Legal issues and news

The roster of potential witnesses at the trial of President Trump's former campaign manager includes current and former employees of Citizens Financial Group, Banc of California and The Federal Savings Bank.

A community bank in Virginia thought the $2.4 million hackers stole from its customers would be fully covered by its insurance policy, but its carrier begged to differ. Their highly technical legal fight is a cautionary tale for all bankers who assume they are sufficiently covered.

Small banks are being warned to slow down mobile tool development and check vendor arrangements, as researchers repeatedly find vulnerabilities that can be exploited by cybercriminals.

A ruling involving a Cleveland law firm casts doubt on CFPB claims that attorneys misrepresent their role to consumers.

Jack Remondi issued a direct call Wednesday for the agency to drop its lawsuit against the student loan servicer. “You’ve had five years to look for your evidence, you’ve found none,” he said.

An uptick in fines and a new tactic to counter claims about the CFPB’s authority contrast sharply with the agency’s rhetoric.

If credit union boards of directors don't shape the organization's culture and responsiveness for whistleblower situations, the institution will suffer consequences to both its balance sheet and reputation.

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.