Legal issues and news

Wells Fargo CEO Tim Sloan said that the megabank has worked to address past issues and is equally committed to preventing new problems from arising, despite reports suggesting otherwise.

A new regulation in the Golden State could provide a de facto national standard as Congress continues to stall on data breach legislation.

Lawmakers must hold merchants accountable when credit unions are left cleaning up the mess after data breaches.

As machine learning generally benefits from lots of examples, by the time a model can be implemented to tackle the new threat, the threat has generally moved on, so frequent updates to models are necessary, writes Oliver Tearle, head of research at The ai Corporation

Several banks could lose money over tax credits tied to DC Solar, a California firm wrestling with a fraud claim.

BrightWise is a joint venture among the Iowa CU League, its holding company and LMG Security. The initiative aims to teach credit union professionals how to better protect their institutions.

The California company could charge off $15 million because of allegedly fraudulent acts by an employee at one of its correspondent customers.

The mobile revolution is turning Western Union into a very different company, one that must adjust to new ways to pay while pouring substantial resources into fending off the threat of e-commerce.

Criminals are inventing new ways to hide dirty money amid transactions for digital goods bought and sold on everything from Amazon to game-app sites. Banks need to wake up to the threat, says Ben Duranske, Facebook Payments' former compliance chief.

The league will work with Quatrro Processing Service to provide member credit unions with access to emerging technologies to combat fraud.

Banks moving past traditional card lending to compete on POS; ; five board members plan to leave before the bank’s May meeting.

Small-business projects in India and Latin America will provide a test of how well an open source blockchain can reduce the fraud that can occur when businesses try to free up capital from outstanding payments.

House Financial Services Committee Chairwoman Maxine Waters said she has advised her staff to seek whatever information it needs in investigating Deutsche Bank's ties to President Trump's businesses.

The white-shoe firm is relaxing its “stuffy” dress code for a more “flexible” one; the CFPB plans to toughen rules on energy-saving project lenders.

Several megabanks have sued the National Credit Union Administration claiming breach of settlement in a previous case related to mortgage-backed securities, but trends may favor the agency.

As fraudsters get more sophisticated, better funded and increasingly connected, it’s clear that the fight against fraud will be ongoing, not a battle with a clear end, writes Rafael Lourenco, an executive vice president at ClearSale.

Criminals are inventing new ways to hide dirty money amid transactions for digital goods bought and sold on everything from Amazon to game-app sites. Banks need to wake up to the threat, says Ben Duranske, Facebook Payments' former compliance chief.

Coinbase Inc., one of the world’s largest cryptocurrency exchanges, is letting go of staff after the backlash it faced for purchasing a company allegedly linked to the sale of spyware to oppressive regimes.

The decision shows how hard it is to prosecute an individual banker; reports say Nordea, the Nordic area’s largest bank, handled suspicious transactions.

As companies invest heavily in artificial intelligence and other high-tech defenses, it is becoming more apparent that criminals are investing in equally powerful technology.