Legal issues and news

The agencies issued a joint statement on the types collaborative arrangements that a bank could employ to make BSA/AML compliance more efficient.

A two-year-old lawsuit by the CFPB may be languishing, but nine members of the Teachers Federation of America sued the student loan servicing giant alleging that it misled borrowers in public service professions in order to line its pockets.

Hanmi alleges that SWNB's directors actively advised the Houston bank's investors to reject the merger.

Gift card, reward points and payment information will continue to be exposed and available to whoever wants to purchase it. But it’s up to companies to implement security barriers that devalue this information, writes Don Duncan, security engineer for NuData Security.

Otting says the bank is not moving fast enough to repay customers who were unfairly sold auto insurance; lack of regulation lets traders use software to move prices.

Cryptocurrency platforms need to take precautions as the number of security incidents seems to be increasing, writes Gaurav Banga, founder and CEO of Balbix.

JPMorgan Chase's Jamie Dimon downplayed "too big to fail," warned against the risk of cyberattacks and lectured high-tech giants about their privacy shortcomings during an appearance in Washington.

The cost of fighting fraud at financial institutions is up nearly 10 percent from last year. That means credit unions face significant challenges in being ready for the next threat.

The central bank is mulling measures to broaden the number of banks receiving reg relief; Lisa Stevens was a top deputy to the former retail chief during the phony accounts scandal.

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.