Legal issues and news

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.

While Noah Bank’s CEO has been accused of self-dealing in connection with SBA loans, its chairman says the directors had a succession plan ready to go and are rallying to rescue the bank’s reputation.

A former employee from a New York credit union pleaded guilty to theft and tax evasion while another was accused of falsifying records.

Facebook and Google were scammed out of more than $100 million, though artificial intelligence can help firms improve security, according to Anant Kale, founder and CEO of AppZen.

Its CEO says organic growth is preferable, but after spending five years tackling a series of enforcement actions tied to BSA compliance, the Pennsylvania bank has options.

Albert Ko, who had been the chief transformation officer of Intuit, says he will work to improve Zelle's interface to make it more appealing to consumers.

While advanced push payment fraud has dominated the headlines in recent years, another type of scam has been costing U.K. businesses millions — even though many companies are completely unaware of it.

The bank dropped out of the bidding for the card over profitability fears; returning to the market could boost Barclays' investment bank.

Data protection strategies need to consider how data travels and how that impacts vulnerabilities and breach risk, according to comforte AG's Jonathan Deveaux.

Jury's out on whether BB&T-SunTrust will serve the community or Wall Street; 'we were willing to shock historical norms,' says Otting on OCC's makeover; is it too late for Congress to stop CECL?; and more from this week's most-read stories.

Insecure software development and insufficient use of security best practices creates significant risk for both consumers and commercial organizations alike, writes Carl Wright, CCO of AttackIQ.