Legal issues and news

FIs say that an appeals court’s decision to ease restrictions will allow them to warn customers more easily when loans are past due or accounts have been compromised. But consumer groups argue that the decision gives financial firms license to market their products more aggressively and could lead to more harassing phone calls over unpaid debts.

Banks say that an appeals court’s decision to ease restrictions will allow them to warn customers more easily when loans are past due or accounts have been compromised. But consumer groups argue that the decision gives financial firms license to market their products more aggressively and could lead to more harassing phone calls over unpaid debts.

The credit union is being sued by a member who claims the CU improperly charged him overdraft fees based on his available balance rather than his actual balance, thus triggering additional NSF charges.

Three unnamed "senior" employees helped the SEC win a $415 million settlement from the bank; Sherborne Investors takes a 5.2% stake in the British bank.

The FBI has reportedly interviewed employees at the bank’s wealth management unit.

Wells Fargo gets tipped off by OCC on investigation; HSBC is wading back into U.S. mortgage waters; a bank uses artificial intelligence to combat money laundering; and more.

The company will take a nearly $10 million hit after setting aside funds to cover a case of potential borrower fraud.

The measure easily passes with a two-thirds majority; Wells Fargo CEO's pay up by a third, but no cash bonus.

The National Credit Union Administration’s defense of changes to a field-of-membership rule was challenged by a federal judge on Wednesday, suggesting an American Bankers Association lawsuit against the revisions may be successful.

A customer is claiming that the Chicago bank operates a "predatory" overdraft fee program.

Smaller bank stocks have outperformed the big banks with the prospect of Dodd-Frank rollbacks; Trump “very strongly” pondering TV analyst for adviser role.

The Senate will resume discussions on S. 2155, while the House focuses on the TAILOR Act and other measures.

American Express Ventures has become an investor in the startup EverCompliant, which helps financial institutions root out e-commerce websites backed by terrorists and drug cartels that are laundering money through payments-processing networks.

To detect and combat transaction laundering — the practice of hiding illegal activity behind a business that appears legitimate — American Express' investment group took a minority equity stake in EverCompliant.

OCBC Bank in Singapore has seen a 35% reduction in false positives in its tests of artificial intelligence-based anti-money-laundering software. Other banks could follow its lead, though there are regulatory and customer-protection questions.

Policymakers need to focus less on how they regulate the banking industry’s cyber defenses and more on how they will protect the financial system from an attack.

Remote deposit capture fraud remains a threat, but analysts say that's just the tip of the iceberg. Here's how credit unions can better protect themselves -- and their members.

The wave of payments fraud that's sweeping the globe shows no signs of abating. Martina King has an answer in an artificial intelligence-driven platform that has drawn the interest of some of the world's largest banks, payment processors, merchant acquirers, insurance companies and gaming organizations.

Madeline Aufseeser's background prepared her well for a career as an technology entrepreneur. In her previous role as a financial services industry analyst, Aufseeser was responsible for taking the temperature of an entire industry and knowing how an event in one area could spark opportunity in another.

To keep up with the fast-moving payments industry and avoid damaging their own bottom line, it’s time for merchants to start paying attention, writes Todd Linden, CEO of payment processing for North America at Paysafe.