Legal issues and news

Due to growing consumer expectations for 24/7 digital access and real time decisions, some organizations such as financial institutions and merchants have reduced the more stringent manual application review processes in order to open accounts quickly, according to Michael Lynch, chief strategy officer at InAuth.

Bank of England Governor Mark Carney said threats of jail for bankers are just a bluff and the real weapon to improve behavior is hitting pay packets.

Midsize banks have much smaller security budgets, less mature security programs and less robust controls than their bigger counterparts, writes Leigh-Anne Galloway, cybersecurity resilience lead at Positive Technologies.

Trade groups have filed paperwork supporting two Michigan credit unions facing ADA suits, but a similar suit against Domino's Pizza could cloud the issue.

The bank says regulators want information about its possible role in the money laundering scandal; Kristi Mitchem moves to BMO Global Asset Management.

Rep. Patrick McHenry, R-N.C., the ranking member of the House Financial Services Committee, wants the panel to look into how Britain's move to leave the EU – which has rankled credit unions across the pond – is impacting the U.S.

Rep. Patrick McHenry, R-N.C., the ranking member of the House Financial Services Committee, urged Chairwoman Maxine Waters, D-Calif., to prioritize certain "critical areas" in the new Congress.

The Federal Reserve is examining how Deutsche Bank handled billions of dollars in suspicious transactions from Denmark's leading lender, according to people familiar with the matter, further intensifying what could be one of the biggest money-laundering scandals ever.

The bloc said the company artificially raised interchange fees in Europe; weather changes that increase flood risks may mean defaults on mortgages.

The consent order against California Check Cashing Stores is part of a broader crackdown by the Department of Business Oversight on small-dollar lenders trying to skirt interest rate limits.

More credit unions are offering members who are federal employees going without pay relief while industry trade groups urge Washington to end the closure.

Protecting P2P and mobile transactions will mean employing fraud protection measures at enrollment and on an ongoing basis, throughout the customer and payment life cycle, writes David Barnhardt, executive vice president of product at GIACT.

Widespread hacks often make front-page news, while measuring the actual harms to customers when personal financial information is stolen gets little attention.

Attorney General-nominee William Barr signaled this week he was not likely to crack down on financial institutions serving pot businesses, but even if he is confirmed and sticks with his assurance, the situation is far from resolved

Attorney General-nominee William Barr signaled this week he was not likely to crack down on financial institutions serving pot businesses, but even if he is confirmed and sticks with his assurance, the situation is far from resolved

Federal regulators should consider applying guidance that is nearly two decades old to end uncertainty about the legality of particular bank partnerships.

Goldman Sachs CEO David Solomon sticks to rogue banker defense in scandal; bank misses earnings, revenue estimates.

Some in the industry worry the Fed may balk at allowing OCC charter recipients into the payments system, but Otting downplayed those concerns.

Fragmented and manual AML processes pose a challenge to many institutions, contends Edmund Tribue, risk and regulatory practice leader for NTT.

The U.S. Supreme Court turned away a broad challenge to the structure of the Consumer Financial Protection Bureau, the agency that Republicans say has stifled economic growth through over-regulation.