Legal issues and news

The U.K.’s major banks are urging regulators to allow for greater flexibility in processing high-risk transactions, in a bid to tackle ever-rising levels of financial crime.

Bank makes first hires for its corporate cash management business; the former Fed chair says the industry is too focused on profits.

The House Financial Services Committee will hold eight hearings next month, looking at Wells Fargo's recent consumer protection scandals, a reauthorization of the flood insurance program and more.

Former Managing Director Timothy Fletcher banished for role in referral hiring; Apple-Goldman collaboration shows banks fear missing out.

Payment crooks are behaving more like organized crime syndicates, and that's putting merchants, processors and banks on the defensive, argues Yossi Geller, a vice president at Paygilant.

OCC orders USAA to improve risk management; White House's mixed signals complicate housing finance reform debate; Rhode Island bank snaps up dealmaking boutique; and more from this week's most-read stories.

The OCC said that branches in New York, Los Angeles and Chicago will be required to take certain corrective actions, but it did not hit the Japanese-owned bank with any financial penalties.

City sues seven banks for alleged price fixing on floating-rate bonds; analyst says “the most negative revelations are yet to come” in the 1MDB scandal.

By using the dark web as a cybersecurity tool, instead of an ungovernable threat, financial institutions can intercede and interdict compromised card data post-breach, pre-fraud, writes Ted Kirk, vice president of strategic partnerships for Advanced Fraud Solutions.

As large banks put stronger fraud monitoring and authentication technology in place, fraudsters have been turning to small banks, like Kennebunk Bank on the coast of Maine. Here's how it fought back.

If verdict stands, it could raise ceiling on anti-laundering penalties; better-than-expected results buy Barclays chief more time on current strategy.

Congressional investigations are often rushed affairs that fail to dig beneath the surface. But the hiring of a veteran investigator who has tangled with Deutsche in the past suggests that this politically charged inquiry is likely to be thorough.

The agency has required restitution in just one of six settlements under its new director, raising questions about whether the pattern will continue.

With real-time payments advancing, processors need to shore up security, according to David Worthington, vice president of payments at Rambus.

The Credit Union National Association and several institutions sued the fast food business after a data breach in 2016.

The time regulators take to decide on prospective deals has dropped sharply; a report says the cyberthieves were looking for info to help recruit spies.

Members of both parties want to make it easier for legal cannabis businesses to access financial services, but myriad obstacles stand in the way of that goal.

The emails were disguised as being sent from BSA executives at other institutions and claimed that a member’s transfer was halted due to suspected money laundering.

The European Union drew a rebuke from the U.S. for including Puerto Rico, the U.S. Virgin Islands and other overseas territories on a blacklist of 23 jurisdictions posing higher risks of money laundering and terrorist financing.

Lawmakers should step in to address the proper status of loans made by banks that have partnered with fintechs, rather than letting the courts decide.