Legal issues and news

With campaigning for the 2020 presidential election already underway, it could become increasingly difficult for the industry to move meaningful legislation through Congress.

Banks and merchants absorb billions of dollars in payment card fraud annually, but it's not for a lack of tools designed to stifle that fraud. It's becoming increasingly apparent that those tools simply aren't being used to their fullest capabilities.

The president says the Fed is giving China a competitive advantage; bank stocks gained after tariffs on Mexican imports nixed.

The good news for financial firms is Congress has moved closer to reforming anti-money-laundering rules. But left behind in the effort is the reform most coveted by the industry.

The legislation includes a beneficial owner requirement and steps to study the utility of industry reporting, but avoids relieving banks’ burden to file data on suspicious transactions.

Despite tension between the U.S. and trading partners, bank are doing booming business in financing cross-border commerce; some Republican lawmakers are getting antsy at the pace of rollbacks for bank regulations, and are pushing regulators for a sense of urgency.

Digital Asset Holdings eyes blockchain for 'smart contracts'; readying for a marathon is like competing for a big client.

The bank was accused of forcing borrowers to pay for insurance they did not need, pushing almost 250,000 of them into delinquency, according to a 2017 lawsuit.

The agency's vote Thursday threatens to block many of the industry's communications with customers, though financial institutions did win one concession.

The agency's vote Thursday threatens to block many of the industry's communications with customers, though banks did win one concession.

The seven Democrats sought details on the Fed's response to allegations the bank suppressed suspicious activity reports on businesses tied to President Trump and Jared Kushner.

Organized crime groups are selling access to the computer networks of financial firms like Bank of America Corp. and hacking tools targeting these companies, according to a British researcher who posed as a buyer on several dark web marketplaces.

The two U.S. banks and Barclays have agreed to pay $91 million to settle claims that traders colluded to manipulate rates over a six-year span.

The bank is having trouble finding an outsider and acting chief Allen Parker has impressed the board; the former Chicago mayor will join Centerview Partners.

The U.K.’s Nationwide Building Society has invested in Ordo, a fintech that protects consumers from invoice and payments fraud by allowing billers to send payment requests directly to it.

Less than a month after Municipal was placed into conservatorship, former CEO Kam Wong received a 66-month prison sentence along with an order to repay millions he embezzled from the credit union.

The chief operating officer for the Americas at Deutsche Bank, as well as SoFi's heads of marketing, risk and capital markets, are all moving on; John Williams tells bankers they need to do more to clean up misconduct at their companies.

Stripe has launched Chargeback Protection through its machine-learning fraud prevention system called Radar.

Companies must be more prepared to defend user data from malicious outsiders, or suffer the consequences of lawsuits, sanctions from data privacy laws, decreased user trust, tarnished brand reputation, damaged investor relations and more, writes Ben Goodman, vice president of global strategy and innovation at ForgeRock.

The anti-bribery law that Stephen Calk is accused of breaking carries stiff penalties — up to 30 years in prison — but violations can be relatively hard to prove because prosecutors must establish the defendant had a corrupt state of mind.