Legal issues and news

To make informed decisions about fraud prevention, merchants must understand the current fraud landscape, customer expectations, and the risks and rewards associated with internal and external fraud prevention approaches, writes Bernardo Lustosa, partner, co-founder and COO of ClearSale.

Several firms are touting tools to help financial institutions bank legal marijuana-related businesses, an industry expected to yield $10 billion in retail sales this year.

In a 2015 enforcement action, the San Francisco Fed said it had identified problems with the Pasadena, Calif., bank’s BSA and anti-money-laundering compliance programs.

Kathy Kraninger emerges “unscathed” in testy Senate confirmation hearing; the bank is reportedly refunding money it charged customers for add-on services.

Tokenization as a technology is suitable to support multiple payment use cases via a single system, ensuring emerging commercial models and the ability to adapt to new requirements are not constrained by an inflexible security framework, writes David Worthington, vice president of payments at Rambus.

The recent decision involved sales taxes, but Wells Fargo recorded a net expense of $481 million under the assumption that it will also lead to higher state income taxes. Other banks may have to follow suit.

The nine CUs will together pay a total of $3,109 to the U.S. Treasury.

Anchor will be sold to FS Bancorp after agreeing to terminate a deal with Washington Federal. The original deal had been delayed as Washington Federal dealt with BSA issues.

With ruling in GSE case, the two agencies are emerging as the test subjects for a legal showdown over their authority.

Beyond offering a buzzworthy new payments app or automating exhausting mortgage applications, for example, traditional payment providers and fintechs need to ensure that their business is resilient against increasingly sophisticated cybercrime and ready for a hyperconnected world, writes Malte Pollman, CEO of Utimaco.

A federal appeals court in Texas agreed with Fannie Mae and Freddie Mac shareholders that the FHFA, led by a single director, violates the separation of powers.

Within its complaint, a Long Island housing group claimed the CU violated state laws against discrimination, as well as the federal Fair Housing Act.

The Bank Policy Institute was formed following the merger of The Clearing House Association and the Financial Services Roundtable.

Succession plan could be formalized this week; bankers may be getting nervous about extending construction loans.

Bank of America has agreed to pay a multimillion-dollar sum to settle a defamation claim brought by former executive Omeed Malik, who was fired by the bank earlier this year, according to a person familiar with the matter.

Flagstar Bank raids Regions for its director of retail banking; prosecutors allege bank CEO got access to Trump in exchange for approving Paul Manafort mortgage; a potential turning point in fintech regulation; and more from this week's most-read stories.

The suit against Alliant Credit Union comes just weeks after trade associations said firms were using social media ads to target plaintiffs for a potential class-action case.

The Treasury secretary told lawmakers that the government needs “to strike the right balance” on Bank Secrecy Act requirements while determining the best way to collect details about account holders.

The Commodity Futures Trading Commission has approved a record $30 million whistleblower award, the result of information that helped the agency sanction JPMorgan Chase for failing to properly inform some wealthy clients about conflicts of interest behind its investment recommendations.

This is the trade association’s 15th such filing in response to disputes regarding credit union websites and the Americans with Disabilities Act.