Legal issues and news

The central bank issued an enforcement action against Sumitomo Mitsui Banking Corp. and its New York branch, citing deficiencies related to risk management and compliance with the Bank Secrecy Act.

Bradley Linskens, the former examiner-in-charge at Wells Fargo, faced scrutiny for his conduct as the top examiner of the scandal-plagued bank.

The Wisconsin Supreme Court upheld a "narrow interpretation" of a state-level consumer-protection law that maintains lenders' rights to collect debts without fear of being sued for damages.

Banks need to ensure those building new business are driven to look for evidence of illegal activity.

By allowing instant issuance to be executed from the most secure infrastructure available, PCI-CP introduces greater flexibility and protection than older standards, according to Ranjeet Khanna, vice president of financial issuance at Entrust Datacard.

A coordinated effort would make it possible to develop the widely applicable standardized processes we need by collecting perspectives from every dimension of the payments process, writes Monica Eaton-Cardone, COO of Chargebacks 911 and CIO of its parent company Global Risk Technologies.

Cathy Bessant, Bank of America’s chief operations and technology officer, offers her takeaways from the first meeting of the Council on the Responsible Use of Artificial Intelligence. She also shares some challenges banks are facing with cyberattacks and data encryption.

Credit unions have measures in place to assist members hit by fraud but many smaller institutions are challenged when it comes to an effective response.

The settlement comes as Navy makes history by becoming the world’s first credit union to exceed $100 billion in assets.

During the National Credit Union Collections Alliance conference, experts shared best practices on several topics, including navigating member bankruptcies and positioning auto loans for a downturn.

Price hit "a grim reminder" about impact of soft interest rates; despite bitcoin's plunge, blockchain could be prominent in Wall Street's future.

It remains to be seen whether anti-money-laundering provisions will get a deeper look this Congress or whether political optics will divide lawmakers on moving ahead with changes.

Tax refund payment fraud has become far more sophisticated with attacks targeting tax professionals, human resource departments and even payroll offices, writes Deb Geister, financial crimes strategist and subject matter expert for NICE Actimize.

Retail stars in bank earnings season as investment banking and capital markets sag; Dutch bank may be waiting in the wings if Deutsche can't close the deal.

The civil rights activist Jesse Jackson is pushing a proposal that the billions banks have paid in fines be given to Americans who lost homes or suffered in other ways during the financial crisis.

While NCUA lawyers fielded questions about the possibility of redlining, a three-judge appeals panel showed skepticism about other elements of the ABA's arguments against changes to credit union membership rules.

Some companies believe that their employees will know the difference between legitimate versus spoofed emails. While this might be true some of the time, even one mistake can be costly, writes David Barnhardt, executive vice president of product at Giact.

The bureau should adopt a clear, consistent framework for determining civil money penalties against financial firms.