Legal issues and news

House Financial Services Committee Chairwoman Maxine Waters said the CEO's 2018 bonus was "outrageous and wholly inappropriate" and called for his removal.

With heightened scrutiny from regulators and the public for wrongdoing, financial institutions need to put more focus on preventing mistakes in the first place.

The days of odd emails are gone. Phishing has become a complex big business for crooks, according to Rafael Lourenco, an executive vice president at ClearSale.

Merchants are often the last in the payments ecosystem to know when card fraud occurs, and their losses tend to escalate in the meantime.

The Financial Crimes Enforcement Network voluntarily works with tribal law enforcement on anti-money-laundering and counterterrorism initiatives, but is not currently required to do so by statute.

The OCC says it is “disappointed” with the bank as CEO Tim Sloan gets lambasted on Capitol Hill; Goldman Sachs is letting private investors participate in its in-house special-situations unit.

In a tense back and forth with lawmakers, the embattled CEO pushed back on claims that the bank still pressures employees to hit sales targets and retaliates against those who speak up.

More than two years after Wells Fargo's consumer scandals first came to light, the congressional backlash facing the bank is bipartisan and just as fierce.

Mastercard is bringing Ethoca—a fraud solution powered by collaboration between banks and merchants—in-house.

A Deutsche Bank and Commerzbank merger would face many hurdles; the mini-branch will have longer hours and cater to small companies.

Two years ago, Ellen Richey became Visa's vice chairman and chief risk officer, propelled to this role by over a decade of work that fundamentally changed how the average consumer makes a payment. Richey plans to retire this summer, ending a 40-year career in law and risk management.

The past six years have been a whirlwind for King, who had no experience in the payments industry before becoming CEO of Featurespace, the fast-growing U.K. startup enabling banks to use machine-learning technology to block payment card fraud.

The trade association met with the Justice Department to reiterate credit union concerns about how the Americans with Disabilities Act applies to websites.

How well Tim Sloan fares before the House Financial Services Committee will hinge largely on his ability to stay on message in the face of what is expected to be sharp criticism from Democratic lawmakers.

Wells Fargo CEO Tim Sloan said that the megabank has worked to address past issues and is equally committed to preventing new problems from arising, despite reports suggesting otherwise.

A new regulation in the Golden State could provide a de facto national standard as Congress continues to stall on data breach legislation.

Lawmakers must hold merchants accountable when credit unions are left cleaning up the mess after data breaches.

As machine learning generally benefits from lots of examples, by the time a model can be implemented to tackle the new threat, the threat has generally moved on, so frequent updates to models are necessary, writes Oliver Tearle, head of research at The ai Corporation

Several banks could lose money over tax credits tied to DC Solar, a California firm wrestling with a fraud claim.

BrightWise is a joint venture among the Iowa CU League, its holding company and LMG Security. The initiative aims to teach credit union professionals how to better protect their institutions.