank allowed for the origination of more than 100 allegedly fraudulent or fictitious loans.

Though a draft has been circulating since this summer, eight senators on Thursday officially released a bill to require companies to disclose their true owners at incorporation.

With passive biometrics, customers are identified by their behavior online and not by static data such as passwords or one-time codes, says NuData Security's Justin Fox.

Microsoft Corp., Mastercard Inc. and the Hewlett Foundation are funding a new organization that is planning to help dissidents and other vulnerable groups across the world defend against hackers.

Wells Fargo still having trouble finding permanent CEO; Some lenders are using the deals to keep their best customers.