Legal issues and news

Mastercard Inc. is concerned that India’s strict data localization rules could compromise its ability to detect frauds and money laundering in the domestic payments system.

An overwhelming amount of transactions can cause noncompliant payments to fall through cracks. New technology such as AI can be helpful, says Josephine McCann, a senior marketing associate at AppZen.

PricewaterhouseCoopers settled a lawsuit in which the FDIC accused it of negligence in its role as external auditor for Colonial Bank. But FDIC board member Martin Gruenberg objected because the firm did not accept blame.

Federal regulators normally hesitate even to name specific institutions, but the Office of the Comptroller of the Currency appears to be taking a different tack with Wells.

A proactive and preventive security strategy will go a long way to building consumer trust and ensuring continued loyalty, writes Maria Allen, global head of financial services for Unisys.

With regulators and policymakers studying their every move, financial institutions need to put more focus on preventing mistakes in the first place.

The 65 people laid off in late February is only the beginning, report says; Bank of America CEO also tackles mortgages, the economy and gender issues.

Municipal IDs help marginalized groups, such as undocumented immigrants, open checking accounts and become credit union members but concerns over regulatory compliance linger.

Regulators have taken a critical look at AML controls and handed out significant fines to financial institutions found to be lacking, according to Chad Hetherington, global vice president of professional services for NICE Actimize.

Seven years after James Gutierrez left Oportun Financial and started a competitor, the acrimony sparked by the divorce is coming into public view.

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.