Legal issues and news

Regulators placed the $3 billion-asset institution into conservatorship less than a year after the New York City-based CU fired President and CEO Kam Wong in the wake of embezzlement charges.

Financial advisory firm hopes to double in size in three years leveraging Goldman’s resources; bank had about £1 billion worth of orders.

Police and city agencies can no longer use facial-recognition technology, which civil liberties groups say infringes on human rights. The measure may be an ominous sign for biometric login authentication.

National Credit Union Administration Chairman Rodney Hood’s testimony Thursday was reportedly the first time in three years the agency has appeared before the House Financial Services Committee.

Edward Rostohar, who was CEO of CBS Employees Federal Credit Union, could face up to 15 years in prison following a $40 million scheme that brought down the institution.

A federal judge has given preliminary approval to the proposed settlement of a lawsuit under which insurance companies have agreed to pay $240 million for losses the San Francisco bank incurred from the widespread opening of fake accounts.

Police and city agencies can no longer use facial-recognition technology, which civil liberties groups say infringes on human rights. The measure may be an ominous sign for biometric login authentication.

Royal Bank of Scotland and JPMorgan Chase were also among the five banks that agreed to pay fines for colluding on foreign-exchange trading strategies.

Agency says it will vet Timothy Sloan’s successor; Eric Blankenstein, who came under fire for 2004 racist blogs, to step down.

More than half of all states don’t have an electronic system to track car titles and liens, which increases the potential for fraud and costs for lenders.

The New York bank says it acted appropriately in withholding the collateral on a loan to a developer that First Foundation Bank later refinanced. First Foundation’s CEO begs to differ.

Rep. Carolyn Maloney said Tuesday that her legislation aimed at restricting anonymous shell companies could get a vote in the Financial Services Committee as early as the end of June, after consideration was postponed last week.

Uber will use Adyen's technology to incorporate the latest version of EMVCo’s 3-D Secure authentication, which has been updated to comply with PSD2 mandates for stronger identity vetting.

Restaurants, electronics sellers and digital-goods merchants are seeing sharp spikes in fraud as criminals find creative new ways to interfere in online and mobile commerce.

There are almost no vulnerabilities that aren't covered by some sort of intelligence or data, says Steven Rogers, president and CEO of Centripetal.

The short-term disruption is worth the benefits of improved security and user experience, writes IIya Dubinsky, head of the CTO office at Credorax.

Financial institutions have often criticized the agency’s publication of consumer complaints. But the information provided can offer executives important insights into looming problems that might not yet have come to light.

New legislation in Iowa that allows banks and credit unions to utilize electronic notaries could help local lenders compete with online competitors.

Traditional authentication practices are incapable of meeting the real-time demands, writes Frank Teruel, senior vice president and general manager of ThreatMetrix.

Wells Fargo creates unit to satisfy regulatory demands; U.S. Bank employee fired after blowing whistle on sales scheme, lawsuit says; what BBVA's new U.S. CEO has on tap; and more from this week’s most-read stories.