Legal issues and news

The company will record a quarterly charge after reporting potential fraud tied to commercial deposit accounts.

Laplanche agrees to a three-year securities industry ban and a small fine to settle SEC fraud charges on loan sales; analysts are expecting a "tepid" quarter as some trading activity suffers.

The Department of Justice and the Securities and Exchange Commission announced settlements Friday related to alleged misconduct that occurred during Renaud Laplanche’s tenure atop the online lender.

A former Ocwen Financial executive is settling Securities and Exchange Commission charges that he engaged in insider trading related to his company's dealings with Altisource Portfolio Solutions following a CFPB enforcement action and its upcoming merger with PHH Corp.

Renaud Laplanche agreed to pay $200,000 and accept a ban from the securities industry to settle a long-running SEC probe. A LendingClub subsidiary and the firm's former CFO, Carrie Dolan, were also fined.

In September, the National Credit Union Administration barred five people from the industry, including one individual who was accused of working to embezzle more than $1 million.

Sourcemedia's annual PayThink conference is always productive and informative, and this year's event was no exception.

Major banks including Goldman Sachs, Bank of America, Credit Suisse and JPMorgan Chase must face allegations that they conspired to prevent the "antiquated" stock loan market from evolving into a transparent electronic exchange.

FirstSense's technology is designed to spot and prevent fraud as it happens. It will operate with First Data's fraud protection and transaction authorization engine, helping financial institutions identify payment cards at risk.

Many companies no longer rely on static passwords alone, and use two-factor authentication to protect consumer accounts. The problem is they're using the same second factor: text messages sent to mobile devices.

Sen. Warren proposes a bill that would extend the law to credit unions while stiffening penalties; the Spanish bank taps UBS’s Andrea Orcel.

The plan identified five risk areas — including cybersecurity — that will be on the agenda for agency examiners next year.

Large retailers want the right to reject rewards cards at the point of sale to avoid higher swipe fees; Germany's financial regulator appoints an auditor to monitor the Deutsche Bank's progress.

This European regulation means fraud detection will inevitably need to evolve as the fraudsters find new ways to exploit new loopholes, according to Catherine Tong, vice president and general manager for Accertify.

The comments by Tim Sloan, 58, came after reports that the Wells board may be looking to replace him.

A deaf woman who had over £8000 stolen from her bank account by fraudsters has become the latest symbol of the insecure practice of using phone numbers as proof of identity.

For businesses that serve a predominantly millennial audience, knowing the age group’s tolerance toward online security measures is an important lesson that coincides with customer retention, according to David Britton, vice president of industry solutions of global fraud and identity at Experian.

Every month, from January to April of this year, there were roughly 3.2 billion attacks perpetrated by malicious code that infiltrated business' networks. Representatives of smaller financial institutions disputed the notion that they are one of the weak links in the chain.

More than half of U.S. financial institutions have made same-day ACH funds available without seeing any major shifts in fraud. But observers warn that as same-day ACH introduces broader access and bigger transactions, it will become a bigger temptation for fraudsters.

The Danish bank updates amount laundered; Goldman near deal for its Simon app.